Wang Yincheng, former president of the China's largest P&C insurance group, People's Insurance Company (Group) of China (PICC), stood trial this week on the charge of corruption.
Prosecutors, during the trial which was held on 16 April, accused Wang of accepting money and gifts worth more than CNY8.7 million (US$1.4 million) between 2006 and 2016 personally or through relatives, reports the Xinhua news agency.
During the period, Wang took advantage of his positions at PICC Property and Casualty Company (PICC P&C) and PICC to seek benefits for others obtaining contracts and seeking promotions, the Intermediate People's Court of Fuzhou heard.
Wang made a statement to the court, pleading guilty and showing remorse.
He worked at PICC for 35 years and served as its president from 2013 to 2017. He was placed under investigation for "suspected serious disciplinary violation" by the Central Commission for Discipline Inspection of the Communist Party of China in February 2017.
The court will announce the verdict at a later date.
PICC was founded in 1949. One of its divisions, PICC P&C, founded in 2002, is China’s largest provider of casualty insurance. China’s Ministry of Finance was previously the sole shareholder of PICC Group. Later, the state-owned investment company, Central Huijin Investment, came onboard as another shareholder.
Wang's trial was held on the same day that Xiang Junbo, who was the former chairman of the CIRC, was indicted in the Changzhou Intermediate People's Court in east China's Jiangsu Province, on graft charges.