A leadership change has occurred at FOUNDER LIFE Insurance Co., Ltd., which has been reporting consecutive annual losses.
Recently, the company's official website disclosed that Party Committee Secretary Han Guang has been reassigned to the role of Deputy Secretary of the Party Committee, while retaining his positions as General Manager and Chief Executive Officer. Previously, Wang Hailong, the company's Executive Deputy General Manager, also held the position of Deputy Secretary of the Party Committee. His currently listed title on the website is Executive Deputy General Manager.
Born in October 1968, Han Guang was approved to take up the role of General Manager at FOUNDER LIFE Insurance in August 2024, marking the company's first change in General Manager in 12 years. Han Guang's background is with Ping An Insurance (Group) Company of China Ltd. (PNGAY), having joined Ping An Insurance (Group) Company of China Ltd. in October 1996. His previous roles included serving as General Manager of the Qingdao Branch, General Manager of the Shanghai Branch, Head of the Southern Region, General Manager of the Southern Region, and Deputy General Manager of Ping An Insurance (Group) Company of China Ltd..
Following Han Guang's appointment, FOUNDER LIFE Insurance has added several senior executives with backgrounds at Ping An Insurance (Group) Company of China Ltd. (PNGAY). According to the company's website, Executive Deputy General Manager Wang Hailong, Assistant General Manager & Chief Individual Insurance Executive Chen Hongwei, Assistant General Manager & Chief Investment Officer Zhong Shikai, and Financial Officer Hao Junhui all hail from Ping An Insurance (Group) Company of China Ltd. (PNGAY). Their respective qualifications for these roles were approved in 2025.
Currently, the controlling shareholder of FOUNDER LIFE Insurance is New Founder Holding Development Co., Ltd., and the company has no actual controlling person. Among its shareholders, New Founder Holding Development Co., Ltd. holds a 51% stake as the largest shareholder; Meiji Yasuda Life Insurance Company holds 29.24% as the second-largest shareholder; and Haier Group (Qingdao) Jinying Holding Co., Ltd. holds 19.76% as the third-largest shareholder. New Founder (Beijing) Enterprise Management Development Co., Ltd., which is wholly owned by Ping An Insurance (Group) Company of China Ltd. (PNGAY)'s life insurance subsidiary, holds a 66.51% stake in New Founder Holding Development Co., Ltd.
In 2024, Han Guang established a "three-step" strategy for FOUNDER LIFE Insurance, aiming to progress from value reconstruction to stable profitability and then to becoming an industry benchmark. The first phase focuses on "value restoration and benefit reconstruction," concentrating efforts on value-generating business. The second phase aims to achieve "stable profitability" through the accumulation of value business from the previous stage. The third phase envisions comprehensive advancement across business, management, and ecosystem dimensions to become a model for small and medium-sized insurers.
In terms of operational performance, FOUNDER LIFE Insurance has remained in a loss-making state in recent years. From 2022 to 2025, the company's insurance revenue was 4.191 billion yuan, 4.859 billion yuan, 4.951 billion yuan, and 4.7 billion yuan, respectively. After some growth in 2023 and 2024, the overall scale declined in 2025.
The pressure on profitability has been more pronounced. From 2022 to 2025, FOUNDER LIFE Insurance's net profit was -809 million yuan, -1.439 billion yuan, -719 million yuan, and -415 million yuan, respectively, marking four consecutive years of losses with a cumulative total of 3.382 billion yuan. Although the scale of losses has narrowed since 2024, the company has not yet reversed its loss-making situation, and profitability still requires improvement.
Entering 2026, FOUNDER LIFE Insurance's first-quarter operational performance showed some improvement. In Q1 2026, the company achieved insurance revenue of 1.645 billion yuan, a slight increase from 1.619 billion yuan in the same period last year. Its net profit was 19.8929 million yuan, compared to a loss of 138 million yuan in the same period last year, representing a year-on-year turnaround to profitability.
However, the company's solvency remains under significant pressure. As of the end of Q1 2026, FOUNDER LIFE Insurance's core solvency adequacy ratio was 60.29%, a decrease of 14.05 percentage points from the end of the previous quarter. Its comprehensive solvency adequacy ratio was 101.12%, a decrease of 13.66 percentage points from the end of the previous quarter, already approaching the lower limit of regulatory requirements.
More notably, in the forecast for the next quarter under a baseline scenario, the company's core solvency adequacy ratio and comprehensive solvency adequacy ratio are projected to drop to 10.41% and 20.81%, respectively. In Q4 2024, FOUNDER LIFE Insurance's risk comprehensive rating (classified supervision) improved from C to B, making it a company meeting solvency standards. If the above forecast values materialize, both of FOUNDER LIFE Insurance's solvency adequacy ratios would fall below the regulatory compliance thresholds of 50% and 100%, respectively. Even if the risk comprehensive rating remains at B, the company would again become non-compliant with solvency standards due to inadequate solvency ratios.
According to the "Regulations on the Solvency of Insurance Companies" issued by the former China Banking and Insurance Regulatory Commission, an insurance company is considered compliant with solvency standards if it simultaneously meets three regulatory requirements: a core solvency adequacy ratio of no less than 50%, a comprehensive solvency adequacy ratio of no less than 100%, and a risk comprehensive rating of Class B or above. Failure to meet any one of these requirements classifies the company as non-compliant with solvency standards.
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