Wang Yincheng

Wang Yincheng served as a member of the Party committee, vice president, Party secretary and president of PICC Property and Casualty Company Limited (PICC P&C), and as deputy Party secretary and president of The People’s Insurance Company (Group) of China Limited (PICC Group). In January 2017, Wang Yincheng was taken away for investigation, after which the post of president of PICC Group remained vacant for a long time. According to Caixin, the first-instance verdict in Wang Yincheng’s case was announced on May 24, 2018.

The Fuzhou Intermediate People’s Court in Fujian Province found that from 2006 to 2016, Wang Yincheng took advantage of the leadership positions he successively held at PICC P&C and PICC Group to seek benefits for relevant entities and individuals in matters such as contracting for construction projects, job promotions and employment for their children, and accepted property from them, directly or through close relatives, worth a total of about 8.7 million yuan. The court of first instance convicted him of bribery and sentenced him to 11 years in prison and a fine of 1 million yuan; the property he received through bribery and the proceeds from it were recovered and turned over to the state treasury.

In April 2017, four months after Wang Yincheng was placed under investigation, Miao Jianmin, former president of China Life Group, took over as deputy Party secretary and president of PICC Group. In November 2017, Wu Yan, former Party secretary and chairman of PICC Group, was transferred to become vice chairman of the National Council for Social Security Fund, and Miao Jianmin took over as Party secretary and chairman, while the post of president thereafter remained unfilled.