Voice of Regulation

State Council: Support the development of local specialty agricultural product insurance and improve claims efficiency.

Jilin Financial Regulatory Bureau collaborates with public security, investigating 75 cases of "black and gray industry" in the financial sector by 2026.

Personnel Changes

PICC P&C: Zhang Daoming's qualifications as president have been approved by the National Financial Regulatory Administration.

Industry Observation

Guangdong launches the country's first exclusive product "Qiaoju Anxin · Qiaoju Bao" for overseas Chinese residents.

15 major brokers in Shanghai contributed a total premium of 23.1 billion yuan, accounting for 54% of the total service premium of all brokers in Shanghai.

Overseas Dynamics

Japan Life Insurance will invest approximately $9.4 billion in Blackstone's credit strategy.

Manulife Hong Kong has reached a strategic cooperation with Alibaba Cloud to accelerate the large-scale implementation of AI in the insurance industry.

Administrative Penalties

Ant Group's insurance agency and related responsible persons were fined a total of 370,000 yuan.

Voice of Regulation

State Council: Support the development of local specialty agricultural product insurance and improve claims efficiency.

On June 2, the State Council issued the "14th Five-Year Plan for Accelerating Agricultural and Rural Modernization." It mentioned enhancing the supply guarantee capacity of important agricultural products such as grain. Improve the income guarantee mechanism for grain farmers and the compensation mechanism for major grain-producing areas, strengthen policy support and coordination in pricing, subsidies, and insurance, implement inter-provincial horizontal benefit compensation for grain production and sales areas, and promote the prices of important agricultural products such as grain to remain at a reasonable level. Improve the investment mechanism for agriculture and rural areas. Play the risk protection role of agricultural insurance, support the development of local specialty agricultural product insurance, and improve claims efficiency.

Jilin Financial Regulatory Bureau collaborates with public security, investigating 75 cases of "black and gray industry" in the financial sector by 2026.

On June 2, the Jilin Financial Regulatory Bureau announced that it is closely cooperating with public security agencies to collaboratively build a "mechanism-driven, targeted policy, strong foundation empowerment, and special task force" four-in-one work pattern to combat the "black and gray industry" in the financial sector. Since 2026, a total of 75 cases of "black and gray industry" have been filed and investigated, 3 criminal gangs have been dismantled, 230 people have been arrested, and the amount involved is nearly 74 million yuan.

Personnel Changes

PICC P&C: Zhang Daoming's qualifications as president have been approved by the National Financial Regulatory Administration.

On June 3, PICC P&C announced that the company received a reply from the National Financial Regulatory Administration (Financial Regulatory Administration) regarding Zhang Daoming's qualifications today. According to this reply, the Financial Regulatory Administration has approved Zhang Daoming's qualifications as president of the company. Zhang Daoming's appointment as president of the company is effective from June 2, 2026.

Industry Observation

Guangdong launches the country's first exclusive product "Qiaoju Anxin · Qiaoju Bao" for overseas Chinese residents.

On June 3, at the 15th China International Financial Trading Expo, the country's first provincial-level exclusive insurance product for overseas Chinese housing—"Qiaoju Anxin · Qiaoju Bao" was launched. This exclusive product focuses on the risk protection needs of overseas Chinese housing in communities across the province, effectively filling the long-standing protection gap for urban and community overseas Chinese housing, marking a new breakthrough in Guangdong's overseas Chinese housing protection work, and taking the lead in completing the critical transition from "emotional connection" to "insurance protection." 15 Major Brokers in Shanghai Contributed a Total of Premiums of 23.1 Billion Yuan, Accounting for 54% of All Brokers' Service Premiums in Shanghai

According to the Insurance Investment Circle, based on the business data for 2024 disclosed in the "Shanghai Insurance Yearbook (2025)", the professional intermediary market in Shanghai shows distinct hierarchical characteristics and business differentiation trends. The 15 major brokers (intermediaries with service premiums exceeding 10 million yuan) contributed a total of 23.1 billion yuan in premiums, accounting for 54% of all brokers' service premiums in Shanghai. The 9 major property insurance brokers in Shanghai served premiums of 17.2 billion yuan, accounting for 57% of the property insurance market in Shanghai, generating brokerage fees of 2.126 billion yuan, with an average brokerage fee rate of 12.3%. Premiums of 5.876 billion yuan were provided by 6 major life insurance brokers, which accounted for 49% of the life insurance premiums serviced by brokers in Shanghai, while generating brokerage fees of 799 million yuan, with an average brokerage fee rate of 13.6%.

Overseas Dynamics

Nippon Life Insurance to Invest Approximately $9.4 Billion in Blackstone's Credit Strategy

According to Zhitong Finance, Nippon Life Insurance plans to invest approximately $9.4 billion in Blackstone's credit strategy as part of a new strategic partnership between the two parties. Nippon Life stated on Wednesday that it expects to expand its allocation to Blackstone's investment-grade private credit and structured credit strategies, planning to invest about 1.5 trillion yen in the American alternative asset management company over the next five years. Nippon Life also stated that it will leverage Blackstone's asset management capabilities to enhance the value of its real estate assets and explore collaboration on approximately 12 properties, including major urban assets. Blackstone and Nippon Life announced that they have signed a memorandum of understanding regarding this partnership, with Blackstone planning to provide investment management services in the private credit and real estate sectors.

Administrative Penalties

Ant Group's Insurance Agency and Related Responsible Persons Fined a Total of 370,000 Yuan

On June 3, the Zhejiang Financial Regulatory Bureau released information on administrative penalties, stating that Ant Group's insurance agency was fined 300,000 yuan for illegal activities involving providing benefits outside of the insurance contract terms to policyholders, while related responsible persons were warned and fined 70,000 yuan Keyword reading: insurance dinner, PICC P&C, Ant Insurance