After nearly two years of waiting, Dongfang Jiafu Life Insurance finally received regulatory approval on November 26 for He Xin's appointment as chairperson, marking the official inauguration of this "post-80s" female executive. However, the company's CEO position has remained vacant for over three months since former CEO Zhang Xifan resigned for personal reasons in August after serving less than eight months in the role. Deputy General Manager Liu Dayong has been acting as interim CEO since then.
Following Zhejiang Orient Financial Holdings Group Co., Ltd. (600120.SH) becoming the largest single shareholder in 2022, Dongfang Jiafu Life Insurance underwent rebranding and significant executive reshuffles, with leadership still undergoing adjustments.
The frequent personnel changes come alongside persistent profitability challenges. In its first 12 years of operation, the insurer reported profits in only one year while accumulating over 1.5 billion yuan in losses. Since 2024, premium income growth has driven a turnaround, but questions remain about sustainability under new leadership.
1. New Leadership Structure The previous chairperson Jin Zhaoping (born July 1975), a veteran of Zhejiang Orient's system, served from April 2019 to January 2024, during which the company accumulated 881 million yuan in losses. Her successor He Xin (born February 1982), currently the youngest female chairperson in China's insurance sector, brings accounting expertise as a CPA with PwC experience before joining Zhejiang Orient in 2007.
Meanwhile, the CEO position has been vacant since August when Zhang Xifan resigned after less than eight months in office. Zhang, a former journalist who transitioned to insurance, has joined Hong Kong's MassMutual as executive director and CEO. Deputy CEO Liu Dayong (born June 1981), a Peking University physics PhD with McKinsey experience, now oversees daily operations as interim leader.
2. Ownership Restructuring and Governance Changes Originally established in 2012 as Sino-Korean Life Insurance through a 50-50 joint venture between Zhejiang International Trade Group and Hanwha Life Insurance, the company underwent major changes when Zhejiang Orient increased its stake in 2022. A 3 billion yuan capital injection introduced five new state-owned shareholders from the Yangtze River Delta region, reducing Hanwha's stake to 24.99% and transforming the insurer into a Chinese-controlled entity.
The rebranding to Dongfang Jiafu Life Insurance was approved in February 2024. Governance reforms followed, with board composition shifting from 50% Korean representation in 2021 to just one Korean director among seven non-executive members by 2025. The executive team expanded from four to eight members, with significant generational change - six of the current leaders are "post-80s" executives.
3. Financial Performance and Challenges After eight consecutive loss-making years, the company briefly turned profitable in 2020 before recording larger losses through 2023 (327 million yuan loss that year). The 2022 restructuring marked a turning point, with 2024 premium income growing 34.87% to 3.21 billion yuan and net profit reaching 10.2 million yuan.
2025 performance improved further, with Q3 premium income up 28.16% year-on-year to 3.39 billion yuan and net profit surging 152-fold to 105 million yuan. Total assets grew 33.85% to 16.055 billion yuan. Credit rating agency United Ratings noted the company's focus on traditional life (56.57% of premiums) and dividend insurance in the Yangtze River Delta region.
However, solvency ratios have declined significantly from post-capital injection highs, with Q3 2025 core and comprehensive solvency adequacy ratios at 128.04% and 256.09% respectively. Investment returns have been volatile, with comprehensive investment yield ranking 55th among 72 life insurers despite a 137.08% increase in equity assets.
With its BB risk rating placing it in the lower-middle tier of Chinese insurers, new chairperson He Xin faces dual challenges: stabilizing management while sustaining the hard-won profitability. Market observers will watch closely how majority shareholder Zhejiang Orient supports these efforts amid ongoing industry transformation.
Comments