New ABL Life CEO Zheqiang Xie/Courtesy of ABL Life

ABL Life, a life insurance company affiliated with China’s Anbang Group, announced on April 4 that it appointed Zheqiang Xie, the current chair of the board of directors, as its new chief executive.

The new chief will begin his term from April 5 after getting green lights from shareholders and directors. He will continue to serve as the chairman of the board, too.

“Xie is an expert in insurance, having served until recently as executive of North Asia in TransRe, an American re-insurer, and overseeing strategic planning and business development in six global insurance companies including PICC, Axa XL and Lloyd’s,” an ABL official said.

“ABL Life has high hopes that the new CEO’s expertise in the global insurance market including Hong Kong, London, China, etc. and extensive understanding of the various regulation and market environments will significantly contribute to the stable growth and business management of the company.”

Xie, who will replace current former CEO Sun Lei, was born in 1967 and has an executive MBA from the Cheungkong Graduate School of Business, Beijing.

Outgoing CEO Sun Lei resigned in pursuit of new career opportunities outside Korea and the Anbang Insurance Group, the ABL official noted.

Rumors have it that he plans to move to China, but no confirmation was given to them. The erstwhile CEO, who is known for his democratic and efficient leadership style, managed ABL well so that the once money-losing firm could chalk up profits.

ABL Life is an affiliate of China’s Anbang Group, which has more than 35 million customers around the world. Anbang offers insurance, banking, and asset management services.
ABL Life’s customer base is around 1.13 million. The Seoul-based insurer strives to become a trusted company, which offers “A Better Life.”