Yuan Wei Takes Office as Chairman of AnCheng Property Insurance, Company General Manager Position Vacant and Awaiting Replacement, Frequent Equity Transfers Face Cold Reception

Whale News, March 18 — (Reporter Chen Xiaojuan) Today, the Chongqing Regulatory Bureau of the China Banking and Insurance Regulatory Commission announced the approval of Yuan Weian Cheng’s qualification to serve as Director and Chairman of Ancheng Property & Casualty Insurance Co., Ltd. (hereinafter referred to as “Ancheng P&C Insurance”).

(Image source: Chongqing Regulatory Bureau of the China Banking and Insurance Regulatory Commission)

Based on his background, Yuan Weian has extensive experience in financial management. He previously served as an engineer at the Chongqing Branch of the China Coal Science and Industry Group; a principal staff member at the China Securities Regulatory Commission’s Chongqing Office; deputy director of the Financial Research Department and deputy director of the Investigation and Statistics Department (both at the level of department chief) at the Chongqing Business Department of the People’s Bank of China; director of the Financial Market Department at the Chongqing Financial Work Office; member of the Party Leadership Group and deputy director of the Chongqing Financial Work Office; member of the Party Leadership Group and deputy director of the Chongqing Local Financial Supervision Bureau; vice district chief of Dadukou District, Chongqing; and deputy secretary of the Party Committee of Chongqing Rural Commercial Bank Co., Ltd.

It is worth noting that, in recent years, the management of Ancheng P&C Insurance has experienced considerable turbulence. The recent official approval of Yuan Weian to take the helm is seen by the market as a positive signal for stabilizing the governance structure.

Looking back, in January 2025, Ancheng P&C Insurance announced that due to Zhou Ping reaching retirement age, the decision was made at the 11th meeting of the fourth board of directors to remove him from his position as chairman; in the same year, in March, the company’s former general manager Zhou Jiong was investigated for suspected serious violations of discipline and law. In response, Zhou Ping, who had reached retirement age, was temporarily appointed as the company’s general manager; in September of the same year, the company held a cadre meeting to announce Yuan Weian’s appointment as Party Secretary and nominated him as a candidate for chairman. As of now, the position of general manager remains vacant.

In his public statement at that time, Yuan Weian emphasized that the company would always prioritize risk prevention and compliance management, safeguarding the company’s lifeline; and that improving performance and steady development would be the primary focus, striving to open new market opportunities.

Additionally, Ancheng P&C Insurance faces challenges such as cold股权 disposal and compliance pressures. The reporter noted that the company’s fourth-largest shareholder, Chongqing Highway Group, holds 182 million shares (4.45% of total equity), which will be auctioned again on Alibaba’s asset auction platform on March 21. This stake has previously failed to sell multiple times. The starting price has been reduced from 290 million yuan in November 2025 to 191 million yuan, and now further down to 137 million yuan.

(Image source: Alibaba Asset Platform)

Interestingly, in November 2025, the company’s tenth-largest shareholder, Chongqing Lifan Holdings, transferred its 2.4534% stake via Alibaba’s platform, with an initial starting price of 1.6 billion yuan. After the first failed auction, the price was lowered to 1.28 billion yuan, but it failed again. The fifth-largest shareholder, Chongqing Water Group, also plans to “clear out” and exit by transferring all 5.1521% of its shares (about 210 million shares), with a transfer minimum of approximately 364 million yuan.

The latest solvency report shows that Ancheng P&C Insurance currently has 19 shareholders, of which 8 have pledged or frozen their shares, totaling about 30% of the company’s total equity.

Furthermore, the company’s compliance issues also warrant attention. In February, Ancheng P&C Insurance’s Chongqing branch was fined 810,000 yuan, its subsidiaries were fined 560,000 yuan, and responsible persons were fined 290,000 yuan. The main violations involved preparing false documents, concealing important information from policyholders, and illegal cross-regional insurance operations. According to quarterly solvency reports, in 2025, several branches and responsible persons were fined a total of approximately 2.86 million yuan.

In terms of performance, while Ancheng P&C Insurance’s overall premiums increased, its profitability remains weak. From 2020 to 2025, the company achieved insurance business revenues of 3.817 billion, 4.146 billion, 4.526 billion, 4.729 billion, 4.838 billion, and 5.183 billion yuan, respectively, with net profits of 9 million, 41 million, 27 million, 31 million, 24 million, and 30 million yuan. As of the end of Q4 2025, the company’s core and comprehensive solvency adequacy ratios were both 339.47%.

(Edited by: Liu Sijia)