State-owned capital injection and new leadership—can Three Gorges Life Insurance "stop losses and turn around its deficit"?

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At the start of the new year, Sanxia Life Insurance faces a key adjustment.

On January 4, 2026, the Chongqing Financial Regulatory Bureau issued two approvals regarding Sanxia Life: first, approval of the company’s equity change; second, qualification approval for Lei Wanchun as general manager.

This sole local life insurance legal entity in Chongqing has finally settled both its equity and core management team.

This round of equity change stems from internal restructuring among Chongqing state-owned assets:

Chongqing Development Investment, which is also 100% owned by Chongqing state assets, acquired 562 million shares from Chongqing Yufu Capital. After the transaction, the former’s shareholding increased from 14% to 33%, making it the largest shareholder, while the latter’s shareholding fell from 32% to 13%.

Occurring simultaneously with this equity change is the appointment of the general manager:

At the end of 2018, the first general manager An Yimin resigned after only six months in office;

The company subsequently assigned former chairman Li Yiming, former deputy general manager Yu Zhihua, and former deputy general manager & chief investment officer Xu Yongwei to act as general manager, but all three later left, leaving the general manager position vacant for seven years until Lei Wanchun’s arrival.

Since its founding, Sanxia Life Insurance’s executive team has been notably volatile.

The founding chairman Li Yiming, after resigning, took the company to court, alleging Sanxia Life Insurance unilaterally terminated his contract, and requested 42.2 million yuan in salary and performance pay and to resume his labor contract;

His successor Zhang Lumin resigned just four months after his chairman qualification was approved.

Lack of and disturbance in core management has directly impacted the company’s strategy and operational continuity, which is evident in its performance.

Since its establishment in 2017, Sanxia Life Insurance has never achieved profitability.

Since Li Yiming’s departure in 2021, the company’s revenue continued to fall from a peak of 1.247 billion yuan to 319 million yuan in 2024, while net losses expanded from 65 million yuan to 252 million yuan.

As such, replenishing its core management team is particularly crucial for Sanxia Life Insurance, deeply mired in losses.

In 2024, Zhang Jun, with a government background and previous positions at Liangjiang New Area Finance Bureau and Chongqing Housing and Urban Construction Investment Co., was approved as chairman of Sanxia Life Insurance;

Over the subsequent year, the company promoted several internal executives: vice chairman Wang Kai, discipline committee secretary Yang Hao, and general manager assistant Yang Jing were all appointed as deputy general managers;

In 2026, Lei Wanchun—starting from a sales position at China Life, later serving as board secretary at Sunshine Life Insurance, and then venturing into entrepreneurship—was approved as general manager.

Now, with equity structure and the executive team in order, last year Sanxia Life Insurance also obtained critical capital injection from Chongqing state assets, with its registered capital doubling from 1.5 billion yuan to 3.033 billion yuan, greatly boosting its solvency ratio.

With the influx of talent and capital, the company revealed in October 2025 that it had formulated a Party-building-led "loss control and turnaround" scheme. Bancassurance, group insurance and other channels are recovering across the board, and premium income for the first three quarters increased 46% year-on-year, with new business premiums surging by 1701% year-on-year;

Xinfeng observes that in the first three quarters of that year, the company still remained in loss, but the amount of losses shrank by 8.06% compared with the same period last year.

Looking ahead, whether Sanxia Life Insurance can seize the opportunity, emerge from prolonged losses with support from local state assets, remains to be seen.

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