Li Jianying has been appointed Chairman of Sino-Dutch Life Insurance, replacing Wang Jian. An announcement released by Sino-Dutch Life on February 28, 2026, stated that the company's Fifth Board of Directors, at its 14th meeting, approved the appointment of Li Jianying as Chairman. The appointment has been approved by the Dalian Regulatory Bureau, and Wang Jian has stepped down from his roles as Director and Chairman.
Prior to the official approval of the new Chairman, several changes had already occurred in the company's board and senior management since December 2025. Both Chinese and foreign shareholders made appointments and removals of directors. Currently, all members of the company's leadership team, except the General Manager, were born in the 1970s.
Behind these personnel changes, the operating performance of Sino-Dutch Life, a bank-affiliated insurer, showed a distinct duality in 2025. Its premium income growth rate of 36.78% ranked first among the top ten insurers, its comprehensive risk rating remained at the high-quality AA level, and its solvency adequacy ratio increased against the trend. However, its investment performance was mediocre, with its comprehensive investment yield being the only negative figure among the ten companies.
Li Jianying, born in 1971, is a graduate of the Central University of Finance and Economics with a master's degree in economics. He joined Bank Of Beijing Co., Ltd. nearly 30 years ago, in 1996. His career history shows roles in various departments including Business Development and Personal Banking. Starting in March 2003, he moved to branch operations, holding positions such as Assistant President and Vice President of You'anmen Sub-branch, Vice President (Acting) and President of Yuetan Sub-branch, and President of Jianguo Sub-branch. In December 2012, he assumed roles at the head office including Assistant General Manager of the Banking Department, Deputy General Manager of the Personal Loan Management Department, and General Manager of the Retail Banking Department. From April 2020, he served as Party Committee Secretary of the Urumqi Branch, concurrently holding positions such as Retail Business Director, Director of the Consumer Rights Protection Office, and General Manager of the Personal Credit Department. A year later, he became a Supervisor of Bank Of Beijing Co., Ltd. In May 2025, he was transferred to Sino-Dutch Life as Party Committee Secretary and participated in the company's 2026 work conference in this capacity. Notably, as a Supervisor of Bank Of Beijing Co., Ltd. in 2024, Li's total pre-tax remuneration reached 2.1749 million yuan.
Prior to the Chairman's appointment being finalized, changes also occurred on the board. In December 2025, Liu Xiangtu, who has a Bank Of Beijing Co., Ltd. background, resigned as a Director, and Tan Jie was appointed as a Director, also from Bank Of Beijing Co., Ltd.. As early as June, Liu Xiangtu had stepped down from his roles as Party Committee Secretary and Deputy General Manager due to work adjustments. From his appointment approval in January 2021, Liu held these positions for approximately four and a half years.
On the foreign shareholder side, Olivier Calandreau also resigned from his position as Director, and Julien Laurent HAUTIERE-REY was appointed as a Director. It is worth noting that Julien Laurent HAUTIERE-REY also currently appears in the company's "Senior Management Profiles, Responsibilities, and Performance" section, listed only as a Director.
At the supervisor level, Mo Danqing resigned as Supervisor of Sino-Dutch Life, and Zhang Lulu was appointed as Supervisor; both are from Bank Of Beijing Co., Ltd.. At the senior management level, in February 2025, Jiang Nan resigned as Chief Actuary and was succeeded by Dong Nan in September of the same year.
As of now, the company's leadership team consists of eight individuals: Party Committee Secretary and Chairman Li Jianying; Deputy Party Committee Secretary, Director, and General Manager Yang Yongting; Deputy General Manager Men Xiaohai; Financial Controller Fan Chenguang; Chief Risk Officer and Compliance Officer Gu Weilan; Chief Actuary Dong Nan; Audit Executive Zheng Jiajia; and Director Julien Laurent HAUTIERE-REY. Except for the General Manager, all leadership members were born in the 1970s.
From an industry perspective among the ten bank-affiliated insurers, Sino-Dutch Life is generally a small but refined insurer. Although its total assets in 2025 were 87.011 billion yuan, making it the only entity among the ten with assets under 100 billion yuan, the growth of its core financial indicators last year was considerable. Its insurance business income grew by nearly 37%, only slightly less than 3 billion yuan lower than that of the larger bank-affiliated insurer, Bank of Communications Life.
In 2025, Sino-Dutch Life's insurance business income reached 20.879 billion yuan. Although this ranked ninth among the ten bank-affiliated insurers, the year-on-year growth rate was as high as 36.78%, ranking first among peers. It surpassed Everbright Sun Life's 18.855 billion yuan while rapidly narrowing the premium gap with Bank of Communications Life, which reported 21.142 billion yuan.
In terms of profitability, Sino-Dutch Life's net profit for 2025 reached 740 million yuan. Although the scale ranked eighth among the ten insurers, the year-on-year growth rate was 300%, already exceeding that of CCB Life and BOC Samsung Life. It should be noted that insurers switching between old and new accounting standards in recent years can cause significant fluctuations in indicators such as net profit, net assets, and investment return rates. Under the new accounting standards, changes in the fair value of assets are more directly included in net assets, and liability assessments are more sensitive to interest rate assumptions. In the recent environment, life insurance companies switching to the new standards have shown more favorable net profit performance, but factors that previously dragged down profit under the old standards, such as provisions, have largely shifted to net assets, leading to increased volatility in net asset values.
In contrast, Sino-Dutch Life's investment performance last year was average. Affected by financial market fluctuations, its investment yield in 2025 was 3.87%, down 1.85 percentage points year-on-year, ranking eighth and below the average of the ten insurers. Its comprehensive investment yield was -2.26%, the only negative figure among the ten insurers.
Against the backdrop of普遍 pressure on the solvency of the ten insurers, Sino-Dutch Life's ratios increased against the trend. At the end of the fourth quarter of 2025, its comprehensive solvency adequacy ratio was 193.58%, up 7.66 percentage points from the end of the previous quarter. Its core solvency adequacy ratio was 137.87%, up 32.58 percentage points from the end of the previous quarter. The company stated that its actual capital decreased by 1.106 billion yuan compared to the previous quarter, mainly due to floating losses on available-for-sale financial assets and operating profits/losses caused by market fluctuations. The company's minimum capital decreased by 736 million yuan compared to the previous quarter, with a significant reduction in the minimum capital for market risk, primarily due to changes in asset allocation.
Sino-Dutch Life's latest comprehensive risk rating is AA, placing it in the high-quality rating tier among the ten insurers. Six of the ten companies have ratings of A or above, indicating that its solvency safety and risk control level are at the industry forefront.
It is worth noting that the company's solvency report disclosed adjustments and impairment provisions for a real estate credit investment plan related to Chongqing Tiandi. "Based on the principle of prudence, the company downgraded the risk classification of the non-defaulted Chongqing Tiandi real estate credit investment plan (investment amount 500 million yuan) this quarter and recognized an impairment provision of 250 million yuan in accordance with 'Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments'. This reduced the core and comprehensive solvency adequacy ratios by approximately 5.5 and 4.3 percentage points, respectively."