PICC’s vice chairman arrested by authorities

Mysterious disappearance of insurance official could be linked to alleged corruption within the company

PICC’s vice chairman arrested by authorities

Insurance News

By Gabriel Olano

Wang Yincheng, vice chairman and president of People’s Insurance Company of China (PICC), was reportedly taken in by authorities for investigation on Monday, according to Chinese financial media outfit Caixin.
Wang, 57, was working at the firm’s Beijing headquarters when government agents took him away. According to sources, there were rumors that Wang was under government investigation, but the reason was not cited, nor was it mentioned if he was cooperating with the investigations.
In February 2016, the patrol team of the Communist Party’s Central Commission for Discipline Inspection revealed that PICC was found to have several irregularities such as unexplained overseas travel by senior company officials, risky investment decisions, transfer of benefits, and nepotism. It is unsure whether these are connected to Wang’s arrest.
A representative of the PICC declined to comment on the incident, and Wang’s current whereabouts are uncertain.
PICC, one of the largest insurance groups in mainland China, went public in Hong Kong in December 2012. The group’s subsidiaries do business in life insurance, property and casualty insurance, health insurance, insurance brokerage, and insurance asset management.

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