In June this year, Guofu Life Insurance held its third extraordinary shareholder meeting of 2025.

During this shareholder meeting, three nominees from shareholders competed for two board seats.

According to the resolution announcement, Wu Chuanming, the incumbent deputy secretary and chief information officer nominated by the largest shareholder Guangxi Investment Group, and Zhong Wei, former party committee member and deputy general manager of Guangxi Financial Investment Group, both received 1.611 billion votes, accounting for 92.27% of the total valid voting shares present at the meeting, tying for first place.

Meanwhile, Qi Weirong, the candidate nominated by shareholder Shanghai Hengda Building Materials, received 270 million votes, accounting for 15.47%, and did not enter the board of directors.

As a result, the number of directors nominated by Guangxi Investment Group to Guofu Life Insurance increased to three. In addition to the two newly appointed directors, there is also Jiang Yadong. At that time, there were reports that the new chairman of Guofu Life Insurance would be selected from among Jiang Yadong, Wu Chuanming, and Zhong Wei.

In April this year, after Wang Haihe resigned as chairman of Guofu Life Insurance, director Jiang Yadong temporarily performed the duties of chairman.

However, four months later, Guofu Life Insurance announced that Jiang Yadong would no longer temporarily perform the chairman's duties. Meanwhile, following the recommendation of the company's directors, Wu Chuanming will temporarily perform the chairman's duties until the formal appointment of a new chairman.

Wu Chuanming stepped down from his positions as general manager assistant and chief information officer in July, withdrawing from actual operations to focus more on board work.

Although both Wu Chuanming and Jiang Yadong are directors nominated by Guangxi Investment Group, compared to Jiang Yadong, Wu Chuanming has more extensive insurance work experience and is an executive who grew up within Guofu Life Insurance.

According to available information, Wu Chuanming is currently 47 years old and previously served as a staff member at Guangxi Postal Savings and Remittance Bureau, deputy section chief at the audit and inspection department of China Insurance Regulatory Commission Nanning Office, deputy section chief, section chief, director assistant, deputy director (presiding over work), and director of the office at China Insurance Regulatory Commission Guangxi Bureau, and deputy general manager at Guangxi Investment Group Financial Holdings Co., Ltd. He has held positions at Guofu Life Insurance including supervisor, interim compliance officer, interim board secretary, compliance officer, interim audit officer, and board secretary.

Since November 2019, he has served as general manager assistant at Guofu Life Insurance. Since May 2024, he has served as party committee member, deputy secretary, and chief information officer. Since December 2024, he has served as the second-term union chairman.

With experience in both insurance regulatory systems and frontline business operations, Wu Chuanming has the capability to helm Guofu Life Insurance temporarily.

Guofu Life Insurance is currently at a critical period of getting back on track, and Wu Chuanming faces significant challenges.

The first challenge is balancing shareholder interests.

Established in June 2018, Guofu Life Insurance is the first and only life insurance company to headquarter in Guangxi. The largest shareholder is Guangxi Investment Group with a 31.77% stake, the second-largest shareholder is Vipshop with a 24.32% stake, and the third-largest shareholder is Hubei Three Gorges Huaxiang Group with a 13.53% stake.

As mentioned above, Guangxi Investment Group nominated three directors, while Vipshop nominated two directors, Ji Liren and Gu Yi respectively, and Hubei Three Gorges Huaxiang Group nominated director Lv Yunman.

Last year, Guofu Life Insurance signed a "Capital Increase Agreement" with Vipshop. Vipshop invested 59.9999 million yuan in cash into Guofu Life Insurance at a premium price of 1.18 yuan per share, with 50.8474 million yuan used to subscribe to new registered capital and the remaining premium portion of 9.1525 million yuan recorded as capital reserves.

Since increasing registered capital is subject to administrative approval by regulatory authorities, the above capital increase related transaction must be approved by the Guangxi Bureau of the National Financial Regulatory Administration before implementation.

After the capital increase, Guangxi Investment Group's shareholding will decrease to 29.89%, while Vipshop's shareholding will increase to 25.37%.

The second challenge is management turnover.

In June, Liang Tian was appointed as audit officer of Guofu Life Insurance. In July, in addition to Wu Chuanming stepping down from his positions as general manager assistant and chief information officer, deputy general manager Li Yinju also resigned from her positions as chief compliance officer and board secretary.

Meanwhile, general manager Duan Wei concurrently serves as chief compliance officer and chief information officer, deputy general manager Guo Xiao concurrently serves as chief investment officer, deputy general manager He Xiang serves as chief risk officer, and Liu Xianyun was newly appointed as deputy general manager.

With continuous internal management changes, how to allocate the detailed responsibilities and authorities of various executives is also a significant challenge.

The third challenge is maintaining profitability.

After consecutive years of losses, Guofu Life Insurance finally achieved profitability for the first time in 2024. According to the annual report, the company achieved insurance business revenue of 37.64 billion yuan in 2024, up 22.7% year-on-year, and net profit of 164 million yuan, up 172.8% year-on-year. However, the significant increase in net profit was mainly due to the implementation of new accounting standards.

In the first half of this year, Guofu Life Insurance achieved insurance business revenue of 36.43 billion yuan and net profit of 82.08 million yuan. Total assets were 164.75 billion yuan, and net assets were 321 million yuan, down 246 million yuan from 567 million yuan at the end of last year, a decrease of 43.38%.

The report shows that in the second quarter of 2025, Guofu Life Insurance's net cash flow from operating activities was 1.779 billion yuan, net cash flow from dividend account business was -394 million yuan, and net cash flow from universal account business was -332 million yuan.

Additionally, at the end of the second quarter of 2025, Guofu Life Insurance's core and comprehensive solvency adequacy ratios were 131.36% and 220.96% respectively, decreasing by 14.68 and 39.85 percentage points from the end of the previous quarter, mainly due to the termination of a financial reinsurance contract during that quarter.