ABL Life names Xie Zheqiang as new CEO

By Kim Bo-eun

ABL Life's board Chairman Xie Zheqiang will serve as the insurer's new CEO, according to the company, Thursday.

The firm nominated Xie as its new CEO, Wednesday, and this was approved at a general shareholder's meeting held the following day.

Xie, 52, will continue to serve as the chairman of the insurance company's board of directors.

"Xie was appointed due to the former CEO's departure," an ABL spokesperson said.

Former CEO Sun Lei left for "new career opportunities," although the company declined to specify what these were.

Xie served as an executive overseeing the North Asia region at U.S. insurer TransRe. He was in strategic planning and business development at six global insurers including the People's Insurance Company of China, AXA XL and Lloyd's for the past 30 years.

Xie completed an Executive MBA at China's Cheung Kong Graduate School of Business.

ABL is owned by Chinese Anbang Insurance Group, along with insurer Tongyang Life.

The Chinese government has been managing the insurance group since February 2018, to reduce financial risks, following the arrest of group Chairman Wu Xiaohui for alleged fundraising fraud and embezzlement.

This has put constraints on ABL's business.

The China Insurance Regulatory Commission will control the group until Feb. 22 next year.