Source: southern Metropolis Daily
Reporter Mai Miaoyi
Four years later, Bai Tao returned to China Life Insurance Company Limited. On the afternoon of January 14, 2022, the Organization Department of the CPC Central Committee sent someone to China Life Insurance Company Limited to announce that the Central Committee had decided to appoint Bai Tao as party committee secretary of China Life Insurance (Group) Company. At present, the insurance industry is in a critical period of transformation. China Life Insurance Company Limited, as a head enterprise, has attracted much attention. What new changes will Bai Tao bring to 5 trillion Guoshou when he takes office as the helmsman?
Bai TaoReturnChina Life Insurance Company Limited
As a former banker, Bai Tao has 30 years of banking experience in the Universe. But Bai Tao, who was born in 1963, has also been involved in investment, Huijin industry, insurance and other fields.
He joined ICBC in 1984 and successively served as Deputy General Manager of Project Credit Department of head Office, Vice President of Jilin Branch, President of Hunan Branch, General Manager of risk Management Department of head Office, Director of Internal Audit Bureau and so on.
In June 2014, he moved from banking to insurance industry and became vice president of China Life Insurance Company Limited Group; in August 2016, he became deputy general manager of China Investment Corporation and general manager of Central Huijin; in June 2018, he became president of China people's Insurance Group; in January 2020, he was appointed chairman and party secretary of China Development Investment Group Co., Ltd.
It can be seen that in recent years, Bai Tao has been transferred almost every two years in his career. Now, two years have passed since his last transfer, and he has once again returned to the insurance track.
Rich experience in financial risk control and investment
Bai Tao has rich experience in risk control in the financial industry. Bai Tao once served as general manager of the risk management department and director of the Internal Audit Bureau of the head office of ICBC. It is reported that its organization has promoted and established a standardized risk reporting system and risk evaluation system, launched a number of pioneering work such as the risk limit management system and the construction of risk management information support platform, and promoted the development and application of risk quantification in ICBC.
In 2008, Bai Tao stressed the importance of controlling and defusing financial risks in an exclusive interview with the media on the subprime mortgage crisis in the United States. It said that the lack of financial supervision and risk resolution means was the root cause of the financial crisis, and stressed that the biggest lesson to financial institutions from the subprime mortgage crisis is to grasp the "degree" of innovation, to put an end to blind follow-up in the case of unclear risks, and to enter business areas that are not familiar with and lack adequate risk control measures.
During his two years at Guoshou Group, Bai Tao was also mainly responsible for risk control. In June 2014, Bai Tao officially became vice president and party committee member of Guoshou Group, and in August 2014, the former CIRC approved the qualification of its compliance director of Guoshou Group. It is reported that Bai Tao is mainly in charge of legal and resource integration departments, not in charge of specific business.
During his tenure as general manager of Huijin, Bai Tao still had close ties with the insurance industry. As a shareholder of China re Group, Central Huijin has strongly supported and guided China re Group to speed up innovation in the field of catastrophe. In June 2017, at the first catastrophe risk and Insurance Summit Forum and the inaugural meeting of the China Reinsurance catastrophe Research Center, sponsored by China re Group, Bai Tao proposed to support and guide China re Group to speed up innovation and overcome difficulties in the field of catastrophe, so as to achieve the compound growth of social and economic benefits.
During his two years as president of PICC Group, Bai Tao was mainly in charge of office, finance, brand and other aspects of work, during which he personally experienced the return of PICC Group to A shares.
On January 19, 2020, Bai Tao, who had worked in the financial system for many years, became the party secretary and chairman of the CIC. In an exclusive interview with the media during his tenure, Bai Tao pointed out that reform is not only an important gene of CIC, but also the eternal theme of CIC. Centering on the market and vitality, try first, explore and innovate, CIC has taken the lead in implementing a series of effective reform measures to improve the modern enterprise system with Chinese characteristics, authorized operation, "strong headquarters", professional manager system, and differential management of enterprises under mixed ownership, actively explore the system mechanism and development model of state-owned capital investment companies, and have been at the forefront of the reform of state-owned enterprises.
The new business value is still under pressure at the time of Guoshou's transformation.
In 2021, under the impact of the superimposed epidemic situation of the new domestic and international double-cycle development pattern, the transformation and upgrading of the life insurance industry was pressed the "acceleration key".
At present, the life insurance industry is still in a phased adjustment period. Judging from the current revenue of China Life Insurance Company Limited in the first three quarters of 2021, the value of new business continues to be under pressure, and the year-on-year decline remains stable. In the first three quarters of 2021, China Life Insurance Company Limited's total premium increased, with premium income of 553.437 billion yuan, + 1.8% year-on-year, but the company's new business value increased by-19.6% year-on-year. Among them, the key new single premium is 161.236 billion yuan,-7.6% year-on-year, a decrease of 0.8% compared with the first quarter of 2021, and a year-on-year growth rate of-3.7% in the third quarter. Although the decline is still in a downward state, it is significantly better than in the first two quarters of 2021. Although the current 2021 annual report is not yet available, but because the entire industry demand still needs to be repaired, the annual new business value of 2021 should continue to be under pressure.
At present, the entire life insurance industry is in a difficult period of transformation, companies need to face this pain, the ability of the person at the helm will undoubtedly have a key impact on the course of the whole company. 5 trillion Guoshou as an industry leader, the significance and importance of its development is self-evident, and there is a long way to go.