BEIJING, April 3 (Reuters) - China Life Insurance Co Ltd chief Miao Jianmin will run People’s Insurance Group Of China Co Ltd following the exit of its former boss, who is under investigation for possible corruption, financial magazine Caixin reported.
Miao will be vice chairman and president, the report said, replacing Wang Yincheng, who resigned last month following the news that he was being investigated by the Central Commission for Discipline Inspection (CCDI), China’s top anti-graft body.
He was the highest-ranking executive in the insurance sector to be investigated in Beijing’s war on corruption.
The Communist Party has announced Miao’s appointment, but People’s Insurance has not yet made it public, the report said. (Reporting by Josephine Mason and Judy Hua)