Source: Insurance Experts
Former title: After 70, Cai Qi of a central SOE assumes the role of Vice President, adding another senior executive from the shareholder side to ICBC-AXA Life's management team; net profit increased by 259% in the first half, surpassing last year's full-year total.
Cai Qi has been approved to serve as Deputy General Manager of ICBC-AXA Life Insurance. His qualifications have received regulatory approval, and the official notice was issued on 9/23.
In terms of performance, Industrial Bank Alliance Life Insurance achieved net profits of 43.17 billion yuan in the first half of 2026, a year-on-year increase of 258.52%, surpassing the full-year level of 2025. Insurance service revenue reached 324.25 billion yuan, down 3.12% year-on-year.
Cai Qi, born in 1973, holds the title of Senior Accountant and spent over 30 years working within the Minmetals system. In 2026, she joined Industrial & Commercial Bank of China Anbang Life Insurance as a member of the Party Committee.
Veteran Finance Executive Cai Qi Approved as Deputy General Manager
ICBC-AXA Life Insurance adds another member to its executive vice president team.
On 9 23, the Shanghai Financial Regulatory Bureau issued an approval for Cai Qi's qualification as Vice President of ICBC-AXA Life Insurance Co., Ltd. According to the company's official website, Cai Qi currently serves as a member of the Party Committee and Vice President and is included in the senior management tier. He joined the company prior to this approval.
The company's management team has undergone multiple changes this year. In 3, Bao Lingjie was approved as President; in 5, Guo Jinlu, former Party Committee member and Chief Investment Officer (Deputy General Manager), stepped down from senior management; in 7, Vice Chairman Zhao Ligong resigned, succeeded by Chen Hui of shareholder Minmetals Capital.
Cai Qi was born in 1973. He holds a bachelor's degree from the Central Institute of Finance and Economics (now Central University of Finance and Economics), is a senior accountant, and previously held positions within the Minmetals Group.
In 1995, Month 8, Cai Qi joined China National Machinery Import & Export Corporation; in 2000, Month 4, served as Finance Department Manager at China Foreign Trade Financial Leasing Company; from 2013, Month 11 to 2020, Month 8, held positions including Chief Financial Officer, Board Secretary, and Member of the Party Committee at Minmetals International Trust Co., Ltd.; since 2020, Month 8, has served as General Manager of the Finance Department at Minmetals Capital Co., Ltd. and concurrently as General Manager of the Finance Department at Minmetals Capital Holdings Co., Ltd. In 2026, Month 5, Cai Qi joined ICBC-AXA Life Insurance as a Member of the Party Committee; starting in 9, assumed the role of Deputy General Manager.
As of now, the leadership team of Aegon Industrial Life Insurance Company consists of 7 members: Wang Dufu (Party Secretary and Chairman), Bao Lingjie (Deputy Party Secretary, Director, President/General Manager, and Chief Compliance Officer), Zhang Tao (Party Committee Member, Chief Financial Officer/Deputy General Manager, Chief Cybersecurity Officer, Head of Finance, and Board Secretary), Zhang Qi (Chief Actuary/Principal Actuary/Deputy General Manager and Chief Risk Officer), Cai Qi (Party Committee Member and Deputy General Manager), Zhou Hong (Party Committee Member and Secretary of the Commission for Discipline Inspection) 6.
Beyond the management restructuring, ICBC-AXA Life's first-half performance was disclosed alongside the Q2 solvency report.
First-half insurance revenue: 324.25 billion yuan
Net profit of 43.17 billion yuan, exceeding the full-year profit of 2025.
As a "bank-affiliated" life insurer controlled by Industrial and Commercial Bank of China, ICBC-AXA Life showed divergent performance in the first half of 2026: insurance premium income declined while net profit surged.
The solvency report shows that the company's insurance revenue for the first half of the year was 324.25 billion yuan, a year-over-year decrease of 3.12%; net profit was 43.17 billion yuan, a year-over-year increase of 258.52%. The figures for the same period last year were 334.71 billion yuan and 12.04 billion yuan, respectively. Net profit growth was concentrated in the second quarter, with quarterly net profit reaching 32.87 billion yuan, accounting for 76.14% of total net profit.
The net profit of 43.17 billion yuan in the first half of the year already exceeds 24.64 billion yuan, the full-year figure for 2025. The growth in performance was primarily driven by the release of unrealized gains on equity assets.
In terms of efficiency and quality metrics, the company's new business value was 8.26 billion yuan, with a new business profit margin of 7.44%; the 13-month renewal rate was 95.13%, and the overall lapse rate was 0.78%, an increase of 0.06 percentage points year over year.
In terms of scale metrics, the first half year's signed premiums totaled 329.68 billion yuan, new single-year premium-paid signed premiums amounted to 69.37 billion yuan, new single-year premium-paid signed premiums for 10 years and above reached 51.15 billion yuan, and renewal signed premiums were 214.01 billion yuan.
By channel, bancassurance signed premiums were 286.06 billion yuan, individual channel signed premiums were 22.92 billion yuan, and group insurance signed premiums were 5.37 billion yuan. Bancassurance and individual channels accounted for 86.77% and 6.95% of total signed premiums, respectively.
On the agent side, the number of individual marketing agents at period-end was 0.66 ten thousand, with an average premium per policy in the individual marketing channel of 2.02 ten thousand yuan, average premium per agent of 2.70 ten thousand yuan, and a period-end attrition rate for marketing agents of 20.15%.
Top five products accounted for 167.68 billion yuan in premiums signed in the first half of the year, representing 50.86% of total signed premiums. Among them, ordinary-type products totaled 147.19 billion yuan and participating-type products totaled 20.49 billion yuan. The top three products by surrender amount during the reporting period combined for 8.93 billion yuan.
On the investment front, the company's cumulative investment return rate for the first half of the year was 2.41%, an increase of 0.60 percentage points year-over-year; its comprehensive cumulative investment return rate was 2.67%, a decrease of 0.47 percentage points year-over-year. Regarding assets, at the end of the reporting period, total assets reached 3916.85 billion yuan, up 6.82% from the end of the previous year; net assets were 225.41 billion yuan, up 8.21% from the end of the previous year.
Regarding solvency, the company's comprehensive and core solvency adequacy ratios were 195% and 136%, respectively, at the end of the reporting period, both increasing by 8 percentage points compared to the end of the previous quarter. The report disclosed that in the second quarter, downward movement in spot rates and gains in equity markets boosted the company's total investment returns, offsetting the negative impact from the continued decline in the liability reserve assessment curve. For the reporting periods in Q4 of 2025 and Q1 of 2026, the company's risk-based综合 rating remained BBB.
