After being ousted for nine months, former president of China Life Insurance, Yang Chao, has been officially expelled from the party, had his benefits revoked, and has been referred to judicial authorities.
On December 26, the Central Commission for Discipline Inspection of the Communist Party of China and the National Supervisory Commission announced that Yang Chao, former party secretary and president of China Life Insurance Group, had violated regulations by accepting gifts and hospitality, using official vehicles irregularly, seeking benefits for others in promotions and staff recruitment, and taking bribes. He also engaged in unauthorized part-time work, business activities, and allowed his family members to use his influence for personal gain. Yang was deeply involved in investment activities and illicitly received substantial amounts of money, illustrating corruption within the investment sector.
According to the announcement, Yang Chao has been stripped of party membership, had his benefits revoked, and has been referred to judicial authorities.
On March 19 of this year, mainland Chinese media reported that Yang Chao’s phone was unreachable, indicating a possible loss of contact. On March 28, he was officially ousted from his position.
At the age of 75, Yang Chao, a native of Shanghai, worked in the Chinese insurance system for many years, holding positions in institutions such as the China Insurance Regulatory Commission. In May 2005, Yang Chao took over as the president of China Life Insurance, serving as the party secretary and president of China Life Insurance Group, as well as holding positions as chairman of China Life Insurance Company Limited and China Life Property Insurance Company Limited. He retired in 2011.
In recent years, several senior officials of China Life Insurance have encountered trouble. On November 15, 2018, just after retiring, Lin Dairen, the party secretary and president of China Life Insurance Company Limited, received serious party disciplinary warnings for “irregular personnel selection and employment issues.” In January 2022, Wang Bin, chairman of China Life Insurance, was taken down from his position. He was accused of taking bribes amounting to 325 million Chinese yuan and concealing foreign currency deposits in Hong Kong, for which he was sentenced to death with a reprieve in September 2023.