Taikang Life Insurance, a leading player in China's insurance sector, has initiated its first major leadership change since its restructuring. The company announced the departure of President Cheng Kangping due to age reasons, with Xue Jihao, Executive Vice President and Chief Operating Officer with actuarial expertise and asset-liability management experience, stepping into the role. This marks a pivotal shift as Taikang transitions into a new phase emphasizing synergy, risk control, technology, and refined operations.

Despite its past success driven by innovative individual agent models like HWP (Health Wealth Planner), Taikang has recently faced challenges. In Q3 2025, its market share among top 10 insurers saw the steepest decline. The leadership change reflects strategic adjustments to align with evolving industry dynamics, where Xue’s actuarial background, bancassurance specialization, and digital transformation focus are deemed critical.

**Phase 1: Strategic Overhaul and Channel Diversification** 2024 proved transformative for Taikang Life and its parent group. As the core revenue generator, Taikang Life began restructuring its executive team post-Q1 performance reviews. Cheng Kangping, who joined Taikang in 1998, retired at 58 after nine years as president. His tenure was marked by revitalizing individual channels and pioneering the "New Life Insurance" model (Payment + Services + Investment), though recent quarters saw a 17.81% YoY drop in premium income and branch consolidations.

Xue Jihao, a veteran with bancassurance and actuarial expertise, now leads. His appointment signals a balanced approach between individual and bancassurance channels, leveraging the latter’s efficiency in reaching high-net-worth clients. Xue’s COO role also underscores Taikang’s push for tech-driven operational efficiency in its "insurance + healthcare" ecosystem.

**Phase 2: Evolution from Traditional to "New Life Insurance"** Founded in 1996, Taikang Life has evolved through four stages: - **1992–2000**: Established as a modern insurer with international governance. - **2000–2009**: Expanded nationwide post-WTO entry, integrating foreign capital. - **2009–2016**: Shifted to value-based growth, launching China’s first insurance-linked retirement communities ("Happy Retirement Plan"). - **2016–Present**: Group restructuring elevated its model to "Payment + Services + Investment," embedding healthcare and elderly care services.

**Financial Performance and Challenges** While Taikang’s assets tripled since 2016 to RMB1.92 trillion by Q3 2025, its market share dipped to 6.24% (from 6.72%) among top insurers. Net profit rebounded 168.92% YoY to RMB24.77 billion in Q3 2025, though 2022’s investment income halved amid market volatility. Rising claims (RMB45.63 billion, +12.23% YoY in 2024) contrast with cost optimizations in commissions and administrative expenses.

**Leadership Continuity and Vision** Founder Chen Dongsheng, a "92 Generation" entrepreneur, remains chairman, ensuring strategic cohesion across Taikang’s insurance, asset management, and healthcare ventures. The reshuffle, affecting five of nine executives in 2024, highlights Taikang’s agility in navigating low-interest-rate environments and competitive pressures.

**Outlook** Xue’s leadership is expected to steer Taikang toward精细化运营 (refined operations), balancing growth with risk management in a sector increasingly reliant on cross-channel synergies and digital innovation. The company’s ability to sustain profitability while expanding its healthcare ecosystem will be critical in reclaiming market momentum.