AIA entered the era of Li Yuanxiang.
On June 1, AIA (1299.HK) announced that Li Yuanxiang officially took over as CEO and president of AIA Group and became a member of the company ’s board of directors. Li Yuanxiang is the successor of Huang Jinghui, who has resigned from the company’s administrative positions.
Li Yuanxiang said: “AIA is an outstanding life insurance company in the Asia-Pacific region. I am deeply honoured and very excited to be the CEO of AIA Group. AIA has been in the past A hundred years have achieved fruitful results, and I look forward to working with our outstanding employees to jointly create the next long-term and sustainable growth chapter for AIA. “
Before that , Li Yuanxiang worked for Ping An (601318.SH, 02318.HK) for 16 years. In 2004, Li Yuanxiang joined Ping An as a special assistant to the chairman of Ping An Life Insurance, and served as the special assistant, general manager and chairman of Ping An Life Insurance. Li Yuanxiang holds a master’s degree in finance and finance from the University of Cambridge. He first worked in the Monetary Authority of Singapore and then held a number of senior management positions with Prudential in the United Kingdom. He also served as the general manager of CITIC Prudential Life.
In December 2018, Ping An announced the establishment of three co-CEO positions, with Li Yuanxiang, Xie Yonglin, and Chen Xinying, under the leadership of the company ’s chairman / CEO Next, the three co-CEOs manage the individual, company, and technology businesses, and implement unified leadership and professional division of labor among the three major business groups. Li Yuanxiang is in charge of integrated financial services for individual customers.
On November 22, 2019, Ping An issued an announcement saying that Li Yuanxiang will resign from the company ’s executive director, co-CEO, executive deputy general manager Chief executive officer of the insurance business. Li Yuanxiang will continue to work until January 31, 2020. At the same time, China Ping An will hire Lu Min to succeed him as chief insurance business executive, in charge of the company’s insurance business and personal integrated financial business.
On the same day, AIA issued an announcement that the Group ’s CEO and President Ng Keng Hooi (黄经辉) was informed that the board of directors would no longer serve as the company on May 31, 2020 As well as the intention of all positions of the subsidiary company, the board of directors announced that Li Yuanxiang has been appointed as the CEO and president of the group to be appointed, and will officially take office on June 1, 2020.
According to the announcement issued by AIA, Li Yuanxiang ’s salary in 2020 will include 84With an annual basic salary of 66,000 Hong Kong dollars, a short-term incentive target of US $ 1980,000 and a long-term incentive target of US $ 3.96 million, the total annual target salary is US $ 7023341 (approximately RMB 49.45 million).
In order to make up for the unattended long-term incentive payment and deferred payment due to Li Yuanxiang ’s resignation from Ping An, AIA will also compensate it for USD 28151122 ). This grant amount will be paid within six years in the form of restricted stock units and cash payments. Specifically, Li Yuanxiang will receive US $ 6562667, US $ 5143563, US $ 4263893, US $ 3333333, US $ 3333333 and US $ 5514333 from AIA for six consecutive years from 2020.
As a witness to the opening of China ’s insurance industry, AIA took the lead in entering Shanghai as a sole proprietorship in 1992, becoming the first and only foreign sole proprietor in China Insurance company. At the end of 2019, AIA China’s official website announced that in order to optimize the structure, facilitate customer service and business development, AIA plans to transform AIA Shanghai Branch into a wholly-owned life insurance subsidiary of AIA. The name is planned to be “AIA Life Insurance Co., Ltd.” Company ”, and restructured AIA ’s existing branches in Mainland China into life insurance subsidiaries, the specific plan is subject to the approval of the China Banking Regulatory Commission. If the “sub-change” is successful, AIA will have an independent legal personality in China, which also means that AIA can open more branches.