Leading insurers welcome a new round of board nominations; Huang Gengcheng is a candidate for the board of New China Life Insurance.

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After delivering a net profit of 36.284 billion yuan in 2025, a year-on-year increase of 38.3%, New China Life Insurance has ushered in a new round of board nominations from its major shareholder Central Huijin.

On the evening of June 10, New China Life Insurance announced that the board of directors reviewed and unanimously approved the nomination of Huang Geng as a candidate for non-executive director of the ninth board of directors. This proposal will be submitted for the annual shareholders' meeting. After approval by the shareholders' meeting, Huang Geng's qualification for the position still needs to be approved by regulatory authorities.

According to the H-share announcement disclosed on the same day, this nomination was proposed by the largest shareholder of New China Life Insurance, Central Huijin Investment Ltd., which holds 31.34% of the shares.

More than twenty years of financial regulatory experience

Huang Geng was born in January 1975 and obtained a bachelor's degree in accounting from Jinan University in July 2000. His career began at the Guangzhou branch of the People's Bank of China, and subsequently he entered the insurance regulatory system, where he has worked on the regulatory front lines for over twenty years.

Starting in October 2000, Huang Geng served as Deputy Section Member at the Guangzhou Office of the China Insurance Regulatory Commission, Deputy Head and Principal Staff of the Audit and Inspection Department, and Section Head of the Audit and Inspection Department (Section II) at the Guangdong Regulatory Bureau.

After transferring to Beijing in September 2004, he served as a staff member and principal staff member in the Regulatory Department of Property Insurance at the China Insurance Regulatory Commission, and was subsequently promoted to Deputy Head of Regulatory Section I of the Property Insurance Regulatory Department (Reinsurance Regulatory Department), Deputy Head and Head of the Institutional Department (Comprehensive Department), Head of Regulatory Section II, Senior Investigator, and Head of the Risk Analysis Department.

After the establishment of the National Financial Regulatory Administration, Huang Geng successively served as Director of Regulatory Section II of Property Insurance Regulatory Division (Reinsurance Regulatory Division), Level II Inspector, and is currently Director of Regulatory Section I of Property Insurance Regulatory Division and Level II Inspector.

If elected, he will not receive salary

The announcement also showed that if Huang Geng is appointed, he will not receive any director fees or other remuneration from the company as a non-executive director. His term will be from the date regulatory authorities approve his qualification until the end of the ninth board of directors’ term.

According to his resume, as of the disclosure date of the announcement, Huang Geng does not hold any shares in New China Life Insurance, has no relations with the company's directors, senior management, major shareholders or controlling shareholders, and has not been subject to penalties from the China Securities Regulatory Commission or other relevant authorities, nor disciplinary actions from securities exchanges.

Central Huijin is the largest shareholder

This nomination of Huang Geng is made by Central Huijin Investment Ltd., the largest shareholder of New China Life Insurance. It took over 38% of New China Life Insurance's shares in 2009, which came from the Insurance Protection Fund.

Central Huijin is a state-owned sole proprietorship established by state investment according to the Company Law of the People's Republic of China. According to authorization by the State Council, it makes equity investments in key state-owned financial enterprises. It exercises the rights and fulfills the obligations of an investor on behalf of the state based on its investment, achieving the preservation and appreciation of state-owned financial assets. It does not engage in any other commercial operations, nor does it intervene in the daily operations of its controlled state-owned key financial enterprises.

In 2007, all its equity was injected into China Investment Corporation. By the end of 2025, Central Huijin holds controlling or equity stakes in more than twenty key financial institutions, including China Development Bank, the five major commercial banks, various insurance companies, and securities firms.

Governance significance behind the new board nomination

The ninth board of directors of New China Life Insurance originally consisted of one chairman (Yang Yucheng, who has long worked in financial institutions under Huijin), one executive director (Gong Xingfeng, currently president of the company), four independent directors, and four non-executive directors.

Among them, the non-executive directors are nominated by the largest shareholder Central Huijin and the second largest shareholder China Baowu, each nominating two. The additional nomination of a non-executive director will increase Central Huijin’s representation on the board, and is expected to further improve the board’s governance level.

New China Life Insurance recently released its 2025 performance report, with net profit attributable to the parent company at 36.284 billion yuan, a year-on-year increase of 38.3%. Against this backdrop, the addition of a new director candidate with strong regulatory experience is expected to inject a professional perspective into company governance.

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