China investigates head of major life insurance campaign against corruption Corruption

The anti-corruption guard says Wang Bin “suspects he has serious disciplinary and legal violations”.

China Life Insurance Co. He put the president of Ltd., one of the largest insurers in the country, under investigation, the chief executive of the financial industry caught up in the fight against corruption this year.

Wang Bin “suspects that he has serious disciplinary and legal violations, and is currently conducting disciplinary review and investigation,” China’s Central Disciplinary Inspection Commission said on Saturday, without elaborating further details.

The nationwide crackdown on financial institutions and regulators has wiped out more than 20 officials since it began in October as authorities stepped up the nation’s $ 54 trillion financial system review. Wang is the first senior official in the financial industry to be caught in the campaign this year, according to the Securities Times official.

China Life said it would cooperate with the investigation and support actions to clean up the country’s political and financial systems, according to a note on Saturday. The company will hold a board meeting to decide on the acting president in the near future, he said in a presentation to the Shanghai Stock Exchange on Sunday.

The news is expected to cast a shadow over the company’s share price, as investors may have concerns about corporate insurance governance, as well as business breaches brought about by a change in leadership, analysts at Citigroup Inc. wrote in a statement.

But the probe should have a “manageable impact” on China Life’s operations, led mainly by other executives, as Wang, 64, is approaching retirement, analysts say China Life’s target price for Hong Kong shares is 22 HK because they are dollars. . Shares closed at HK $ 13.46 on Friday.

Wang previously held positions at China Taiping Insurance Holdings and Bank of Communications Co. before leading China Life. He also worked at the central bank.