Education

B.Sc. in Applied Mathematics, Hebei University of Technology, Sept. 1997—July 2001

Ph.D. in Probability and Statistics, Nankai University, Sept. 2001—July 2006

Work Experience

Aug. 2020—Present: Full Professor, School of Statistics, Renmin University of China

Nov. 2013—Aug. 2020: Full Professor, School of Insurance & China Institute for Actuarial Science, Central University of Finance and Economics (CUFE)

Nov. 2008—Nov. 2013: Associate Professor, China Institute for Actuarial Science, CUFE

July 2006—Oct. 2008: Assistant Professor, China Institute for Actuarial Science, CUFE

May 2007—May 2008: Postdoctoral Fellow, Department of Statistics and Actuarial Science, University of Waterloo

Research Interests

Financial Risk Management, Insurance and Actuarial Science, Stochastic Control and Optimization, Reinforcement Learning and Applications in Finance

Funding

1. “Insurance Demand and Consumption-Investment Stochastic Control basing on Behavior Preference”, National Natural Science Foundation of China (General Program), PI, 2024–2027

2. “Decisions on Insurance Demand, Investment and Consumption within Ambiguity Aversion Framework”,  National Natural Science Foundation of China (General Program), PI, 2020-2023

3. “Optimal Stochastic Control problems in Insurance models with Transition costs and Solvency Constraints”, National Natural Science Foundation of China (General Program), PI, 2016-2019

4. "Asset Allocation and Consumption Behavior of Beijing Residents Based on Household Finance", Beijing Social Science Foundation (General Program), PI, 2016-2018

5. "Quantitative Research on Insurance Company Asset-Liability Management under Solvency II", Ministry of Education Humanities and Social Sciences Foundation (Major Program), PI, 2016-2018

6. "Research on Optimal Risk Control Strategies for Insurance Companies", Ministry of Education Humanities and Social Sciences Foundation (Youth Project), PI, 2012-2014

7. "Ruin and Optimal Premium Rate Research for Dependent Risk Models", Ministry of Education, The 37th Batch of Scientific Research Foundation for Returned Scholars, PI, 2010 - 2012

8. "Optimal Investment and Reinsurance Strategies under Different Risk Measures", National Natural Science Foundation of China (Youth Project), PI, 2008 - 2010

Publications

（Selected， *Corresponding Author）

1. Ming Zhou, Hao Zhou, Hui Meng (2025+), “Optimal Consumption and Investment in an Incomplete Market with Hedgeable Stochastic Income”, European Journal of Operational Research, doi: https://doi.org/10.1016/j.ejor.2025.10.033

2. Shuang Li, Hui Meng, Ming Zhou* (2025), “Optimal consumption-leisure-investment and retirement choices with nonconcave aspirational utility”, Insurance: Mathematics and Economics 125, 103165.

3. Peng Li, Ming Zhou* (2025), “Optimal Insurance Demand and Investment-consumption Choices for Individuals Confronting Uninsured Risks”, Methodology and Computing in Applied Probability 27, 77.

4. Shuang Li，Ming Zhou* (2025), “Optimal consumption, demand for life insurance, and the estatetax” Systems Engineering-Theoryand Practice, doi: 10.12011/SETP2025-0030.

5. Zhixuan Li, Hui Meng, Ming Zhou* (2025), “Optimal insurance contract under Mean-Variance preference with Value at Risk constraint” , Insurance: Mathematics and Economics 123, 103115.

6. Ming Zhou, Shuang Li, Hui Meng (2025), “Portfolio Selection and Consumption for Individuals with Truncated Quadratic Utilities and Satiation Points”, Journal of Mathematical Analysis and Applications 551(1), 129686.

7. Hui Meng, Yeshunying Wang, and Ming Zhou* (2024), “Optimal Reinsurance Arrangement Under Heterogeneous Beliefs: A Unified Method with Piecewise Modification”, SIAM Journal on Financial Mathematics, 15(4), 1020-1046.

8. Peng Li, Ming Zhou* (2024), “Optimal timing of business conversion for solvency improvement”, Atca Mathematicae Applicatae Sinica (English Series) ,40, 744–757.

9. Bing Liu, Lihong Zhang, Ming Zhou* (2024), “Portfolio selections for insurers with ambiguity aversion: minimizing the probability of ruin”, Applied Economics, 56(12), 1423-1439.

10. Hui Meng, Li Wei, Ming Zhou* (2023), “Multiple per-claim reinsurance based on maximizing the Lundberg exponent”, Insurance: Mathematics and Economics, 112, 33-47.

11. Cuixia Chen, Yijia Lin*, Ming Zhou* (2023), “Risk-Seeking Behavior and Its Implications for the Optimal Decision-Making of Annuity Insurers”, North American Actuarial Journal. 27(1), 25-46.

12. Peng Li, Ming Zhou*, Dingjun Yao (2022), “Optimal time for the excess of loss reinsurance with fixed costs”, International Review of Economics & Finance, 79, 466-475.

13. Z. Landsman, U. Makov, Jing Yao, Ming Zhou (2022), “Downside risk optimization with random targets and portfolio amplitude”, The European Journal of Finance, 28(16), 1642-1663.

14. Peng Li, Qingbin Meng, K.C. Yuen, Ming Zhou* (2021), “Optimal dividend and risk control policies in the presence of a fixed transaction cost”. Journal of Computational and Applied Mathematics. Volume 388, 113271.

15. Ming Zhou, Jan Dhaene, Jing Yao (2018), “An Approximation Method for Additive Risk Factor Models and Capital Allocation Rules”, Insurance: Mathematics and Economics 79, pp. 92--100.

16. Yichun Chi, Ming Zhou (2016), “Optimal reinsurance design:  a mean-variance approach”. The North American Actuarial Journal. 2016: 1-14.

17. Hui Meng, Ming Zhou, Tak Kuen Siu (2016). "Optimal reinsurance policies with two reinsurers in continuous time”. Economic Modelling, 59, 182-195.

18. K.C. Yuen, Zhibin Liang, Ming Zhou (2015), “Optimal proportional reinsurance with common shock dependence”. Insurance: Mathematics and Economics 64, 1-13.

19. Ming Zhou*, Kam C. Yuen. (2015), “Portfolio selection by minimizing the present value of capital injection costs”. Astin Bulletin, 45 (1), 207-238.

20. Ming Zhou, Jun Cai. (2014), “Optimal dynamic risk control for insurers with state-dependent income”, Journal of Applied Probability 51(2), 417-435.

21. Ming Zhou, K F C Yiu* (2014), “Optimal dividend strategy with transaction costs for an upward jump model”. Quantitative Finance 14(6), 1097-1106.

22. Lihua Bai, Jun Cai, Ming Zhou* (2013). “Optimal reinsurance policies for an insurer with a bivariate reserve risk process in a dynamic setting”. Insurance: Mathematics and Economics 53, 664-670.

23. Ming Zhou*, Kam C Yuen (2012), “Optimal reinsurance and dividend for a diffusion model with capital injection: variance premium principle.” Economic Modelling 29(2), 198-207.

24. Ming Zhou*, Jun Cai. (2009), “A perturbed risk model with dependence between premium rates and claim sizes”, Insurance: Mathematics and Economics 45(3), 382-392.

25. Ming Zhou, Shuang Li (2024), “Advances in Life-Cycle Insurance Demand and Consumption-Portfolio Choice: A Review”, China Actuary, 2024, 33-38. (In Chinese)

26. Cuixia Chen, Ming Zhou (2022), “Optimal asset allocation and risk management decision of insurance companies under cumulative prospect theory—take life insurance companies as an example”, Insurance Studies, 11, 32-45. (In Chinese)

27. Hui Meng, Li Wei, Ming Zhou (2021), Robust reinsurance strategy under ambiguity-averse (in Chinese). Sci Sin Math, 51(11), 1791-1818.

28. Bing Liu, Ming Zhou* (2019), Optimal investment and premium policies with ambiguity aversion. Systems Engineering Theory and Practice, 40(7), 1707-1720. (In Chinese)

29. Peng Li, Ming Zhou*, Hui Meng (2018), Optimal stochastic impulse and regular control for capital injections: A hybrid strategy(in Chinese). Sci Sin Math, 48(4), 565—578.

30. Cuixia Chen, Xujin Wang, Ming Zhou* (2017), “Evaluation model and management strategy of longevity risk in China ”, Insurance Studies, 1, 46—55. (In Chinese)

31. Yuwei Sun, Xiaohui Wang, Ming Zhou*(2015), “Optimal risk multiplier for CPPI strategy and empirical studies”, Statistics & Decision, 11, 156-159.  (In Chinese)

32. Ming Zhou*, Wei Kou, Hongjun Li (2013), “Optimal reinsurance strategy under Sharpe Ratio”, Journal of Applied Statistics and Management, 32(5),910-922. (In Chinese)

33. Ming Zhou, Ken Seng Tan, Hongbin Dong (2010), “Optimal reinsurance strategy under rate of risk adjusted capital”, Systems Engineering Theory and Practice, 30(11), 1931-1937. (In Chinese)

Books

1. Cuixia Chen, Ming Zhou, Jie Liu (2020). Longevity risk and its management in New Era of China, Economic Science Press.

2. Li Wei, Ming Zhou (2016). Modern Actuarial Risk Theory—Basing on R (2^nd edition), Science Press. (Translation)

Teaching

1. Undergraduate Courses: Statistics, Stochastic Process, Mathematics of Life Contingent risk, Asset-Liability management

2. Graduate Courses: Reinforcement Learning and applications in Finance, Economic Scenario Modelling

Social Service

1. Fellow of China Society of Actuary (2010- )

2. Trustee of China Society of Actuary (2022- )

3. Associate of Society of Actuary (ASA) (2016- )