Huagui Life Insurance has announced that following a capital increase, Kweichow Moutai has become its controlling shareholder. The company also announced that Chairman Liu Gang has resigned from his position as of April 30, marking the entry of Huagui Life into a new era.
1. **The Sole Insurance Legal Entity in Guizhou with Moutai as the Largest Shareholder** Established in February 2017, Huagui Life is the only insurance legal entity in Guizhou Province, with its actual controller being the Guizhou Provincial State-owned Assets Supervision and Administration Commission. At its inception, Kweichow Moutai Distillery held a 20% stake. After two rounds of capital increases and share expansions, Moutai's shareholding ratio reached 49.01% in 2026, making it the absolute controlling shareholder. The registered capital has grown to 2.615 billion yuan.
2. **Huagui Life's Nine-Year Performance** From 2017 to 2020, premium income grew steadily from 400 million to 2 billion yuan. From 2021 to 2025, premiums doubled, increasing from 2.5 billion to 4.9 billion yuan. Premium scale has achieved positive growth for nine consecutive years, evolving from a local insurer at its founding to a medium-sized company with annual premiums nearing 5 billion yuan, achieving scale breakthrough by relying on internet channels. Huagui was loss-making for its first four years, turning its first profit in 2021. However, affected by market conditions and other factors, the company returned to losses from 2021 to 2024, with a cumulative loss of 1.28 billion yuan. Notably, the company returned to profitability in 2025 with a net profit of 230 million yuan, with the improvement likely benefiting from its investment portfolio.
3. **Huagui's Distinctive Features: Breaking Through with "Internet-Famous Term Life"** Over nine years of deep market cultivation, Huagui Life has gradually expanded from its Guizhou base to the national market, charting a path distinctly different from traditional life insurers. It chose not to invest heavily in agency forces but instead focused on internet and intermediary channels. Data from the first quarter of 2026 shows the bancassurance channel is its largest source of premiums, responsible for selling savings-oriented products like annuity and whole life insurance. The internet channel follows closely, serving as the core sales platform for the Damai series of term life insurance. In the internet insurance sphere, Huagui Life broke through by relying on "Damai Term Life," creating a popular series known for high cost-effectiveness, high coverage amounts, and policyholder-friendly terms, consistently topping internet term life rankings and becoming a hot industry product. It has also simultaneously developed whole life insurance, annuities, and health insurance, balancing protection and savings to cover diverse customer needs. By relying on differentiated products, it has established a firm foothold nationwide, delving into niche segments to avoid homogeneous competition with peers. To date, it has cumulatively served 900,000 valid customers, with an average risk coverage amount as high as 1.2 million yuan per person.
4. **Management Changes at Huagui Life** Over its nine-year history, Huagui Life has had two chairmen and three general managers, indicating relative stability. The first chairman, Wang Zhenwu (Feb 2017 - Nov 2023), served for over six years. Wang is a senior insurance expert and was one of the company's main founders. Liu Gang (Nov 2023 - April 2026), born in 1970, officially joined the Moutai system in 2019 and became chairman of Huagui Life in 2023. Although this "Moutai-affiliated" executive served for only about two years, he facilitated Moutai's capital increase into Huagui. Following Liu Gang's departure on April 30, company vice chairman Yang Li is currently acting as chairman. The first general manager, Xue Xianggang (Feb 2017 - 2018), was designated for the role in December 2015 but left less than a year after operations began for personal reasons. Liu Weiping (Oct 2018 - Jan 2020) oversaw the period when premium scale exceeded 1 billion yuan. The current general manager, Luo Zhenhua (Oct 2020 - present), assumed the role of temporary head in June 2020 and was formally approved in October 2020 for a six-year term, making him the longest-serving general manager to date. During his tenure, premium scale has continuously expanded, and the company has achieved profitability. However, as Luo is now 61 years old, he may step down in the near future.
5. **The Path Forward** Although headquartered in Guiyang, Huagui Life has made notable achievements in the industry. The company has distinctive features in both channels and products, which is related to its past market-oriented operations. Now, with the company under Moutai's control and with new changes in management, its future direction remains to be tested by the market.
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