SHANGHAI, March 20 (Reuters) - An insurance regulator has been appointed as chairman and president of China Life Insurance (Group) Co, replacing Yuan Li, according to China Life’s website.
The new chief, Yang Mingsheng, was previously vice chairman of the China Insurance Regulatory Commission (CIRC), where he spent the past five years. He also has worked for about 30 years at the Agricultural Bank of China .
His appointment comes at a tough time for China’s insurance industry, which is struggling with slower growth in premium income and a volatile stock market.
China Life’s unit, China Life Insurance Co Ltd , has forecast a 40-50 percent drop in its 2011 profit. .
China Life, which owns a 20 percent stake in China Guangfa Bank, is seeking to buy into another lender, the world’s biggest life insurance firm by market value has said.
Yang, 57, replaces Yuan, also a former CIRC official who became China Life’s president last May. (Reporting by Samuel Shen and Gabriel Wildau; Editing by Ramya Venugopal)