In 2026, as the life insurance industry collectively moves away from a "scale obsession" and accelerates its transition towards value-oriented operations, CMBC-Cigna Life Insurance, a representative player among bank-affiliated joint venture insurers, is poised for an adjustment within its core management team.

According to industry sources, Chang Ying, the General Manager of CMBC-Cigna Life Insurance, will transition to a non-executive role. Li Gongzheng, currently the President of China Merchants Bank's Nanchang Branch, is slated to succeed him as General Manager.

Chang Ying is a graduate of Nankai University, holding a bachelor's degree in Mathematics/Finance, a master's degree in Insurance Actuarial Science, and a doctorate in Finance. He is also an Associate of the Society of Actuaries. He began his career in 1994 at COFCO Group. Chang entered the insurance industry in 2002 and had a long tenure at Sino-British Life Insurance Co., Ltd., where he served as Deputy General Manager starting in March 2008. In December 2021, he assumed the roles of General Manager and CEO of CMBC-Cigna Life Insurance Co., Ltd. He also concurrently held positions including Executive Director of CMBC-Cigna Health Management Co., Ltd. and Vice Chairman of CMBC-Cigna Asset Management Co., Ltd.

Li Gongzheng, born in August 1974, holds a master's degree. His career history includes roles as Assistant General Manager and Deputy General Manager in the Human Resources Department at the head office of China Merchants Bank, as well as Party Committee Member and Deputy President of the Tianjin Branch. In June 2017, he became General Manager of the Interbank Client Department at the head office. In November 2020, he was appointed Deputy President of the Shenzhen Branch. He returned to the head office in 2022 to resume the role of General Manager of the Interbank Client Department and, since November 2023, has been serving as President of the Nanchang Branch. Additionally, from June 2022 to 2025, he served as a Director of CMB Financial Leasing.

In terms of performance, CMBC-Cigna delivered a report card with notable divergences in 2025. The company achieved annual gross premium income of 43.972 billion yuan, a year-on-year increase of 7.53%. Against the backdrop of an overall industry growth rate of 8.9% for life insurance business, this signifies a stabilization of scale following the pains of transition. The performance on the profitability front was even more striking, with a full-year 2025 net profit of 3.312 billion yuan, surging 517.91% year-on-year, placing its profit growth rate among the top tier of bank-affiliated insurers.

As of the end of the fourth quarter of 2025, the company's core solvency adequacy ratio stood at 129.93%, and its comprehensive solvency adequacy ratio was 203.24%, both consistently maintained above regulatory red lines. Its risk comprehensive rating was Class A in the third quarter of 2025, maintaining an A-class rating for multiple consecutive quarters, demonstrating strong operational risk resilience.

However, it is important not to overlook the short-term pressures accompanying the transition. In the first half of 2025, affected by the voluntary discontinuation of high-premium fixed-income products, the company's premium income experienced a year-on-year decline, which only stabilized and began to recover in the second half of the year. The full-year total investment yield was 3.59%, lower than the average of 4.61% from 2022-2024, indicating persistent long-term pressure on investment returns.

Parallel to the business transformation is the adjustment of the company's core management. Behind these personnel changes lies the shareholders' intensified commitment to the transformation strategy and an increased demand for synergy. At the chairman level, in August 2025, the company's shareholders' meeting reviewed and passed a proposal for Wang Ying, a Vice President of China Merchants Bank, to succeed Wang Xiaoqing as Chairman of CMBC-Cigna. In December, the Shenzhen Regulatory Bureau of the National Financial Regulatory Administration officially approved Wang Ying's qualification for the chairman position.

From an industry perspective, following the adjustment of the General Manager position, this series of changes at CMBC-Cigna essentially represents a deep exploration by a joint venture insurer into the core challenge of the industry's transition cycle: how to balance scale with value, and how to leverage shareholder advantages to build differentiated competitiveness.

At a time when the industry widely faces risks from interest spread losses, channel transformation, and product homogenization, how the new management team further deepens synergy with China Merchants Bank's channels and successfully navigates team磨合 and strategy implementation during this transition period will directly determine the company's future trajectory.