Following a five-year restructuring period, significant changes in both personnel and ownership are taking place at the company.
It has been exclusively learned that Huo Kang, known for his exceptional investment skills, has left his position at Xiaokang Life Insurance. Luo Zhenhua, the former General Manager of Huagui Life Insurance, is set to return and take over the role.
If Luo Zhenhua's appointment is approved by regulators, it will conclude a decade-long vacancy in the company's top executive position. This leadership change is pivotal and may signal the start of a new development phase for Xiaokang Life.
Under Huo Kang's leadership in recent years, the company achieved remarkable results in its investment portfolio. Luo Zhenhua's return to his former employer across different economic cycles, tasked with shifting the business direction, presents both challenges and opportunities.
Furthermore, Xiaokang Life has recently undergone its first major shareholder restructuring since its 2020 reorganization. On May 14, the company announced that its shareholder, Guizhou Guixing Automobile Sales Service Co., Ltd., intends to fully divest its 7% stake, with Tibet Junjie Investment Co., Ltd. stepping in as the new investor. These concentrated actions suggest that the insurance firm, which has faced a turbulent history, is poised for new changes. Whether these shifts will allow the established company to rejuvenate and carve out a distinctive, stable, and sustainable path remains to be seen.
Filling a Decade-Long Leadership Vacancy
It has been exclusively learned that Huo Kang, who served for five years as the financial head and was renowned for his investment acumen, has departed. Luo Zhenhua from Huagui Life Insurance is proposed to succeed him as General Manager, marking Luo's return to his former company after nine years.
Luo Zhenhua, with a background at New China Life, was approved as Deputy General Manager of Zhongfa Life Insurance in 2015 and left in 2017. He served as the interim head of Huagui Life Insurance starting in 2020 and was approved as its General Manager in October of that year, a role he held until May 15 this year. Born in 1965, this veteran of the insurance industry has been serving beyond the typical retirement age for nearly a year. His return to the renamed Xiaokang Life to fill the General Manager position vacant for ten years represents a reunion across economic cycles.
Luo Zhenhua succeeds Huo Kang, who steered Xiaokang Life for five years. Huo Kang, also a long-time insurance industry professional, made significant achievements in investment. During his tenure, the company's investment performance ranked among the best in the industry, becoming a key feature of Xiaokang Life.
Huo Kang, born in March 1979 and holding a master's degree, entered the insurance industry in June 2004. His previous roles include actuarial assistant at Ping An Life, insurance investment director at Fosun Group, head of risk management at Dehua Angu Life, and member of the executive committee at Hongkang Life. At Xiaokang Life, he served as financial head, chief investment officer, and interim actuarial head.
He joined the predecessor of Xiaokang Life, Zhongfa Life Insurance, as a director in 2019 and was approved as financial head and chief investment officer that November. In 2025, following the departure of the former chief actuary Huang Fuchun, Huo Kang also assumed the role of interim actuarial head.
After Zhongfa Life Insurance was restructured into Xiaokang Life Insurance in 2020, Huo Kang participated in company affairs as the head of the reconstruction effort. In 2025, Xiaokang Life achieved an investment return rate of 8.17%, ranking second among life insurers. Its comprehensive investment return rate reached 11.64%, ranking first. Notably, the stability of its investment returns drew industry attention, with the investment return rate exceeding 8% for two consecutive years and the comprehensive rate exceeding 11% for two years.
It is understood that alongside the change in General Manager, Sun Xiaoyu, the Chief Actuary of Xiaokang Life, received regulatory approval on May 12, finalizing the appointment for that key position.
Sun Xiaoyu, born in 1984 and holding a master's degree in actuarial science from Nankai University as well as being a Chinese actuary, is the current Chief Actuary. He entered the insurance industry in June 2009, with previous experience including business supervisor in the product actuarial department at PICC Health, business supervisor in the business development department at PICC Group, assistant general manager in the product actuarial department at Anbang Life, and general manager of the product actuarial department at Xintai Life.
With the departure of the investment expert Huo Kang and the change in General Manager, Xiaokang Life's strategic direction is bound to adjust. This aligns with regulatory expectations for the company to strengthen the development of its liability-side business.
The current core executive team at Xiaokang Life consists of five members: one born in the 1960s, one in the 1970s, and three in the 1980s.
Apart from Luo Zhenhua and Sun Xiaoyu, Xing Haijun has been with the company since 2015, while Zhang Zhenguang and Chen Tao joined in 2021.
Xing Haijun, born in September 1971 and holding a master's degree as well as being a senior financial planner, entered the insurance industry in August 1995. His previous roles include deputy general manager at New China Life's Hainan and Henan branches, deputy general manager of the banking business management department at New China Life's headquarters, and general manager of its Jilin branch. He is currently the Deputy General Manager of Xiaokang Life. From April to June 2021, he also served as interim compliance officer and chief risk officer.
Zhang Zhenguang, born in 1980 and holding a master's degree, entered the insurance industry in July 2003. He has worked at companies including Pacific Property Insurance, PKU Founder Life Insurance, Dehua Angu Life, Kunlun Health Insurance, and Hexie Health Insurance. He is currently the compliance officer, legal responsible person, and chief risk officer at Xiaokang Life.
Chen Tao, born in 1989 and holding a master's degree, entered the insurance industry in August 2010. He has worked at China Pacific Life Insurance, China Pacific Insurance Group, and Minsheng Life Insurance Co., Ltd. He is currently the audit responsible person at Xiaokang Life.
Previously, the former Chief Actuary and Chief Risk Officer Huang Fuchun, and the former Deputy General Manager and Chief Information Officer Ren Yunpeng left their positions in July 2025 and September 2024, respectively. Following Huang Fuchun's departure in July 2025, Huo Kang served as interim actuarial head and Zhang Zhenguang as chief risk officer.
Huang Fuchun, born in December 1976 and a Chinese actuary, previously served as general manager of the product actuarial department at Hongkang Life and chief actuary at Hexie Health Insurance. He was the chief actuary and chief risk officer at Xiaokang Life.
Ren Yunpeng, born in November 1977, entered the insurance industry in August 2007. His previous roles include general manager of the information and support department at Junkan Life headquarters, assistant general manager, and chief information officer at Huagui Life Insurance. He was the deputy general manager and chief information officer at Xiaokang Life, overseeing internet brokerage, operations management, and information technology.
Additionally, according to the National Financial Regulatory Administration, the company veteran Yuan Qingsong was approved for the role of assistant general manager on March 30, but the company has not disclosed this personnel change on its official website or in its Q1 solvency report.
Shortly after Huang Fuchun stepped down, on October 10, 2025, Xiaokang Life issued an interim information disclosure announcement stating that its board of directors had completed a reshuffle. Following elections at the company's 2024 first interim shareholders' meeting and 2025 first interim shareholders' meeting, and approval from the National Financial Regulatory Administration Shanghai Bureau, Wang Lizhi, Li Juhe, and Fei Anling officially assumed roles as directors of the company's fourth board of directors. Chen Yimin and Chen Jingwei no longer serve as directors.
Major Shareholder Shakeup with 7% Stake Sale
For Xiaokang Life, 2026 brings not only top-level personnel changes but also the first equity adjustment since its 2020 restructuring.
On May 14, 2026, Xiaokang Life held its 2025 annual shareholders' meeting, attended by shareholders and representatives holding 100% of the registered capital. They unanimously reviewed and passed the "Proposal on Equity Transfer of Xiaokang Life Insurance Co., Ltd."
According to the approved proposal, this equity change involves the current fourth-largest shareholder, Guizhou Guixing Automobile Sales Service Co., Ltd. Guixing intends to fully divest its entire stake in Xiaokang Life, corresponding to registered capital of RMB 210 million, representing 7% of the company's total shares. The buyer of this stake is a new shareholder, Tibet Junjie Investment Co., Ltd.
If the transaction is ultimately approved by the National Financial Regulatory Administration Shanghai Bureau, Guixing will completely exit Xiaokang Life's shareholder lineup. Junjie Investment will then step in, becoming the fourth-largest shareholder with a 7% holding. Notably, the 7% stake Guixing intends to transfer is currently pledged, having been registered with Shanghai Kailong Automobile Group Co., Ltd. on February 9, 2026. The purpose of this equity transfer may be to improve Guixing's operational condition.
For Xiaokang Life's new shareholder, Junjie Investment, this may not be its first business connection with the company's largest shareholder, Hongshang Group.
According to corporate information, another company controlled by Junjie Investment's actual controller, Lu Xuefeng, named Shanghai Linxiang Enterprise Consulting Co., Ltd., historically had a legal representative, He Zhangbing, affiliated with Xiaokang Life's largest shareholder, Hongshang Industrial Holding Group Co., Ltd.
Information on changes in Linxiang Consulting's investors shows that in 2019, the company's investor changed from Hongshang Capital Equity Investment Co., Ltd. to Junjie Investment. Hongshang Investment is a wholly-owned subsidiary of Hongshang Group.
Two Decades of Turbulent History
For the entire industry, Xiaokang Life has always been a special case. Looking back at its over twenty-year development trajectory reveals a story of dramatic ups and downs.
From its start as "China's first bank-backed insurance company," a joint venture between China Post and French insurer CNP, to years of losses and liquidity crises, then a major shareholder overhaul and rebirth under a new name, followed by a performance turnaround, executive restructuring, and now a new round of personnel and equity changes, this established life insurer has undergone multiple capital and governance reconstructions and remains in a critical period of stabilization and growth.
The company's equity has undergone three substantive changes.
The predecessor of Xiaokang Life, Zhongfa Life Insurance, was established in December 2005 as a joint venture between China Post and CNP Assurances, starting with Sino-foreign joint venture genes and once called "China's first bank-backed insurance company."
Due to the separation of government and enterprise functions at China Post in 2007, the Chinese shareholder of Zhongfa Life changed from the State Post Bureau to China Post Group in 2008. This change did not substantially affect the company's nature or operations.
In its early years, the company grew slowly relying on shareholder resources, with insurance business scale steadily increasing. The first turning point came in 2009 when China Post Life was approved to commence operations, causing Zhongfa Life to lose its core channel support. It then entered a period of business contraction and low premiums, gradually stagnating, repeatedly facing solvency alarms, and at one point becoming a "problem insurer" in the industry,陷入深度经营困境.
In 2015, the earliest change in equity structure occurred. China Post completely exited, and Hongshang Group entered and increased its stake, becoming the largest shareholder, initially rewriting the ownership格局.
The shareholder change did not immediately reverse Zhongfa Life's operational decline. Its loss-making trend continued, and its solvency adequacy ratio once fell to -20%. To support daily operations and address liquidity risks, from 2017 to 2020, Zhongfa Life publicly borrowed from Hongshang Group 24 times, accumulating RMB 277 million.
2020 marked a critical turning point for Zhongfa Life. CNP Assurances and the long-time shareholder Beijing Renji Jiuding fully exited. Two industrial giants, Contemporary Amperex Technology Co.,Ltd. and Tsingshan Holding Group, joined hands to enter, forming a new three-pillar控股 structure alongside the existing Hongshang Group, with Guixing Automobile following as an investor. The registered capital increased to RMB 3 billion.
As giants in cobalt and nickel, Hongshang Group and Tsingshan Holding have close ties with the leading new energy battery company Contemporary Amperex Technology Co.,Ltd.. The three giants have maintained a默契 nearly tripartite balance in Xiaokang Life's shareholding structure.
According to corporate data, the second-largest shareholder of CMOC Group, where Hongshang Group is the largest shareholder, is ultimately linked to Contemporary Amperex Technology Co.,Ltd. through equity穿透.
According to the China Association of Circular Economy, on the day the Ningde New Energy Materials Industrial Park, jointly invested by Tsingshan Iron & Steel Group and GEM Co., Ltd., held its groundbreaking ceremony, Bangpu Recycling, controlled by Tsingshan Industrial and Contemporary Amperex Technology Co.,Ltd., also participated in signing a joint venture agreement for the construction of an Indonesian laterite nickel mine project.
Annual reports from Contemporary Amperex Technology Co.,Ltd. and official announcements from GEM Co., Ltd. also confirm this matter.
In fact, this round of capital increase did not proceed smoothly. Over nearly four years from 2017 to 2020, Zhongfa Life proposed three different capital increase plans. Possibly due to the company's poor operational performance and concerns about strong shareholders, previously interested parties Guangxi Changjiu Automobile Investment Co., Ltd. and Tibet Xianren Investment Co., Ltd. ultimately withdrew. Contemporary Amperex Technology Co.,Ltd., Tsingshan Holding, and the recently divesting Guixing Automobile gradually joined instead.
In 2021, the company was officially renamed Xiaokang Life Insurance and relocated to Shanghai, completely shedding its old operational burdens and opening a new chapter. The former labels of "first bank-backed" and "Sino-foreign joint venture" faded away with the departure of old shareholders, and a new insurance company infused with industrial capital血液 took the stage.
Following the entry of new shareholders, the company's executive team and business strategy were fully adjusted. A turning point finally arrived in 2024 when the company turned profitable, achieving a net profit of RMB 514 million. In 2025, it continued its profitable trend, with investment returns becoming the core profit pillar,彻底走出常年亏损阴霾.
Management Stability Amid a Decade-Long CEO Vacancy
Accompanying the equity changes have been shifts in Xiaokang Life's management. Through three rounds of equity changes, the management team has also changed three times. Over more than 20 years, with three leadership transitions, it has been relatively stable. However, the General Manager position has been vacant since 2016, with no formally approved appointment for ten years. If Luo Zhenhua is officially approved, it will end this decade-long vacancy.
At the company's inception, the top leadership consisted of Liu Liqing from the postal system and Bishop from CNP Assurances, who worked together for nearly ten years.
Liu Liqing, born in 1940, previously served as deputy director of the General Office of the Ministry of Posts and Telecommunications, director of the Planning and Construction Department, vice minister of the Ministry of Posts and Telecommunications, director and party secretary of the State Post Bureau, deputy director of the Economic Committee of the 10th National Committee of the Chinese People's Political Consultative Conference, independent non-executive director of CITIC International Telecom Group, and president of the China Communications Enterprise Association. He served as Chairman of Zhongfa Life from December 2005 to 2015.
Bishop served as General Manager of Zhongfa Life starting in March 2006 and left in August 2015. Since 1988, he held positions including business department manager at CNP Assurances and chief representative of CNP Assurances' Beijing Representative Office.
In 2015, following China Post's exit, CNP's reduction in stake, and Hongshang Group becoming the largest shareholder, Zhou Zhengping, with a Hongshang Group background, and Tang Gengrong, with a New China Life background, took over as Chairman and General Manager in July and October, respectively. Luo Zhenhua, also from a New China Life background, was simultaneously approved as Deputy General Manager.
Zhou Zhengping, born in June 1973, previously served as Chairman of Zhongfa Life. He was a supervisor at Ping An of China and Fude Life Insurance; director and deputy general manager of Hongshang Industrial Holding Group. Since 2020, he has served as director, vice chairman, and chairman of Chang'an Liability Insurance.
Tang Gengrong previously served as General Manager of Zhongfa Life. From May 2010 to the end of 2014, he served as assistant general manager (East China regional director) and general manager of the Shanghai branch of New China Life,全面主持上海分公司经营管理工作以及公司华东部区域分支机构的经营管理协调工作.
However, just one year later, both left their positions. Zhongfa Life did not officially announce Tang Gengrong's departure, but the Q2 2016 solvency report showed he was no longer on the executive list.
In 2017, Yuan Honglin, also with a Hongshang Group background, became Chairman, a role he has held to date. The General Manager position remained long vacant until this month, when Luo Zhenhua returned to Xiaokang Life after nearly a decade.
Yuan Honglin, born in 1967, has served as Chairman of Zhongfa Life since April 2017. He is currently a non-executive director of Najing Technology Co., Ltd., and general manager and legal representative of Tibet Hongshang Capital Investment Co., Ltd. He previously served as chairman, non-executive director, and legal representative of CMOC Group, and worked at Ping An Bank Co., Ltd., China Merchants Bank Shanghai Branch, and Bank of China Nantong Branch.
The current executive team at Xiaokang Life is lean, consisting only of Chairman Yuan Honglin and four core members: Xing Haijun, Zhang Zhenguang, Chen Tao, and Sun Xiaoyu. Apart from the即将到任的 General Manager Luo Zhenhua, several other core positions still need to be filled.
Looking back over two decades, Xiaokang Life has experienced a complete cycle:合资落寞, consecutive years of huge losses, capital restructuring, rebirth under a new name, performance turnaround, executive迭代, and now重启股权变局. Although it has now挣脱亏损泥淖 and welcomed a new chief executive, whether it can address weaknesses on the liability side and carve out a differentiated development path remains the biggest future test for this reborn life insurer.
Steady Growth in Assets and Investment Returns
As an established insurer that has weathered storms, after resolving historical issues, Xiaokang Life has seen steady growth in asset scale and investment returns in recent years, with solvency remaining in a healthy range. However, volatility in insurance revenue scale and pressure on liability-side operations remain current pain points for the company.
On the asset side, the company's asset expansion has shown overall volatility but has exhibited稳健加速 momentum in recent years. Total assets declined after 2010, briefly surged by 531% to RMB 1.593 billion in 2016 before declining again consecutively. After the 2020 capital increase, they reached RMB 2.58 billion. Since then, this indicator has risen annually, successfully crossing the RMB 10 billion mark in 2023 to RMB 10.419 billion. For the following two years, it achieved double-digit growth. In 2025, total assets increased by 22% year-on-year to RMB 15.928 billion and further climbed to RMB 16.586 billion in Q1 2026.
The trend in net asset scale mirrors that of total assets. This indicator declined continuously from the company's establishment, turned negative starting in 2016, and only became positive after the 2020 capital increase. Although偶尔波动, it has also achieved double-digit growth in the past two years. In 2025, net assets similarly grew by 22% to RMB 3.583 billion, rising to RMB 3.719 billion in Q1 2026.
The company's performance on the profit side in recent years is particularly noteworthy. Xiaokang Life incurred long-term losses since its establishment, with this indicator reaching -RMB 218 million in 2023. However, in 2024, the company quickly turned profitable, achieving a net profit of RMB 514 million. In 2025, the company's net profit was RMB 442 million, and it also achieved a net profit of RMB 150 million in Q1 2026.
After experiencing early business contraction, Xiaokang Life's insurance revenue has shown signs of recovery in recent years.
In its early years, business scale once expanded. However, from 2009 to 2019, business scale长期收缩并保持低位, with only one rebound in 2016 to a mere RMB 64 million. Starting in 2020, possibly influenced by the capital increase, the company's premium scale once recovered, surging to RMB 3.111 billion in 2022. Subsequently, business scale contracted until 2025, when it回暖, increasing by 60% year-on-year to RMB 997 million, though still not reaching 2023 levels. In Q1 2026, insurance revenue was recorded at RMB 225 million.
Regarding investment returns, the company's investment income in its first 15 years showed a pattern of first rising then falling, but growth was significant after the capital increase, particularly strong in recent years. It大幅上升 to RMB 1.061 billion in 2024, breaking the RMB 1 billion mark. In 2025, investment income continued to grow by 15% to RMB 1.223 billion.
The rapid and stable growth of the investment income indicator since 2021 is largely attributable to Huo Kang, who left his distinct mark on the company during these five years.
While revenue surged,支出端亦有增长, but management's efforts to control costs are evident. Data shows that with the high growth in business in 2022,手续费及佣金支出 also peaked. In 2025, the company's赔付支出 was RMB 7 million, down 22% year-on-year, but has remained relatively stable over the past four years.
In terms of solvency, although the company faced solvency crises from 2016 to 2019 due to insufficient capital, once falling into negative territory, the indicator has improved steadily since the capital increase and is now in a very safe range. As of the end of Q1 2026, the company's core solvency adequacy ratio and comprehensive solvency adequacy ratio were 265.41% and 265.87%, respectively, far above regulatory red lines, indicating充足的风险抵御能力.
Overall, although Xiaokang Life's performance was once unsatisfactory in its early years, after capital increases and shareholder changes, it has emerged from its darkest period.
Currently, many small and medium-sized insurers face operational difficulties. After undergoing dual changes in personnel and equity, if Xiaokang Life can gradually optimize its liability structure and governance mechanisms while consolidating its investment advantages, and carve out its own特色 on a stable and sustainable differentiated path, it could not only achieve a关键一跃 towards high-quality development but also potentially become a典范样本 within the industry.
Comments