Ping An appoints new top executive

Ping An Insurance (Group) Co of China, the country's second-largest insurer, announced June 1 it will appoint Ren Huichuan as group vice president and the head of insurance business, replacing Dominic Leung, who resigned and became the company's principal consultant, the 21st Century Business Herald reported Wednesday.

Sheng Ruisheng, Ping An Insurance's spokesman, said Ren would not change Liang's strategies.

Ren Huichuan, who joined Ping An in 1992, has been a chairman and chief executive officer of Ping An Property & Casualty Insurance Company of China Ltd since 2007. Annual insurance premiums of Ping An Property & Casualty surpassed 30 billion yuan ($4.4 billion) in 2009 during his leadership.