Ping An Appoints New General Manager for its Property and Casualty Insurance Unit
2 March 2007, HONG KONG ---Ping An Insurance (Group) Company of China Ltd (“Ping An”; HKSE:2318; SSE:601318) today announced that it has appointed Mr. Wu Peng as the General Manager for its subsidiary Ping An Property and Casualty Insurance (“Ping An P&C”), replacing the outgoing Chen Qiang who resigned for personal reasons. The appointment has been officially approved by the China Insurance Regulatory Commission and the Board of Directors of Ping An P&C.
Prior to the new appointment, Mr. Wu, 42, was the Assistant General Manager and Business General Manager for Northern Provinces at Ping An Life Insurance Company of China Ltd. He joined Ping An in 1989 as a sales representative in the Property and Casualty Business Division. He has held the following positions since then: Department Manager at Shenzhen Ping An Life Insurance and the Assistant to the Branch’s General Manager, Nanjing Branch Deputy General Manager, General Manager of Group Life Insurance Sales at Ping An’s Headquarters in Shenzhen, Associate of the Property and Casualty Business Division and Deputy General Manager of Ping An Life Insurance.
Mr Wu has many years of experience in the insurance industry in China. As a pioneer for Ping An, Mr. Wu participated in the establishment of the first life insurance sales team in China. In May 1995, he was involved in the establishment of a life insurance business system at Ping An Life’s Nanjing Branch. Within a period of three years, Ping An’s life insurance business in the Jiangsu Province saw its annual premium income climb to RMB1.2 billion from RMB1 million and its team size expand to 8,000 representatives from 70.
Mr Wu was involved in product management when he was the Associate of Property and Casualty (equivalent to the Deputy General Manger of Ping An P&C), He established a customer service and profit centre system for the Property and Casualty Business and the infrastructure that allows on-line quotations and approvals for automobile insurance policies. He played an instrumental role in a three-tier institutional management model reform for the Property and Casualty Business, reflecting his innovative mind set. As Deputy General Manager at Ping An Life Insurance, he was in charge of group insurance business, where he helped turn around the business and achieve 100% growth for two years in a row. Since September 2004, Mr. Wu has been in charge of Ping An Life Insurance’s businesses in the northern and western provinces.
With a strong track record and a mind set for innovation, Mr. Wu Peng secured his role as a member of the senior management team at Ping An, which has brought him a long way since his start as a junior level staffer at the Company. He is a role model for the young management members who have been groomed by Ping An internally. Through his many positions in property and life insurance over the past 18 years, Mr. Wu has developed strong management expertise and business development capabilities. He is an ideal candidate for the General Manager position at Ping An P&C.
Separately, Ping An announced that Chen Qiang has resigned from his position as General Manager at Ping An P&C for personal reasons. Ping An respects Mr. Chen’s decision and would like to express its appreciation for the contribution he has made in helping develop the property and casualty insurance business and in assembling the team. Ping An wishes Mr. Chen all the best.
Contact:
Ping An Insurance (Group) Company of China, Ltd.
Ms. Alex Xiao
Tel: 86-755-22623452
Fax: 86-755-82414817
Ms. Cathy Hua
Tel: 86-755-22627219
Fax: 86-755-82414817
