China Life Insurance Co Ltd., the publicly traded arm of China’s largest state-owned insurance company China Life Insurance Group, is getting a new boss.

LI Mingguang, vice president and chief actuary, has been named Party secretary of the insurer and is set to take the helm as former president ZHAO Peng moves to the People’s Insurance Company of China.

Li joined China Life in 1996. He graduated from Shanghai Jiao Tong University in computer science in 1991, taking a master’s in actuarial science from the Central University of Finance and Economics in 1996. He is a fellow of the Chinese Association and Institute of Actuaries.

China Life raised around 470 billion yuan (US$65 billion) in premiums during H1, up 6.9 percent year on year, attributed to lower interest rates and an increased propensity to save.