Breaking News! Ni Bo, 51, Deputy General Manager of China Taiping Life Insurance, is under investigation during the period when the central inspection team is stationed; this centrally managed insurance company has become a major focus of anti-corruption efforts, with 4 people falling from grace since last year

Another deputy general manager of this central insurance company is under investigation!

On July 9th, according to the Discipline Inspection and Supervision Team of the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at China Taiping Insurance Group Co., Ltd., and the Fujian Provincial Commission for Discipline Inspection and Supervision, Ni Bo, Deputy General Manager and Party Committee Secretary of Jiangsu Branch of Taiping Life Insurance, is suspected of serious violations of discipline and law and is under investigation.

Image Source: Central Commission for Discipline Inspection and National Supervisory Commission website

"Insurance Industry Insider" learned that Ni Bo has been serving as Deputy General Manager of Taiping Life Insurance Co., Ltd. (hereinafter referred to as "Taiping Life") since July 2023, and was appointed Assistant General Manager of Taiping Life on December 30, 2020. Public information shows that Ni Bo, 51 years old, graduated from Shanghai University of Finance and Economics and holds a Master's degree in Business Administration for Senior Management Personnel. In terms of work experience, he is a cadre who has grown internally within Taiping Life. Since December 2019, he has also served as General Manager of the Jiangsu Branch, and has held various positions at Taiping Life, including Director of the Southern Region, Workers' Supervisor, General Manager of the Personal Business Department, Deputy General Manager, Assistant General Manager of Shandong Branch, among others. Prior to joining Taiping Life, he also held various positions at Taikang Life Insurance Co., Ltd. Zaozhuang Center Branch and China Life Insurance Co., Ltd. Zaozhuang Branch.

Ni Bo's investigation coincides with the period of the central inspection team's inspection. On April 16, 2024, the 7th Central Inspection Team held a work mobilization meeting for the Party Committee of China Taiping Insurance Group Co., Ltd. Wang Sidong, Secretary of the Party Committee and Chairman of China Taiping, stated that full support should be provided to cooperate with the work of the central inspection team, focus on the key points of this round of inspection supervision, thoroughly conduct self-examination and self-correction, strictly abide by all disciplines and rules, and sincerely accept inspection and supervision. It is necessary to establish a strong sense of rectification, resolutely take action and make immediate corrections. It is reported that the central inspection team will inspect China Taiping for about 3 months, which also means that the inspection work will end in the middle to late July.

Clearly, in the past two years, Taiping Life has become a "high-risk area" for financial anti-corruption in the insurance industry. Since 2023, a total of 4 individuals have been implicated. On July 18, 2023, Xiao Xing was suspected of serious violations of discipline and law and underwent disciplinary review and supervision investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission. On the same day, the Board of Directors of China Taiping Insurance Holdings Co., Ltd. announced that Mr. Xiao Xing resigned from the positions of Executive Director, Deputy General Manager, member of the Corporate Governance Committee, and member of the Risk Management Committee of China Taiping Group for personal reasons.

On January 5th this year, the website of the Central Commission for Discipline Inspection and the National Supervisory Commission showed that Xiao Xing was expelled from the Party and public office for serious violations of discipline and law.

On April 15, 2024, according to the website of the Supreme People's Procuratorate, Xiao Xing, former member of the Party Committee and Deputy General Manager of China Taiping Insurance Group Co., Ltd. (hereinafter referred to as "China Taiping Group"), was investigated for bribery. The investigation was concluded by the National Supervisory Commission and designated by the Supreme People's Procuratorate. The case was reviewed and prosecuted by the People's Procuratorate of Xinxiang City, Henan Province The prosecuting authorities accused: The defendant Xiao Xing, taking advantage of his positions as a clerk in the District Work Department of the Shanghai Municipal Committee of the Communist Youth League, Deputy Minister of the United Front Department, Deputy Secretary-General of the Shanghai Youth Federation, General Manager of the Pudong Branch of China Life Insurance Co., Ltd., Deputy Secretary of the Party Committee, Deputy General Manager, Secretary of the Party Committee, and General Manager of the Shanghai Branch of China Life, Deputy Secretary of the Party Committee, Secretary of the Party Committee, and General Manager of Taiping Asset Management Co., Ltd., Member of the Party Committee, Executive Director, and Deputy General Manager of China Taiping Insurance Group Co., Ltd., provided convenience in his positions for others to seek benefits, and used his own power and position to seek undue benefits for others through acts of other state personnel, illegally accepting a particularly large amount of property from others, and should be held criminally responsible for the crime of bribery according to law.

Xiao Xing, born in December 1971, was the Deputy General Manager ranked first in China Taiping before being investigated. His resume shows that he graduated from Shanghai University with a Doctor of Law degree and currently serves as an Executive Director and Deputy General Manager of China Taiping Insurance Group Co., Ltd., China Taiping Insurance Group (Hong Kong) Co., Ltd., and China Taiping Insurance Holdings Co., Ltd. It is reported that before joining the insurance industry, Xiao Xing worked in the Shanghai Communist Youth League system for more than ten years. Since June 2020, he has served as a Member of the Party Committee, Executive Director, and Deputy General Manager of China Taiping Insurance Group. According to a previous announcement by China Taiping Insurance Group, in 2022, his salary was HKD 824,000 (approximately RMB 757,000), with other allowances of HKD 178,000 (approximately RMB 163,000), equivalent to nearly a million RMB annually.

In July last year, shortly after Xiao Xing was announced to be under investigation, the website of the Central Commission for Discipline Inspection and the National Supervisory Commission disclosed that Zhang Ke, the former Party Secretary and General Manager of Taiping Life Insurance, was suspected of serious violations of discipline and law, and accepted disciplinary review and investigation by the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the National Supervisory Commission stationed in China Taiping Insurance Group and the Supervisory Commission of Longyan City, Fujian Province. On February 4, 2024, Zhang Ke was "double opened". It was found that Zhang Ke had lost his ideal faith, betrayed his original mission, was indifferent to political consciousness, ignored the spirit of the eight-point central regulations, violated organizational principles, treated subordinates and their units as "ATMs", did not correctly fulfill his duties, engaged in power-money transactions, was willing to be "hunted", actively sought benefits for others in business contracting using his position, and illegally accepted huge amounts of property.

In addition to the headquarters level, senior management of branch offices cannot stay out of the matter. On January 10 this year, the website of the Central Commission for Discipline Inspection and the National Supervisory Commission showed that Du Jintao, the former Party Secretary and General Manager of Taiping Life Insurance Shenzhen Branch, was suspected of serious violations of discipline and law and is under investigation. In response to multiple cadres within the Taiping system being investigated this year, China Taiping Group stated that it must firmly establish a sense of rectification, resolutely take immediate action to rectify, and make changes as soon as they are known.

In the first quarter of 2024, the premium income of Taiping Life Insurance was RMB 57.944 billion, with a net profit of RMB 1.596 billion. Total assets were RMB 11.1 trillion, with an investment yield of 0.46%, a comprehensive investment yield of 3.09%. The comprehensive solvency adequacy ratio was 280.06%, the core solvency adequacy ratio was 142.79%, a decrease of 4.0 percentage points and 5.5 percentage points respectively from the end of the fourth quarter of 2023, and the recent two quarters' risk rating was AA