"Acting Head" Gets Permanent Role, Taiping Life "Bets Big" on Dividend Insurance, Loses 550,000 Customers

Wen | Dujiang Financial Xie Meiyu

Editor | Fu Ying

With the new General Manager Wang Xuze officially approved by regulators on March 9, Taiping Life Insurance Co., Ltd. (hereinafter referred to as “Taiping Life”) has finalized its core management structure, entering the “Yin + Wang” era led by Yin Zhaojun and executed by Wang Xuze.

Wang Xuze was appointed interim head of Taiping Life in June 2025, and during his “probation period” delivered impressive results: in the first three quarters of 2025, Taiping Life’s insurance business revenue reached 158.04 billion yuan, a 6.6% increase year-on-year; net profit was 18.13 billion yuan, a significant 61.2% jump. The performance growth was mainly driven by a 142.59% increase in investment income to 16.708 billion yuan.

Meanwhile, against the backdrop of deep industry transformation and emerging spread risk, Taiping Life has built a product matrix centered on participating (dividend) insurance. In the first half of 2025, its first-year premium for long-term insurance was 87.1% from dividend insurance, and dividend insurance accounted for 91.3% of new long-term insurance structures.

However, challenges also exist behind the spotlight. In the first half of 2025, Taiping Life’s market share declined from 4.5% at the end of 2024 to 4.2%, and the number of individual clients decreased by nearly 559,300 compared to the end of 2024. How to continue steady growth on a high base and balance scale and value amid the dividend insurance wave will be new issues for this veteran insurer to face.

1 “Post-70s” veteran Wang Xuze takes on the role of General Manager

Wang Xuze was born in August 1972, graduated from Tianjin University of Technology, and has over 30 years of experience in the life insurance industry. He joined Taiping Life in July 2004. His resume shows extensive grassroots experience, having served as Marketing Director, General Manager of Liaoning Branch, General Manager of Dalian Branch, Deputy General Manager (acting), Vice General Manager of Tianjin Branch, and Assistant General Manager. In April 2022, he joined the core management team as Vice General Manager.

On March 14, 2025, Taiping Life announced internally that former General Manager Cheng Yonghong had retired, and Vice President Zhao Feng of Taiping Group would serve as acting General Manager. However, in May 2025, the Hainan provincial government held a special meeting where Zhao Feng attended as a member of the Hainan provincial government party group, leading to another adjustment in the General Manager position.

Subsequently, Taiping Life’s official website updated senior management resumes, responsibilities, and performance. Wang Xuze has served as interim head since June 2025, responsible for the Party Committee and management team; in December 2025, a cadre meeting announced Wang Xuze as Party Secretary and candidate for General Manager; on March 9, 2026, his appointment as General Manager was officially approved.

Zhi Peiyuan, Vice Chairman of the Investment Professional Committee of the China Association of Listed Companies, commented: “The new General Manager Wang Xuze is a veteran with over 20 years of deep involvement in the Taiping system, and previously served as acting head. This internal promotion and transition model minimizes the impact of personnel changes on strategic implementation.”

Notably, the Chairman position at Taiping Life also saw changes in 2025. In February 2025, Wang Sidong, who had served as Chairman for over four years, stepped down, and Yin Zhaojun was appointed as the new Chairman, with approval granted in April 2025.

Yin Zhaojun was born in July 1965. Since August 2021, he has served as a director of Taiping Life. He is currently Chairman of China Taiping, Taiping Hong Kong, and Taiping Holdings, as well as Chairman of Taiping Asset Management. He has previously served as Vice Chairman and General Manager of China Taiping, Taiping Hong Kong, and Taiping Holdings; Vice President of China Life; and held positions such as Vice Chairman of GF Bank, President of GF Bank, Chairman of China Life Investment Holding, and branch head at Bank of Communications in Shanxi, Hebei, and Beijing.

Beyond the leadership, three other executives took new roles in 2025.

Specifically, in April and August 2025, Assistant General Managers Gou Hongjun and Tang Xinan assumed their roles. Gou Hongjun graduated from Southwestern University of Finance and Economics, currently serving as General Manager of Taiping Life Sichuan Branch, and previously held positions at Qingdao Branch, Xinjiang Branch, and in various roles at Ping An Life Xinjiang Branch. Tang Xinan graduated from Tianjin University of Finance and Economics with a bachelor’s in accounting, and previously served as Assistant General Manager of Taiping Pension, Marketing Director at Taiping Life, and General Manager of Jiangsu, Jiangxi, and Shanxi branches.

In December 2025, Yu Hanye was appointed Chief Compliance Officer. He graduated from Fudan University with a Master of Science and holds North American actuarial credentials. Since November 2024, he has been Assistant General Manager, Compliance Officer, and Chief Risk Officer at Taiping Pacific Life, overseeing risk management and compliance, and assisting with technology and information work. He previously served as General Manager of Shandong Branch, General Manager of the Technology and Information Department, General Manager of the Innovation Development Department, and General Manager of the Health Insurance Department, and held various positions at China-America United MetLife.

2 Dividend insurance supports 90% of new long-term insurance, with a loss of 550,000 individual clients in the first half

In the face of industry-wide downward adjustments in guaranteed interest rates, the shift toward variable-yield products has become a consensus. Since 2025, listed insurers have ramped up dividend insurance sales, and Taiping Life is no exception.

According to China Taiping’s mid-year report, the product structure has undergone a qualitative change. Traditional life insurance, long-term health insurance, and annuities all saw declines in original premium income—by 12.5%, 4.7%, and 34.1%, respectively. In contrast, dividend insurance premium income reached HKD 36.565 billion, accounting for about 30%, with a year-on-year increase of 116%.

[Source: China Taiping 2025 Mid-Year Report]

Data from the first half also shows that dividend insurance accounts for 87.1% of first-year premiums for long-term insurance, and in new long-term insurance structures, dividend insurance accounts for 91.3%. Among channels, individual insurance accounts for 97.5%, and bancassurance 85.8%. New business value reached 6.181 billion yuan, a 22.8% increase over the same period in 2024, mainly driven by the implementation of “reporting and operation integration” and growth in new premiums.

Industry comparison indicates that Taiping Life’s dividend insurance sales are among the top. For example, PICC Life’s new premium for dividend insurance grew nearly 14 times year-on-year to HKD 10.128 billion, but still remains lower; while PICC’s dividend insurance premium declined over 60% to HKD 11.417 billion.

Researcher Yu Fenghui from China Financial Think Tank commented: “The transformation to dividend insurance aligns with the broader trend in the life insurance industry from scale expansion to value management, reflecting changing market demands and the importance of product innovation. Dividend insurance attracts many customers seeking preservation and appreciation of their assets due to its relatively stable returns. To strengthen its competitive moat, Taiping Life needs to continuously optimize product design, improve customer service, and enhance brand building. Additionally, while pursuing growth in dividend insurance, it should also diversify its product offerings to meet different customer needs and avoid risks associated with over-reliance on a single product.”

Looking at specific products, in the first three quarters of 2025, the top three products with the highest surrender amounts and surrender rates all involved dividend insurance. For example, Taiping Excellence Lifetime Annuity (dividend type) had a total surrender of HKD 837 million, with a surrender rate of 2.34%; Taiping Prosperity Heng Tong Lifetime Annuity (dividend type) had a total surrender of HKD 13.2986 million, with a surrender rate of 21.15%.

Meanwhile, some early dividend insurance products launched by Taiping Life have faced complaints, mainly for “sales misguidance.” For example, on August 14, 2025, a consumer on Rednet’s “People’s Voice” page claimed that in 2015, a Taiping Life salesperson repeatedly promoted the main policy as “Taiping Fulu Mantang Whole Life Insurance (dividend type),” with alleged sales misguidance. Another consumer on Black Cat Complaint Platform in August 2025 reported serious misguidance during the sales process involving “Taiping Jin Wuyou Whole Life Insurance (dividend type).”

[Source: Black Cat Complaint Platform]

Additionally, according to Taiping Life’s official website, the products Taiping Fulu Mantang Whole Life Insurance (dividend type) and Taiping Jin Wuyou Whole Life Insurance (dividend type) have been discontinued. Based on the rate table for Fulu Mantang, a 40-year-old male smoker paying premiums over 15 years, the basic insurance amount of 1,000 yuan corresponds to a premium of 58.23 yuan; for Jin Wuyou, the rate table shows a similar scenario with a premium of 29.84 yuan for the same parameters.

Both dividend products distribute dividends annually and at maturity, with annual dividends increasing the accumulated dividend insurance amount (participating in future dividends), and maturity dividends paid in cash at contract end, including gratuity and special dividends.

[Source: Insurance Terms]

Furthermore, Taiping Life faces phased pressures. Market share declined from 4.5% at the end of 2024 to 4.2% in the first half of 2025; individual clients decreased by 559,200, and corporate clients by 4. In terms of agency network, Taiping Life is accelerating branch reductions, with 47 fewer branches and marketing centers in the first half, leaving 1,265.

Zhi Peiyuan believes that the decline in market share and customer base in the first half of 2025 may be due to the strategic withdrawal from low-value bancassurance channels during dividend insurance transformation, and adjustments in the individual agent team affecting customer acquisition capacity in the short term.

3 Net profit up 61%, investment income boosts by 9.82 billion

While promoting the transformation to dividend insurance, Taiping Life’s performance has also been strong. In Q3 2025, its insurance business revenue was HKD 42.976 billion, down 23.2% quarter-on-quarter; net profit was HKD 11.329 billion, up 197.43%. In the first three quarters, insurance revenue reached HKD 158.04 billion, a 6.6% increase year-on-year; net profit was HKD 18.13 billion, a 61.2% increase.

Although solvency ratios declined, core indicators remained stable. For the first three quarters of 2025, the company’s comprehensive solvency adequacy ratio decreased by 47 percentage points to 247.69%, and the core solvency adequacy ratio fell by 38 percentage points to 155.55%. The latest risk rating remains at A level.

The performance growth is mainly attributed to investment income. According to a rating report by China Chengxin Pengyuan, Taiping Life’s investment income was HKD 16.708 billion, an increase of HKD 9.82 billion or 142.59% year-on-year.

Wind data shows that by the end of Q3 2025, Taiping Life held stakes in 12 listed companies, with a total market value of HKD 9.335 billion. During the quarter, it increased holdings in Beidahuang (600598.SH) and Shaanxi Coal (601225.SH), and reduced holdings in Shanghai Rural Commercial Bank (601825.SH) and Zheshang Bank (601916.SH).

[Source: Wind Data]

Notably, the net cash flow from investment activities in the first three quarters of 2025 was negative HKD 132.343 billion, an outflow increase of HKD 48.455 billion compared to the same period last year, indicating increased investment activity.

Additionally, at the end of October 2025, China Taiping announced that its subsidiary Taiping Life plans to transfer all holdings in four companies to China Railway Construction Corporation (CRCC) for HKD 6.5 billion. The proceeds will be used as general working capital.

Taiping Life initially invested HKD 6.5 billion in four CRCC subsidiaries in December 2019. After the capital increase, it held approximately 7.47%, 17.27%, 10.86%, and 8.49% stakes in CRCC Investment, CRCC Kunlun, CRCC No. 11 Bureau, and CRCC Construction, respectively. Over six years, the cumulative investment return has been about HKD 2.35 billion.

Zhi Peiyuan pointed out: “In Q3, Taiping Life’s holdings balanced high-dividend and growth targets, reflecting a typical approach in insurance asset allocation: high-dividend stocks for stable income to match long-term liabilities, and growth stocks to capture industry upgrade dividends. In 2026, the A-share market still requires balanced deployment; high-dividend strategies will remain core, with bank and large-cap stocks providing dividend yields to smooth market volatility. Meanwhile, moderate increases in technology and growth sectors, such as semiconductors and AI applications, are advisable.”

At the 2026 annual work conference, Taiping Life set its reform focus on six areas: Party building, culture, professionalism, talent, technology, and innovation, aiming to reshape core competitiveness. The “Jun Cheng Plan,” a talent recruitment and development initiative for 2026, was officially launched, with the core goal of transforming agents from product sellers into trusted, respected “insurance entrepreneurs.”

From the industry perspective, 2026 remains a period of deep adjustment for the life insurance sector. While the dividend insurance-centered strategy aligns with industry trends, it also demands higher investment capacity, asset-liability matching, and customer service capabilities from insurers.

For veteran Wang Xuze, whose excellent performance during the interim period has demonstrated his ability to handle complex situations, it will be interesting to see whether he can lead Taiping Life to maintain growth and enhance value in the dividend insurance track.