New Chairman Confirmed: What Outstanding Issues Remain for Guofu Life Insurance?

Guofu Life Insurance recently announced that Wu Chuanming has been appointed as the company’s Chairman. Previously, Wu Chuanming had been acting as Chairman for over half a year.

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Investment Time Network, Punctuation Finance Researcher Tian Wanhui

Nearly a year after the resignation of the former Chairman, Guofu Life Insurance Co., Ltd. (hereinafter referred to as Guofu Life) finally officially appointed a new Chairman. The new Chairman will need to address issues such as the rapid decline in the company’s solvency margin in Q4 2025 and the occurrence of net losses.

According to Guofu Life’s recent announcement, based on the company’s board meeting resolution and regulatory approval, Wu Chuanming has been appointed as Chairman. Previously, Wu Chuanming had been fulfilling the role of Chairman for over six months. The original Chairman, Wang Haihe, resigned nearly a year ago.

Wu Chuanming previously worked at a company under Guofu Life’s major shareholder and has held multiple senior positions within Guofu Life. Notably, after Wang Haihe’s resignation, the first person to act as Chairman was Jiang Yadong, who was later succeeded by Wu Chuanming, and Jiang Yadong resigned due to personal reasons.

In terms of performance, Guofu Life achieved rapid growth in 2025, but experienced a loss in Q4. Additionally, the company’s solvency margin ratio declined sharply in Q4 2025, and its comprehensive risk rating also decreased in 2025.

Investment Time Network and Punctuation Finance Researcher have sent a communication outline to Guofu Life regarding the appointment of the new Chairman and the decline in solvency margin, but have not yet received a response as of press time.

Acting Chairman Confirmed as Official Chairman

Guofu Life’s new Chairman has finally been confirmed.

On March 9, Guofu Life’s official website announced that, based on the resolution of the 16th meeting of the third board of directors and approved by the Guangxi Regulatory Bureau of the China Banking and Insurance Regulatory Commission, Wu Chuanming has been appointed as Chairman of Guofu Life. Previously, Wu Chuanming had been acting as Chairman.

Wu Chuanming was born in August 1978. He previously served as Party Secretary and Union Chairman of Guofu Life. In addition to Guofu Life, Wu has worked at Guangxi Postal Savings and Remittance Bureau, Nanning Office of the China Insurance Regulatory Commission, the Office of the Guangxi Regulatory Bureau of the China Insurance Regulatory Commission, and Guangxi Investment Group Financial Holding Co., Ltd. (hereinafter referred to as Guangxi Investment Group Financial Holding).

He served as Director at the Guangxi Regulatory Bureau of the China Insurance Regulatory Commission; Deputy General Manager at Guangxi Investment Group Financial Holding; and held roles such as Director, General Manager Assistant, Compliance Officer, Board Secretary, Chief Information Officer, and Deputy Party Secretary at Guofu Life. Since August 2025, he has served as Director of Guofu Life.

Guofu Life’s Q4 2025 solvency report shows that as of the end of the quarter, the company’s largest shareholder was Guangxi Investment Group Co., Ltd. (hereinafter Guangxi Investment Group), holding 31.77% of shares. Business registration information indicates that Guangxi Investment Group Financial Holding is a subsidiary of Guangxi Investment Group.

According to Guofu Life’s official website, Wu Chuanming recently stated at the 2026 work conference that the company’s key tasks for the year include: strengthening capital foundation through multiple measures; focusing on core responsibilities and deepening collaboration; adhering to value investing, optimizing asset-liability linkage, and stabilizing income; accelerating digital transformation; building a strong talent system; and improving governance and compliance.

Previously, Guofu Life announced that after the original Chairman’s departure, the Chairman position was not initially fulfilled by Wu Chuanming.

On April 11, 2025, Guofu Life announced that due to personal work changes, Wang Haihe resigned from his positions as Chairman and other roles on April 2, 2025. The company’s board of directors temporarily appointed Director Jiang Yadong to perform the duties of Chairman until a new Chairman was officially appointed.

On August 21, 2025, Guofu Life announced that starting August 18, Wu Chuanming would act as Chairman, and Jiang Yadong would no longer perform the duties.

The announcement did not explain why the interim appointment was transferred to Wu Chuanming. The Q4 2025 solvency report shows that Jiang Yadong resigned due to personal reasons and ceased to be a director of Guofu Life from December 30, 2025.

Decline in Solvency Margin Ratio

Although Guofu Life achieved rapid growth in 2025, it experienced a loss in Q4, and its solvency margin ratio declined sharply in that quarter. The company’s comprehensive risk rating also decreased in 2025. These are significant challenges for the newly confirmed Chairman.

The Q4 2025 solvency report shows that at the end of the quarter, the company’s comprehensive solvency margin was 170.07%, down 52.79 percentage points from the previous quarter, with a forecasted next quarter figure of 130.06%. The core solvency margin was 85.04%, down 42.29 percentage points from the previous quarter, and below the same period’s 115% for life insurance companies, with a forecasted next quarter figure of 66.71%.

From Q1 to Q3 2025, the company’s core solvency margin was 146.04%, 131.36%, and 127.33%, respectively.

Guofu Life stated that the decline in the solvency margin ratio at the end of Q4 2025 compared to the previous quarter mainly resulted from a decrease in net assets caused by a lower discount rate.

According to the “Regulations on Solvency Management for Insurance Companies,” insurance companies with a solvency margin ratio below 50% are considered non-compliant. Companies with a core solvency ratio below 60% or a comprehensive solvency ratio below 120% are subject to key review.

In terms of performance, Guofu Life’s insurance business revenue in 2025 was 4.562 billion yuan, a year-on-year increase of 21.2%, with a net profit of 330 million yuan, up 110.06%. In Q4, insurance revenue was 284 million yuan, up 11.81% year-on-year, but net profit was a loss of 20 million yuan, compared to a profit of 38 million yuan in the same period last year.

Past solvency reports show that the company’s risk comprehensive rating was B in Q2 and Q3 2025, and BB in Q4 2024 and Q1 2025.

Guofu Life 2025 Quarterly Core Solvency Ratios

Data Source: Guofu Life Solvency Reports

Keywords: Guofu Life

Author’s note: Personal opinions only, for reference.