After being transferred to head of the Financial Regulatory Bureau, Ding Xiangqun officially bid farewell to PICC.

On May 31, PICC China announced that Ding Xiangqun, due to a job transfer, has resigned from her positions as Executive Director, Chairman, and Chair of the Board’s Strategic and Investment/Sustainable Development Committee, effective from the date of her resignation.

Previously, the National Financial Regulatory Administration held a leadership meeting, in which the Central Organization Department announced the central decision: Ding Xiangqun will serve as Party Secretary of the National Financial Regulatory Administration.

As per convention, after completing the relevant procedures, she will assume the role of Director of the Financial Supervisory Administration, becoming the head of this newly established financial regulatory body.

With this resignation announcement, Ding Xiangqun officially ends her tenure as Chairman of PICC China.

Ding Xiangqun took office as Party Secretary of PICC China in October 2024 and was approved as Chairman in December of the same year. From succeeding Wang Tingke, who retired at the statutory age, to transferring to the Financial Supervisory Administration, her tenure at PICC China lasted over a year.

As one of the leading figures in China’s insurance industry, PICC China’s total assets have exceeded 1.7 trillion yuan, encompassing various business segments such as property insurance, life insurance, health insurance, and asset management.

During Ding Xiangqun’s tenure, PICC China maintained a steady operational approach, continued to strengthen its advantages in property insurance, accelerated the value transformation of its life insurance business, and enhanced its investment capabilities:

In 2025, PICC China achieved insurance service revenue of 537.7 billion yuan, an increase of 6% year-on-year; net profit attributable to shareholders was 42.87 billion yuan, nearly doubling year-on-year.

Entering the first quarter of 2026, the company’s net profit attributable to shareholders continued to grow. Against the backdrop of industry-wide pressure from negative interest spreads and equity market volatility, PICC China maintained stable overall performance.

Compared to her experience at PICC China, the market is more focused on Ding Xiangqun’s upcoming new role.

Ding Xiangqun, who is currently 61 years old, has a diverse background spanning state-owned major banks, development financial institutions, and local party and government systems:

Earlier in her career, she worked for a long time in the banking system, serving as President of Corporate Finance at Bank of China, Deputy President, and also Deputy President of China Development Bank.

After 2017, she moved to local government work, serving successively as Vice Chairman of Guangxi Zhuang Autonomous Region, Member of the Standing Committee of the Anhui Provincial Party Committee, and Minister of the Organization Department.

Such a background, combining financial practical experience and local governance, is highly representative under the current financial regulatory environment.

The Financial Regulatory Administration has been established for three years, and financial regulatory reform is entering a stage of deepening.

On one hand, tasks such as the resolution of risks at small and medium financial institutions and mitigating local financial risks are still progressing; on the other hand, financial support for the real economy, prevention of systemic risks, and improvement of central-local regulatory collaboration mechanisms place higher demands on the regulatory system.

There is a common view in the industry that, against the backdrop of ongoing resolution of local government debt risks and continued reform and restructuring of small and medium financial institutions, financial cadres with local work experience can better balance regulatory requirements and local practical situations.

For Ding Xiangqun, who has just taken up the new post, this will also be the most important role transition in her career.

With Ding Xiangqun taking office at the Financial Regulatory Administration, the position of Chairman at PICC China is temporarily vacant.

Currently, Zhao Peng serves as President of PICC China. As a central financial enterprise, PICC China has maintained strong strategic continuity in recent years, and short-term personnel changes are not expected to significantly impact the company’s operations.

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