Zhang Daoming or his successor may take over as President of PICC Property and Casualty, after the former president was investigated and removed from office at the end of December last year.

How Will Zhang Daoming’s Financial Background Influence the Future Development of PICC P&C?

【Written by Yu Shan Guan Jin Studio】On March 24, the official website of China PICC announced that Zhang Daoming has assumed the position of member of the CPC Committee of China PICC.



According to the official website of PICC P&C, Zhang Daoming currently serves as the interim head, executive director, vice president, and financial head of PICC P&C, holding a master's degree in business administration and is a senior economist.

According to the resume of the directors of PICC P&C, Zhang Daoming ranks second only to Ding Xiangqun, the chairman of PICC Group and PICC P&C, and is expected to become the president of PICC P&C.

The former president of PICC P&C, Yu Ze, was officially announced to be under investigation on December 6, 2025. The website of the Central Commission for Discipline Inspection and the National Supervisory Commission at that time reported that Yu Ze, a member of the CPC Committee and vice president of China People's Insurance Group Co., Ltd., was suspected of serious violations of discipline and law and is currently undergoing a disciplinary review and supervisory investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission.

According to the official website of China PICC, the company evolved from the China People's Insurance Company established on October 20, 1949, and is a pioneer and founder of the insurance industry in new China, witnessing the development journey of the insurance industry from small to large and from weak to strong.

After over 70 years of development, China PICC has now become a comprehensive insurance and financial group, making the Fortune Global 500 list for 15 consecutive years, and has 11 subsidiaries and member companies, including PICC P&C, PICC Life, PICC Asset, PICC Health, Zhongcheng Trust, PICC Pension, PICC Investment Control, PICC Capital, PICC Reinsurance, PICC Technology, and PICC Hong Kong, with business areas covering property insurance, personal insurance, reinsurance, asset management, and insurance technology.

On December 7, 2012, China PICC completed its H-share listing on the Hong Kong Stock Exchange; on November 16, 2018, China PICC was listed on the A-share market of the Shanghai Stock Exchange.

The third quarterly report for 2025 released by China PICC shows that the company achieved insurance service revenue of **431.339 billion yuan** in the first three quarters of 2025, a year-on-year increase of 6.8%; total operating revenue reached **520.990 billion yuan**, a year-on-year increase of 10.9%; net profit attributable to shareholders of the parent company was **46.822 billion yuan**, a year-on-year increase of 28.9%. Among them, PICC P&C achieved insurance service revenue of **385.921 billion yuan**, a year-on-year increase of 5.9%; achieved underwriting profit of **14.865 billion yuan**, a year-on-year increase of 130.7%; the combined cost ratio was 96.1%, a year-on-year decrease of 2.1 percentage points; net profit reached **40.268 billion yuan**, a year-on-year increase of 50.5%.

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