People's Insurance Co. (Group) of China Ltd. has appointed Miao Jianmin as its new vice chairman and president, a spokeswoman from group unit PICC Property & Casualty Co. Ltd. told S&P Global Market Intelligence, confirming a report by Chinese publication 21st Century Business Herald.

He succeeds Wang Yincheng, who stepped down in March due to misconduct allegations.

Miao has not started in his new role yet, the spokeswoman said.

Miao has served as vice chairman and president of China Life Insurance (Group) Co., the parent company of China Life Insurance Co. Ltd., since 2013.