Harbour Life Insurance is entering a new phase focused on deepening value. The company's board of directors has approved the appointment of Qi Meizhu as its interim responsible person. Following regulatory approval and relevant procedures, she will succeed Qiao Ning as the new General Manager.
Qi Meizhu, previously from Taiping Pension, brings actuarial and financial expertise to the role. This background is particularly significant for an institution focused on risk resolution, adding certainty to its future direction.
Harbour Life Insurance assumed the insurance business of Evergrande Life, which was acquired by Evergrande Group in 2015, renamed, and expanded rapidly. However, it became severely insolvent following the debt crisis at Evergrande Group. In 2023, Harbour Life Insurance, controlled by Shenzhen state-owned capital and supported by the Insurance Security Fund, was approved to commence operations with a registered capital of RMB 15 billion. It took over Evergrande Life's insurance business, along with corresponding assets and liabilities, completing the restructuring.
The transition from Qiao Ning, a pragmatic leader, to Qi Meizhu, an actuarial expert, marks the first change in General Manager since Harbour Life's establishment nearly three years ago. This shift reflects the state-owned insurer's move from the initial phase of "stable takeover and risk resolution" to a new stage of "refined operations and value growth." Its future trajectory warrants continued attention.
The board meeting resolved to appoint Qi Meizhu as interim responsible person, with Qiao Ning stepping down as General Manager. Following standard procedures, Qi is expected to become the second General Manager. Qiao Ning served for nearly three years.
Prior to this appointment, Qi Meizhu held positions as Party Committee Member and Deputy General Manager at Taiping Pension. She is qualified as both a North American and Chinese actuary.
Qi Meizhu, male, born in July 1972, is the current interim responsible person at Harbour Life. He began serving as Chief Actuary at Taiping Pension in June 2015, took on the additional role of Financial Controller in January 2017, and was appointed Deputy General Manager in December 2021, overseeing the Financial Accounting Department, Strategic Planning Department, Product Actuarial Department, and Asset Management Department. He holds actuarial qualifications and previously served as Chief Actuary and General Manager of the Planning Department at Lujiazui Cathay Life Insurance, as well as holding positions in product development and group business at CPIC Life Insurance.
His career spans product development, actuarial management, financial control, strategic planning, and asset allocation, demonstrating comprehensive experience. Before joining Taiping Pension, he was Chief Actuary and Planning Department General Manager at Lujiazui Cathay Life Insurance and held earlier roles at CPIC Life Insurance, building a solid foundation in products and actuarial science.
Qi joined Taiping Pension as Chief Actuary in June 2015, beginning over a decade within the Taiping system. He added the Financial Controller role in January 2017 and was promoted to Deputy General Manager in December 2021, managing four key departments. His extensive financial and actuarial experience indicates a deep understanding of the complete operational cycle of an insurance company.
Following the investigation of Xiao Xing, the former top leader at Taiping Pension, in late 2023, Qi played a prominent role in the management team in 2024.
Qiao Ning, born in February 1964, recently stepped down at age 62. In recent years, he shouldered significant risk resolution responsibilities, establishing a stable foundation for the young insurer burdened with historical tasks.
Qiao Ning, male, born in February 1964, served as General Manager of Harbour Life starting August 2023. He was appointed Market Director at Taiping Life in October 2016, became a spokesperson in December 2019, and managed departments including Social Insurance Commercial Management, Operations Management, and Customer Service. He also served as Assistant General Manager at Taiping Financial Technology Services (Shanghai) and held various leadership roles at Taiping Life, including branch general manager positions in Hebei, Jiangsu, and Shandong. His background includes experience as a bank branch manager.
Qiao Ning is a typical representative of rising from the grassroots in the insurance industry, transitioning from banking to insurance and advancing from branch management to senior corporate positions. Before joining Harbour Life, he accumulated extensive institutional management experience through years at Taiping Life.
In March 2018, he led a field investigation in Xinjiang, gathering frontline employee feedback—a hands-on management style continued during his tenure at Harbour Life.
In September 2023, as Harbour Life was approved to open and fully assume Evergrande Life's assets and liabilities, Qiao Ning was appointed its first General Manager. He faced the challenge of building a new company from scratch: managing existing policies, stabilizing millions of customers, integrating 88 branches, and establishing a new management system.
According to Harbour Life's 2025 work conference, the company achieved its three core operational goals: ensuring liquidity safety, reducing losses year-on-year, and generating value from new business. Premium income grew steadily, cost reductions were effective, and a distinctive customer service ecosystem was initially established.
In 2024, the company handled 43,700 claims, paying out RMB 743 million with an average processing time of 1.14 days and a claim approval rate of 98.83%.
Qiao Ning successfully completed the foundational phase. The next stage of refined development passes to Qi Meizhu, who will lead the critical transition from risk resolution to strengthening the company.
Moving forward, Qi will partner with Zhu Ying, the Chairman of Harbour Life, who also brings rich management experience. The collaboration between Zhu and Qi will shape the company's future direction.
Zhu Ying, male, born in February 1971, has served as non-independent Director and Chairman since August 2023. His career began at the People's Bank of China Insurance Department, followed by roles at the former China Insurance Regulatory Commission, including secretary in the General Office, and Assistant Director and Deputy Director in the Tianjin bureau. He joined New China Life in July 2011, serving as Board Secretary, Assistant President, Chief Risk Officer, and Audit Executive. He also held positions as Chairman of the Board of Supervisors at New China Asset Management and Director at New China Asset Management (Hong Kong). Previously, he was Party Committee Member, Deputy General Manager, Board Secretary, and Chief Risk Officer at China Merchants Renhe Life Insurance.
The combined regulatory, financial, and actuarial backgrounds of Harbour Life's new leadership add certainty to its future development.
Additionally, Harbour Life's executive team includes six other members: Chief Compliance Officer Wang Xinli; Deputy General Manager and Chief Actuary Ren Jing; Deputy General Manager and Chief Investment Officer Zhang Zhan; Financial Controller Wu Jun; Audit Executive Liu Zhijia; and Board Secretary and Chief Risk Officer Wang Lihu.
Among these six executives, three were born in the 1980s, one in the 1970s, and two in the 1960s.
Wang Xinli, male, born in February 1969, appointed Chief Compliance Officer in March 2026, has held senior roles at Taiping P&C Insurance, Minan Insurance (China), Asia Pacific P&C Insurance, Cinda P&C Insurance, Guoren P&C Insurance, and Tianyin Communications Holding.
Ren Jing, female, born in October 1978, appointed Deputy General Manager and Chief Actuary in December 2023, previously held positions at China Life Insurance, Taiping Life, and served as Financial Controller at Harbour Life.
Zhang Zhan, male, born in December 1980, appointed Deputy General Manager and Chief Investment Officer in November 2023, has experience at China Everbright International and Shenzhen Investment Holdings.
Wu Jun, male, born in March 1968, appointed Financial Controller in January 2024, previously worked at Taiping Life, Taiping Assets, New China Life, Zhengde Life, and PICC Health Insurance.
Liu Zhijia, female, born in September 1981, appointed non-independent Director, Executive Director, and Audit Executive in February 2024, has worked at tax and finance bureaus in Shenzhen.
Wang Lihu, male, born in August 1986, appointed Board Secretary in June 2024 and additionally Chief Risk Officer in March 2026, has experience at China Development Bank Hong Kong Branch, Bank of China (Hong Kong), and Shenzhen Investment Holdings.
The executive team includes both young representatives from shareholders and experienced veterans from the insurance industry.
Harbour Life's establishment carries significant historical使命, related to Evergrande Life but representing a new entity created under risk resolution circumstances.
Evergrande Life transitioned from rapid expansion to risk outbreak. Originally known as Zhongxin Dadi Life Insurance, it commenced operations in May 2006 as the first Sino-foreign joint venture life insurer headquartered in Chongqing. It had initial registered capital of RMB 300 million, jointly owned by Singapore's Great Eastern Life and Chongqing Municipal Real Estate Group.
Performance was initially modest. A turning point came in 2015 during a industry-wide push for scale. Evergrande Group, expanding its financial footprint, acquired a 50% stake in November 2015 for RMB 3.939 billion, renaming it Evergrande Life.
Under Evergrande, premium income surged from RMB 1.305 billion in 2015 to RMB 60.3 billion in 2020—a几十-fold increase in five years, briefly ranking near the top in the life insurance sector. Asset scale also grew rapidly, exceeding RMB 200 billion by 2020. However, risks accumulated alongside this expansion. Public disclosure ceased the following year.
The last publicly available solvency report was for Q3 2021. It showed core solvency adequacy ratio had fallen to 104.55%, nearing the regulatory minimum. A net loss of RMB 583 million was recorded for that quarter. Subsequent investigations revealed serious violations, including related-party transactions, non-compliant fund usage, and submission of false reports.
As Evergrande Group's debt crisis erupted in late 2021, Evergrande Life's condition deteriorated sharply. Regulators intensified supervision, initiating risk disposal.
The risk resolution plan emerged in 2023. Harbour Life Insurance was approved to open on June 1, 2023, completing industrial and commercial registration on June 28 with registered capital of RMB 15 billion—significantly higher than Evergrande Life's original RMB 1 billion, demonstrating the commitment of state-backed entities to resolve the risk.
Harbour Life's shareholder structure is robust. According to registration information, its five shareholders are: Shenzhen Penglian Investment Co., Ltd. (contribution RMB 7.65 billion, 51% stake); the Insurance Security Fund (RMB 3.75 billion, 25%); Guangdong Finance Investment Holding Co., Ltd. (RMB 1.2 billion, 8%); Chongqing Yuxin Investment Co., Ltd. (RMB 1.2 billion, 8%); and Taiping Life (RMB 1.2 billion, 8%). Total registered capital is RMB 15 billion.
The controlling shareholder, Penglian Investment, is controlled by Shenzhen state-owned capital and invests solely in Harbour Life. Another shareholder, Guangdong Finance Investment, is fully government-owned and serves as a provincial investment platform. Combined, Guangdong (including Shenzhen) holds a 59% stake.
Notably, local state-owned capital also includes Chongqing, through Yuxin Investment, connecting to the original domicile of Zhongxin Dadi Life.
The Insurance Security Fund, the second-largest shareholder at 25%, acts as the industry's final safety net, providing救助 and participating in risk disposal. It also holds stakes in other insurers formed from risk resolutions, such as Ruizhong Life (assuming Huaxia Life) and Zhonghui Life (assuming Tianan Life).
Taiping Life, a minority shareholder, is the former employer of both Qiao Ning and Qi Meizhu.
The shareholder mix—Shenzhen state-owned control, Insurance Security Fund support, multi-region state capital coordination, and professional insurer participation—provides solid capital and institutional backing for the risk resolution.
The Insurance Security Fund's stake fulfills its statutory role and facilitates market-based disposal, allowing for future exit. Taiping Life's involvement helps transfer management and business experience to the new insurer.
On September 13, 2023, the National Financial Regulatory Administration approved Harbour Life's assumption of Evergrande Life's insurance business and corresponding assets and liabilities. Regulators stated Evergrande Life was seriously insolvent, leading to intensive supervision and risk disposal.
This completed the takeover, marking another significant case in insurance industry risk resolution, following models like Dajia Insurance (assuming Anbang), Ruizhong Life (assuming Huaxia Life), and Zhonghui Life (assuming Tianan Life).
For millions of former Evergrande Life customers, Harbour Life pledged to honor all policy obligations. Operations have been smooth, with no major surrender or complaint incidents related to the transition.
Harbour Life swiftly integrated Evergrande Life's 88 branches, establishing over 80 branches nationwide, including nine provincial branches.
Risk resolution is only the first step. For Harbour Life, managing the large inherited portfolio requires精细化管理, guarding against interest spread losses in a low-interest-rate environment, and building a sustainable new business value engine. These remain long-term challenges.
The transition from Evergrande Life to Harbour Life, and from Qiao Ning to Qi Meizhu, reflects broader themes of risk disposal and high-quality development in China's insurance industry. If Qiao Ning's mission was stabilization and transition, Qi Meizhu's task is refinement and value creation.
Amid industry-wide pressure from low interest rates and product转型, appointing an actuary to lead signals a focus on professional management and high-quality growth.
The risk disposal was completed through a full assumption by Harbour Life. Despite its short history, the company has moved decisively: gaining approval, assuming liabilities, integrating branches, and building a management structure.
Industry observers note that simultaneous regulatory approval for establishment and assumption highlights the priority of protecting policyholders and maintaining stability. Qi Meizhu's actuarial expertise is expected to bring new momentum to asset-liability matching, product value management, and capital efficiency.
In the current low-rate environment, actuarial leadership may enhance pricing sensitivity and risk control, aiding balance between products and investments. How the new leadership team leverages their strengths to drive value growth in the post-resolution phase will be closely watched.
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