Dongfang Jiafu Life Insurance Co., Ltd. (Dongfang Jiafu Life Insurance) has announced the appointment of a new chairman, Tong Chao, a member of the "post-80s" generation. The appointment follows the departure of former chairman He Xin due to work arrangements by the shareholder, effective April 28. Tong Chao was elected chairman at the company's 37th meeting of the fourth board of directors, pending approval from the National Financial Regulatory Administration's Zhejiang Bureau.
Notably, He Xin's formal appointment had only received regulatory approval at the end of the previous year, following a nearly two-year waiting period, making his tenure relatively brief before this change.
The new chairman, Tong Chao, born in November 1984, is a rare "post-80s" leader in the industry. He is a Chinese Certified Public Accountant and holds qualifications as a Chinese legal professional and a New York State attorney. He began his career in October 2010, having worked at Alibaba Group and China Minsheng Investment Corp., and served as a lawyer at several domestic and international law firms. He currently holds the positions of Party Committee Member and Deputy General Manager at Zhejiang Orient Holdings Group Co., Ltd., the largest shareholder of Dongfang Jiafu Life Insurance, and has been a director of the insurer since March 2024.
This leadership change follows a recent adjustment at the general manager level. In March, Liu Dayong was approved as the general manager of Dongfang Jiafu Life Insurance. His predecessor, Zhang Xifan, resigned for personal reasons in August of last year, after which Liu Dayong, then deputy general manager, was appointed as the interim responsible person to perform the duties of general manager.
With the chairman now in place, Dongfang Jiafu Life Insurance officially enters the "Tong-Liu" leadership era. The current core management team also includes Chief Actuary Qian Jianjun, Financial Officer Chen Bo, Deputy General Manager Liu Donghe, Assistant General Manager He Yin, Board Secretary Fan Hongrui, and Audit Officer Ren Hong.
Formerly known as Sino-Korean Life Insurance, the company was established in 2012 as a joint venture between Zhejiang International Trade Group Co., Ltd. (Zhejiang Guomao) and Hanwha Life Insurance Co., Ltd. (Hanwha Life), each holding a 50% stake. In 2016, Zhejiang Guomao planned to transfer its 50% stake to its subsidiary, Zhejiang Orient Group Co., Ltd. (renamed Zhejiang Orient Holdings Group Co., Ltd., or Zhejiang Orient), with the equity change approved by regulators in 2017. In 2022, the company increased its capital and introduced new strategic investors, raising its registered capital from 1.5 billion yuan to 3 billion yuan. Five state-owned background investors joined, reducing Zhejiang Orient's stake from 50% to 33.33%, though it remains the largest shareholder. The foreign shareholder, Hanwha Life, did not participate in the capital increase, seeing its stake diluted to 24.99%, a shareholding structure that has remained unchanged since.
Operationally, Dongfang Jiafu Life Insurance had been in a prolonged state of losses since its establishment, only showing signs of recovery in 2024. Annual reports indicate that from 2022 to 2024, the company achieved premium incomes of 1.388 billion yuan, 2.38 billion yuan, and 3.21 billion yuan, respectively, with corresponding net profits of -298 million yuan, -326 million yuan, and 11 million yuan.
According to solvency reports, the company reported a full-year 2025 premium income of 3.972 billion yuan and a net profit of 60 million yuan, continuing the recovery trend. However, it recorded a net loss of 45 million yuan in the fourth quarter alone. In the first quarter of this year, premium income reached 1.554 billion yuan, with a net loss of 26 million yuan.
Simultaneously, the company's solvency metrics have shown a significant decline. As of the end of the first quarter, its core and comprehensive solvency adequacy ratios were 83.94% and 167.89%, respectively, down by 26.66 and 53.32 percentage points from 110.60% and 221.21% at the end of the previous quarter.
The company attributed this decline primarily to a rapid increase in bond market spot yields, coupled with a downward shift in the 750-day moving average government bond yield curve, which reduced actual capital. Additionally, an increased allocation to equity assets this quarter led to higher minimum capital requirements. The company stated that its solvency adequacy ratios still meet regulatory requirements for compliant insurers.
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