PICC Property and Casualty Insurance President Yu Zechuan has been taken away for investigation. Domestic media: Various reports have not stopped

It is reported that Yu Ze, a member of the Party Committee and Vice President of PICC Group (1339), as well as the Party Committee Secretary and President of PICC Property and Casualty (2328), has been taken away for investigation by relevant departments. Although there has been no official announcement, some domestic media have indicated that the news has been confirmed by several individuals close to the PICC system. Affected by this news, the stock prices of PICC Group and PICC Property and Casualty fell by more than 6% today, closing at HKD 6.67 and HKD 17.18, down 5.39% and 2.72% respectively.

According to domestic media reports, Yu Ze's last public appearance was at a company meeting on Friday afternoon (28th), and news of his being taken away spread internally over the weekend. His mobile phone has been unreachable. Although the incident was sudden, some indicated that they were "not surprised" by his troubles, and that various reports against him "have not stopped."

It is noteworthy that PICC Property and Casualty has faced regulatory penalties multiple times in recent years. According to Sina Finance, PICC Property and Casualty and its related responsible persons were fined a total of RMB 12.99 million in early 2025, and in the first three quarters of 2024, they received a total of 180 fines, with a total penalty amount reaching RMB 44.9683 million.

Multiple Executives of PICC Property and Casualty Have Fallen in Three Years

Before Yu Ze, Lin Zhiyong, the former president of PICC Property and Casualty, was taken away for investigation in May 2022 and was expelled from the Party and public office the following year. There has been no public information regarding Lin Zhiyong's sentencing. Additionally, Zhang Xiaoli, the former chairman of the Supervisory Board of PICC Property and Casualty, was also investigated in October 2024, and his bribery case was heard in August this year, involving an amount of approximately RMB 9.9 million.

As of now, the specific reasons for Yu Ze's investigation and the details of the case are still pending official disclosure, and the related listed companies of PICC have not issued formal announcements in response to this significant personnel change