Former vice-president of PICC prosecuted on bribery charges

Yu Ze, former vice-president of the People's Insurance Company (Group) of China Limited, has been prosecuted on suspicion of accepting bribes, according to the Supreme People's Procuratorate on Monday.

The case was investigated by the National Commission of Supervision before being transferred to procuratorial authorities for review and prosecution.

Following the designation of the top procuratorate, the Beijing People's Procuratorate approved Yu's arrest on suspicion of bribery. The Second Branch of the Beijing People's Procuratorate recently filed charges against him with the Beijing No 2 Intermediate People's Court.

According to the indictment, Yu allegedly took advantage of a series of senior positions he held in the insurance sector to seek benefits for others and illegally accepted an exceptionally large amount of money and valuables.

His previous positions included Party chief and general manager of the Tianjin branch of China Taiping Insurance Group Company Limited, marketing director of Taiping Insurance, and Party chief and general manager of Taiping Property Insurance.

Yu also served as a member of the Party committee and vice-president of the People's Insurance Company (Group) of China Limited, while concurrently serving as Party chief and president of PICC Property and Casualty Company Limited.

Prosecutors said Yu should be held criminally responsible for bribery in accordance with the law. During the review for prosecution, Yu was informed of his procedural rights in accordance with the law. Prosecutors questioned him and heard the views of his defense counsel.

Yu, 54, previously worked at PICC's Tianjin branch before joining China Taiping Insurance in October 2006.

He became general manager of China Taiping Insurance in September 2016.

In April 2020, China's banking and insurance regulator approved Yu's qualification to serve as vice-president of the People's Insurance Company (Group) of China Limited, marking his return to PICC, where he continued to work.

In December 2025, the Communist Party of China Central Commission for Discipline Inspection and the National Commission of Supervision announced that Yu was under disciplinary and supervisory investigation for suspected serious violations of Party discipline and national laws.