Cigna & CMB Life appoints new leadership, with top management earning over 3 million annually

Source: Yinrui Society

Author: Xu Shumin

At the beginning of the year, Chang Ying attended the “2026 Corporate Compensation Health Benefits Forum” as the General Manager and CEO of CMB Life.

Everything was proceeding as usual.

Chang Ying, as always, discussed CMB Life’s health strategy, establishing the brand reputation of “Health with CMB” to the outside world.

Since being approved as General Manager of CMB Life in 2021, Chang Ying has been responsible for the company’s overall operations and management for over five years now.

In recent years, Chang Ying has become a frequent participant in major insurance and asset management forums. He has discussed with various peers how to respond to the aging population trend and how to reconstruct the core capabilities of the insurance industry, with clear ideas.

Of course, more importantly, he aimed to enhance the visibility of CMB Life.

Currently, there are rumors in the market about Chang Ying leaving CMB Life—due to reaching the retirement age for leadership positions, Chang Ying has applied to resign from his roles as General Manager and CEO.

Born in February 1968, Chang Ying is now 58 years old. He entered the insurance industry in 2002 and has previously worked at COFCO Group and China-British Life Insurance.

The ebb and flow of personnel is normal; Chang Ying’s departure is not surprising.

On one hand, CMB Life has just changed its leadership, which has led to some internal adjustments.

At the end of 2025, the regulator approved Wang Ying’s qualifications to serve as Chairman of CMB Life. Wang Ying, currently 54 years old, is the only female vice president of China Merchants Bank and is known for her decisive actions.

The degree of cooperation and understanding between the veteran and the new leader are key factors influencing the retention of top executives.

The latest solvency report shows that in 2025, the salaries of the 10 board members and senior executives of CMB Life ranged from 1 million to 5 million yuan, with the highest annual salary exceeding 3 million yuan.

On the other hand, it is time for CMB Life to make a change.

In terms of profitability, CMB Life has experienced fluctuations in profit over the past few years.

From 2022 to 2024, CMB Life’s net profits were 733 million yuan, 425 million yuan, and 559 million yuan, respectively.

By 2025, it achieved original premium income of 43.972 billion yuan, a year-on-year increase of 7.53%, and a net profit of 3.312 billion yuan, a staggering increase of 517.91%.

The surge in net profit is attributed to the switch to new accounting standards, and CMB Life’s inherent growth capabilities still need improvement.

In terms of asset scale, the growth rate of CMB Life’s total assets has slowed.

As of December 31, 2025, its unaudited total assets under the new standards were 257.393 billion yuan, with a year-on-year growth rate of 20.93%. In comparison to 2023 and 2024, CMB Life’s total asset growth rates were 26.59% and 28.72%, respectively.

In addition, CMB Life’s net assets have shrunk.

By the end of 2025, CMB Life’s net assets were 14.255 billion yuan, down 3.25% from the same period last year.

The pressures of profit adjustment and asset growth have brought CMB Life to a critical juncture where it must accelerate strategic transformation and seek new breakthroughs.

Moreover, CMB Life is also facing pressure from policy surrenders.

Its overall surrender rate increased from 0.67% in the third quarter of 2025 to 0.91% in the fourth quarter of 2025.

In the fourth quarter of 2025, the top three products with the highest surrender rates at CMB Life were CMB Life Additional True Enjoyment Endowment Insurance (Internet exclusive), CMB Life Strategic Lifelong Life Insurance B (Investment-linked), and CMB Life Smart Winner Investment-linked Insurance (B), with surrender rates of 448.84%, 31.96%, and 13.29%, respectively, and surrender scales of 167,400 yuan, 1,100 yuan, and 193,600 yuan during the period.

Massive information and precise interpretation can be found in the Sina Finance APP.

Editor: Wang Xinru