Sun Xiaoyu has been appointed as the Chief Actuary of Xiaokang Life Insurance Co., Ltd., as indicated by the updated executive resumes on the company's official website.
Sun Xiaoyu, born in the 1980s, holds a solid professional background. She earned a master's degree in actuarial science from Nankai University and is a certified Chinese actuary. She began her career in the insurance industry in June 2009, having previously served as 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 Insurance, and General Manager of the Product Actuarial Department at Sinatay Life Insurance. She joined Xiaokang Life Insurance in March 2026.
Prior to this appointment, the position of Chief Actuary at Xiaokang Life Insurance had been vacant for nearly a year. The company's solvency report for the third quarter of 2025 showed that in July, Huo Kang was appointed as the company's temporary actuarial head, and Zhang Zhenguang was appointed as Chief Risk Officer, while Huang Fuchun was relieved of his duties as Chief Actuary and Chief Risk Officer.
According to the company's website, the current executive team consists of only four members: Deputy General Manager and Chief Information Officer Xing Haijun, Chief Actuary Sun Xiaoyu, Compliance Officer, Legal Representative, and Chief Risk Officer Zhang Zhenguang, and Audit Officer Chen Tao. Additionally, in March of this year, the Shanghai Financial Regulatory Bureau approved the appointment of Yuan Qingsong as Assistant General Manager of Xiaokang Life Insurance.
It is noteworthy that the position of General Manager at the company has been vacant for nearly a decade since the departure of Tang Gengrong, the former General Manager of Sino-French Life Insurance, in 2016. The prolonged vacancy of a core management position is extremely rare in the industry and points to governance deficiencies.
Such a composition of the executive team and governance structure also implies significant risks, which will undoubtedly have a negative impact on strategic planning and operational execution.
Xiaokang Life Insurance was formerly known as Sino-French Life Insurance, established in 2005 as a joint venture between CNP Assurances and China Post. However, the company's subsequent operations and development were poor. After turning from profit to loss in 2010, Sino-French Life Insurance incurred losses for over a decade.
In 2015, China Post divested its equity in Sino-French Life Insurance, with Hongshang Group and Renji Jiuding entering as new shareholders. However, the new shareholders failed to reverse the operational difficulties. Starting in 2017, Sino-French Life Insurance received a comprehensive risk rating of D for multiple consecutive years, with business stagnation and liquidity depletion, relying on over 20 loans from its major shareholder, Hongshang Group, to stay afloat.
It was not until 2020, under the leadership of its major shareholder Hongshang Group, that Sino-French Life Insurance proceeded with a capital increase. The original shareholders, Renji Jiuding and CNP Assurances, did not participate in the capital increase and transferred all their equity to Hongshang Group. At the same time, three new shareholders were introduced:
The company's website shows that Hongshang Group currently holds a 33% stake in Xiaokang Life Insurance;
It is also worth noting that the company recently underwent an equity change. In May of this year, Xiaokang Life Insurance announced that its current shareholder, Guizhou Guixing Automobile Sales, intends to transfer all its equity in the company to a new shareholder, Tibet Junjie Investment Co., Ltd. The equity to be transferred is currently fully pledged. With equity changes coupled with personnel adjustments, it remains to be seen whether Xiaokang Life Insurance aims to streamline its structure and open a new chapter.
In terms of performance, the company's operational data has shown signs of recovery in recent years, and its comprehensive risk rating has improved to Category B. Based on annual reports, from 2023 to 2025, Xiaokang Life Insurance achieved premium incomes of 1.833 billion yuan, 622 million yuan, and 997 million yuan, respectively, with net profits of -218 million yuan, 514 million yuan, and 442 million yuan, respectively. In the first quarter of 2026, Xiaokang Life Insurance achieved a premium income of 225 million yuan and a net profit of 150 million yuan, with core and comprehensive solvency adequacy ratios of 265.41% and 265.87%, respectively.