Dongfang Jiafu Life Insurance has undergone another leadership change at the chairman level.
On May 13, the company announced that, in accordance with arrangements by the shareholder, He Xin ceased to serve as the company's chairman effective April 28. The board of directors has elected Tong Chao to succeed him as chairman, pending regulatory approval of his qualifications.
This personnel change comes less than half a year after He Xin's official approval as chairman of Dongfang Jiafu Life. Furthermore, in March of this year, Liu Dayong was just approved to take up the post of general manager, while his predecessor, Zhang Xifan, had held the position for less than eight months. Within a few short months, this life insurer, which recently completed its transition to a Chinese-funded entity and rebranded to "Dongfang Jiafu Life," has seen another adjustment of its core senior management.
The proposed new chairman, Tong Chao, currently serves as the Party Committee Secretary of Dongfang Jiafu Life. He is also a member of the Party Committee and a Deputy General Manager of Zhejiang Orient Holdings Group Co.,Ltd., the company's largest shareholder. In March 2024, he was approved to serve as a director of Dongfang Jiafu Life.
According to his resume, Tong Chao was born in November 1984, is a member of the Communist Party of China, holds a master's degree, and is a Chinese Certified Public Accountant. He possesses the Chinese legal professional qualification and is admitted to practice law in New York State, USA. He began his career in October 2010, having worked at Alibaba Group and China Minsheng Investment Corp. He also previously worked as a lawyer at several Chinese and foreign law firms.
Dongfang Jiafu Life was formerly known as Sino-Korea Life Insurance. Established in 2012, Sino-Korea Life was initially a 50/50 joint venture between Zhejiang International Trade Group Co., Ltd. and Korean Hanwha Life Insurance, long regarded as a key pilot project for Korean life insurers in the Chinese market. In 2017, Zhejiang International Trade Group transferred its entire stake in Sino-Korea Life to Zhejiang Orient Holdings Group Co.,Ltd. (stock code: 600120.SH).
Zhejiang Orient, a core subsidiary under Zhejiang International Trade Group Co., Ltd., which is overseen by the State-owned Assets Supervision and Administration Commission of Zhejiang Province, was founded in 1988 and listed on the Shanghai Stock Exchange in 1997. Following a major asset restructuring in 2017, the company transformed into a holding group with multiple financial businesses, including trust, futures, insurance, finance leasing, fund investment and management, and wealth management.
In July 2022, the former Zhejiang Banking and Insurance Regulatory Bureau approved an increase in Sino-Korea Life's registered capital from 15 billion yuan to 30.012 billion yuan, with Zhejiang Orient and five other companies subscribing to the corresponding new capital. Post-capital increase, Zhejiang Orient's stake reached 33.33%, making it the largest shareholder and hitting the regulatory ceiling for a single shareholder's ownership percentage.
In January 2024, Sino-Korea Life announced the completion of its board renewal. Jin Zhaoping ceased to serve as chairman of Sino-Korea Life effective January 10, 2024. He Xin, then a member of the Party Committee, Deputy General Manager, and Board Secretary of Zhejiang Orient, was elected as the new chairman of Sino-Korea Life.
In January 2025, Sino-Korea Life Insurance Co., Ltd. received approval to change its name to "Dongfang Jiafu Life Insurance Co., Ltd."
For the first quarter of 2026, Dongfang Jiafu Life reported insurance revenue of 1.554 billion yuan and a net loss of 26.2065 million yuan. As of the end of Q1, the company's core solvency adequacy ratio and comprehensive solvency adequacy ratio stood at 83.94% and 167.89%, respectively. Its risk comprehensive rating for the two most recent periods was BB.
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