After a year-long vacancy, Everbright Sun Life Insurance has appointed its new chairman, with current General Manager Zhang Chensong assuming the role. Born in January 1974, Zhang is a seasoned actuary with 26 years of industry experience. He joined Everbright Sun Life in April 2013 and has since climbed the corporate ladder to the top position, achieving two rapid promotions within the past year.
With Zhang's elevation, the position of General Manager is now vacant. Cheng Rui, the "post-80s" executive who stepped down as General Manager of Everbright Sun Life Asset Management in July, is expected to fill this role, though the final appointment awaits official confirmation. Cheng, another long-time Everbright veteran, has over a decade of experience at Everbright Sun Life Asset Management, rising to the position of General Manager.
This leadership reshuffle comes as Everbright Sun Life faces significant financial pressure, having reported losses for three consecutive years (2022-2024) totaling over 3.5 billion yuan. High surrender payments and insurance liability reserves are major contributors to these losses.
The recent chairman appointment follows last year's personnel changes. On December 2, 2024, Everbright Sun Life announced that Sun Qiang would no longer serve as Party Secretary and Chairman, with General Manager Zhang Chensong temporarily assuming these responsibilities. Sun Qiang, born in November 1968 and a Peking University graduate, had been with Everbright Sun Life for over four years as Chairman while continuing to serve as a director.
Zhang Chensong, the new Chairman, is a 26-year insurance industry veteran with an actuarial background. Holding degrees from Nankai University and multiple actuarial qualifications, he joined Everbright Sun Life in 2013 and served as Chief Actuary for 11 years until June 2024. His rapid promotion saw him become General Manager in August 2024 and now Chairman within just over a year.
As for the General Manager position, industry speculation points to Cheng Rui, born in December 1982, who recently left his role at Everbright Sun Life Asset Management. With a finance PhD from Tsinghua University and a decade of experience at Everbright, he appears poised for this new challenge.
Everbright Sun Life, established in April 2002 with 5.4 billion yuan in registered capital, is majority-owned by Everbright Group (50%). Despite achieving over 100 billion yuan in premium income by 2018 and reaching 194.7 billion yuan in 2023, the company has struggled with profitability. After years of modest profits (totaling 530 million yuan from 2016-2021), it recorded significant losses from 2022-2024 (3.577 billion yuan cumulative).
High surrender rates have been a persistent issue, with some products showing surrender rates exceeding 80% in recent years. While 2025 has seen a return to profitability (70 million yuan in the first three quarters), performance remains unstable. The company's investment performance has been strong, with investment income growing from 2.137 billion yuan in 2022 to 5.05 billion yuan in 2024.
However, solvency ratios have declined recently, with core and comprehensive solvency adequacy ratios at 96.88% and 137.29% respectively in Q3 2025 - the lowest in two years. Despite these challenges, regulatory risk ratings have improved to AA for two consecutive quarters.
Zhang Chensong's appointment signals a strategic shift toward more actuarial-driven, risk-conscious management, moving away from previous aggressive expansion through bancassurance channels. This transition will test the new leadership's ability to steer the company back to sustainable profitability and competitive strength in the market.
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