Qiu Zhikun Approved as Chairman of Bank of China Samsung Life Insurance; Company's Founding Shareholders Failed to Clear Stakes, Company Issued 3 Billion Yuan in Bonds for Capital Replenishment Last Year

(Image source: Visual China)

Blue Whale News, March 20th (Reporter Chen Xiaojuan) Another “bank-affiliated” insurance company has appointed a new chairman.

Today, the Beijing Financial Regulatory Bureau issued an approval, confirming Qiu Zhikun’s qualification for the position of Chairman of Bank of China Samsung Life Insurance Co., Ltd. (“Bank of China Samsung Life”).

(Image source: Beijing Financial Regulatory Bureau)

A review of Bank of China Samsung Life’s official website shows that, as of press time, the senior management team information has not yet been updated.

This appointment is a continuation of last year’s personnel arrangement. In November last year, Bank of China Samsung Life announced that Ma Chaolong resigned from his positions as Chairman, Director, member of the Development Planning Committee, and the Asset-Liability Management and Investment Decision Committee due to age reasons. The company’s entire board of directors elected Executive Director Qiu Zhikun to serve as acting Chairman. At the same time, Qiu Zhikun no longer served as General Manager, and Vice General Manager Jin Yuming was appointed as the company’s interim person in charge.

According to his resume, Qiu Zhikun has extensive management experience in banking and foreign financial institutions. Born in 1969, he previously served as Deputy General Manager of the Overseas Institutions Management Department at the head office of the Bank of China (Planning and Operations), during which he was also a Standing Committee Member and Vice Mayor of Yichang City, Hubei Province; he has served as the General Manager of Bank of China Johannesburg Branch, Singapore Branch, Vice President of Bank of China Hong Kong, Executive President of Bank of China Group Insurance, and Executive Director. He was also General Manager of Bank of China Samsung Life.

Looking at recent performance, Bank of China Samsung Life’s premium scale has steadily expanded, and net profit has grown rapidly. Data shows that from 2022 to 2025, the company’s insurance business income was 17.326 billion yuan, 24.868 billion yuan, 29.862 billion yuan, and 32.771 billion yuan, respectively; net profits for the same period were 64 million yuan, 80 million yuan, 490 million yuan, and 708 million yuan. As of the end of last year’s fourth quarter, the company’s core and comprehensive solvency adequacy ratios were 113.78% and 165.45%, respectively.

Reviewing the development history of Bank of China Samsung Life, the company has undergone multiple equity changes. In 2005, China National Aviation Holding Corporation (referred to as “AVIC Group”) and Korea Samsung Life Insurance Co., Ltd. (“Samsung Life”) jointly established AVIC Samsung Life Insurance Co., Ltd., each holding 50%. In 2015, the company increased its registered capital, with China Bank Insurance Co., Ltd. (“Bank of China Insurance”) and Samsung Life subscribing to the new capital, and the company was renamed “Bank of China Samsung Life.” In 2017, Bank of China Insurance transferred its 51% stake in Bank of China Samsung Life to Bank of China Investment Asset Management Co., Ltd. (“Bank of China Investment”). As a result, Bank of China Investment, Samsung Life, and AVIC Group hold 51%, 25%, and 24% of the shares, respectively.

It is noteworthy that the founding shareholder AVIC Group plans to “liquidate” and transfer its 24% stake in Bank of China Samsung Life by the end of 2024, which has attracted market attention. This stake has been listed twice, with the transfer base price lowered from 1.815 billion yuan to 1.736 billion yuan. Currently, the related listing has been removed, and no buyer has been found. (See Blue Whale News previous report “AVIC Group Plans to ‘Liquidate’ 24% Stake in Bank of China Samsung Life, Resale Price Discounted After Re-listing”)

Possibly due to this, the company’s capital increase plan disclosed in 2022 has not yet been implemented. At that time, Bank of China Samsung Life announced plans to increase registered capital by 2.4 billion yuan, with shareholders Bank of China Investment, Samsung Life, and AVIC Group contributing in proportion. Among them, Bank of China Investment would contribute 1.224 billion yuan, Samsung Life 600 million yuan, and AVIC Group 576 million yuan. After the capital increase, the company’s registered capital would rise from 2.467 billion yuan to 4.867 billion yuan.

However, Bank of China Samsung Life has already supplemented capital through bond issuance. In September 2025, the company completed the issuance of 3 billion yuan of perpetual capital bonds with a coupon rate of 2.75%, and the funds were fully received. This bond issuance increased the company’s comprehensive solvency adequacy ratio by 33%. (Blue Whale News, Chen Xiaojuan chenxiaojuan@lanjinger.com)