Former General Manager of China Cinda Life Insurance Zhao Xiaofan, who served for 11 years, is under investigation more than half a year after retiring.
On November 15, the Central Commission for Discipline Inspection of the National Supervisory Commission announced on its official website that Zhao Xiaofan, former Party Secretary and General Manager of China Cinda Life Insurance Co., Ltd., is suspected of serious violations of discipline and law. Currently, he is undergoing disciplinary review and supervision investigation by the investigation team stationed at China Cinda Group of the Central Commission for Discipline Inspection and the National Supervisory Commission and the Disciplinary Inspection and Supervision Committee of Hebei Province.
Rumors of Zhao Xiaofan’s disappearance had been circulating within the industry for several days. Prior to the announcement of the investigation, Zhao Xiaofan had just retired for over half a year.
In April of this year, China Cinda Life Insurance issued a public announcement stating that, following the approval of the 5th on-site Board meeting of the 8th tenure of the company, due to reaching the statutory retirement age, Zhao Xiaofan would no longer serve as the General Manager of China Cinda Life Insurance.
Public information shows that Zhao Xiaofan, born in March 1964, joined the China Cinda system in August 1986 and worked his way up from positions such as accounting department staff, deputy chief of the comprehensive department, to positions like vice president of China Cinda Bank, director of the finance department of China Cinda Group, and vice chairman of China Cinda Finance Co., Ltd.
In 2013, Zhao Xiaofan left China Cinda Bank and joined China Cinda Life Insurance, a subsidiary under the “China Cinda” conglomerate, as General Manager until his retirement in April this year. Additionally, he also held positions such as board member, vice chairman, and general manager at China Cinda Asset Management Co., Ltd.
Interestingly, Li Qingping, the first female Chairman of China Cinda Bank, had also served as Vice Chairman of China Cinda Life Insurance from February 2014 to August 2023, working alongside Zhao Xiaofan for a long period. According to a report by Caixin in December last year, Li Qingping was downgraded from a departmental level to a section level and expelled from the Party after retirement.
Zhao Xiaofan’s former subordinate, Zhu Jialin, who was the former Deputy Chief Executive Officer of China Cinda Life Insurance, left the “China Cinda” conglomerate in 2017 and joined the “Evergrande Group”, serving in positions such as President of Evergrande Financial Group, Chairman of Evergrande Life Insurance, and Deputy General Manager of Evergrande Group. Later, he resigned in 2019 to join China Re Life Insurance as Vice Chairman and was taken away for investigation in September 2023.
Recently, news has emerged that Chen Kun, who previously served as Deputy General Manager of China Re Life Insurance, has gone missing. Currently, China Re Life Insurance’s official website has removed Chen Kun’s resume. Chen Kun had previously served as General Manager of Evergrande Life Insurance Investment Management Center and Deputy General Manager of the General Company.
Established in 2000, China Cinda Life Insurance was jointly initiated by China Cinda Group and Swiss Re Group. Currently headquartered in Beijing, the company has a registered capital of 4.86 billion RMB. According to the solvency report data for the first three quarters of this year, China Cinda Life Insurance incurred a net loss of nearly 3.2 billion RMB.