China Life Insurance Company Limited announced that Zhao Peng tendered his resignation as the president, an executive director and as a member of the company's Strategy and Assets and Liabilities Management Committee on August 4, 2023, which took effect on the same day. The move comes as part of the company's efforts to adjust work arrangements. Peng has confirmed that he has no disagreement with the company's board of directors.

Li Mingguang was appointed as the company president, subject to the approval of the National Administration of Financial Regulation. Prior to obtaining such approval, the board named Mingguang as the person temporarily in charge of the company. Mingguang, who has been serving as the secretary to the Party Committee of the Company since July 2023, has bee an executive director of the company since August 2019, and a member of the Party Committee of China Life Insurance (Group) Company since April 2023.

Mingguang joined the company in 1996 and subsequently served as the deputy division chief, the division chief, an assistant to the general manager of the Product Development Department, the general manager of the Actuarial Department, the chief actuary, the board secretary and the vice president of the company. He had also been the chief actuary of China Life Pension Company Limited and a director of China Life Asset Management Company Limited.