After Yu Ze was investigated, the top executive of PICC Property and Casualty Insurance gradually became clear: why Zhang Daoming?

AI Questions · How will the new appointment affect People’s Insurance Company of China (PICC) Property and Casualty’s implementation of its 2026 strategy?

The appointment of the “top leader” of PICC Property and Casualty is gradually becoming clear.

On March 24, the official website of China PICC updated management information: Zhang Daoming, deputy general manager and acting head of PICC Property and Casualty, has been appointed as a member of the Party Committee of China PICC, and at the same time serves as the Party Committee Secretary of PICC Property and Casualty.

Industry insiders interpret this key personnel change as a signal that he may be appointed as the president (CEO) of PICC Property and Casualty in the future. According to convention, Zhang Daoming is expected to serve as a deputy general manager of China PICC, while also concurrently holding the post of president (CEO) of PICC Property and Casualty.

A “jack-of-all-trades” deeply rooted in the PICC system

According to resume information, Zhang Daoming was born in February 1976 and is a typical “old hand” from the PICC ranks. His entire career has been rooted in the China PICC system, with experience spanning multiple core areas across front-, middle-, and back-office functions.

He has previously served as deputy division director of the Comprehensive Planning Division in the Human Resources Department of PICC Property and Casualty; deputy division director of the Market Research Division in the Strategic Development Department; assistant to the general manager of the Market Research Department / Channel Management Department; deputy general manager; deputy general manager (in charge of work); deputy general manager of the Zhejiang Branch of PICC Property and Casualty; general manager of the Compliance Department of PICC Property and Casualty; general manager of the Compliance Department / Risk Management Department; general manager of the Jiangxi Branch of PICC Property and Casualty; general manager of the Guangdong Branch of PICC Property and Casualty; and assistant to the president (CEO) of PICC Property and Casualty.

Some industry analysts believe that Zhang Daoming has a compound background combining business development at the frontline, comprehensive management of provincial institutions, headquarters-level strategic planning, risk compliance, and financial management. This “jack-of-all-trades” quality is quite rare among executives at large financial enterprises.

Taking over in a crisis and handling the full workload of property and casualty insurance

Worth noting is that on December 6, 2025, the website of the Central Commission for Discipline Inspection and the National Supervisory Commission released a notice stating that Yu Ze, then deputy general manager of China PICC and president (CEO) of PICC Property and Casualty, was suspected of serious violations of discipline and law and was under investigation. Three days later, PICC Property and Casualty issued an announcement saying that, because the company president had resigned, the board of directors designated Zhang Daoming as the company’s acting head, and he would be responsible for the company’s overall work on an interim basis.

Public information shows that China PICC was founded on October 20, 1949. It is a central state-owned financial enterprise and a large comprehensive insurance and financial group. Under it, there are more than 10 specialized subsidiaries, including PICC Property and Casualty, PICC Life, PICC Assets, PICC Health, PICC Pensions, and others. Its business covers property insurance, life insurance, reinsurance, asset management, financial technology, and other fields. Its institutional network covers 98% of townships nationwide, and its business has expanded to nearly 200 countries and regions around the world.

As the largest property insurer in mainland China, PICC Property and Casualty’s premium scale ranks among the leaders in the global market, and it is also the flagship core business of China PICC.

On February 3, 2026, China PICC convened its 2026 work conference in Beijing. The meeting disclosed that in 2025, the group’s total premium income reached the 730B yuan threshold; the total amount of insurance coverage obligations for the year was 3,648 trillion yuan; and claims and payouts totaled 473 billion yuan. The comprehensive risk ratings of all its insurance subsidiaries have all reached Grade A or above, firmly keeping the bottom line of safe operations.

The meeting proposed that in 2026, the company’s business and management work should be guided by the “building a world-class standard” strategy, and should coordinate four relationships: speed and quality, strengthening the strong and developing the new, the overall and the local, and development and safety.

The meeting also emphasized that it is necessary to uphold and strengthen the Party’s overall leadership, and to advance full and strict governance of the Party with consistency and perseverance. It called for efforts in strengthening discipline building, reinforcing political oversight, strengthening the standardized operation of power, strengthening efforts to curb and punish improper conduct and combat corruption and promote clean governance, and strengthening the integration of various forms of supervision.

At present, China PICC’s leadership team is: Party Committee Secretary and Chairman Ding Xiangqun; Party Committee Deputy Secretary and President Zhao Peng; Party Committee Member and Head of the Discipline Inspection and Supervision Group stationed at China PICC Group under the Central Commission for Discipline Inspection and the National Supervisory Commission Shi Qingfeng; Party Committee Members and Deputy General Managers Xiao Jianyou, Cai Zhiwei, and Zhang Jinhai; Party Committee Member Zhang Daoming; Secretary to the Board of Directors Zeng Shangyou; Business Director Gong Xinyu; and Legal Director Bai Feipeng.

Written and reported by: Nandu·Bay Finance Society reporter Guan Yuhui