Primus president resigns from New China Life Insurance
New China Life Insurance’s non-executive director Guocang Huan, who is also the president of Asian PE house Primus Pacific Partners, left the company on Monday.
According to a filing with the Hong Kong Stock Exchange, Huan resigned due to a change in his work arrangements.
Huan had been with the fourth-largest Chinese life insurer as a non-executive director - also sitting on the strategy and investment committee - since December 2009. In addition to working at Primus, Huan is also chairman of Primus Financial Holdings and an independent non-executive director of Hong Kong-listed Beijing Development.
New China Life went public in Hong Kong and Shanghai last December, raising $1.9 billion. Its leading shareholder is Central Huijin, a unit of China Investment Corp. (CIC), which holds a 40% stake. Several private equity investors, including Temasek Holdings, Standard Chartered Private Equity and Hony Capital. hold minority interests in the company.
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