A top level executive in China's biggest property insurance group, is under investigation for suspected severe violation of discipline and law, according to an official statement posted on the website of the Communist Party of China (CPC) Central Commission for Discipline Inspection (CCDI) and the National Supervisory Commission (NSC).

Mr Liu Hong, president and party secretary of PICC Investment Holding Company Limited, is being investigated by the disciplinary inspection and supervision team sent by the CCDI and NSC to the People's Insurance Company (Group) of China, the parent company of PICC Investment Holding Company Limited, and by the Shandong provincial supervisory commission.

Liu, 56, has been president of the company since October 2007, reported Xinhua News Agency. He was last seen in public on 12 February. He is the second high level executive in the PICC group to be investigated for corruption in recent years.

In 2017, Wang Yincheng, then PICC president, was arrested for similar offences. In May 2018, he was sentenced to 11 years in prison for accepting bribes of over CNY8.7m ($13m). The court found that between 2006 and 2016, Wang took advantage of his positions at PICC and its subsidiary to seek illegal benefits by helping others obtain contracts, secure promotions, or seek jobs.