The executive team is down to just four members; Pearl River Life issues a "hero's call" seeking talented leaders.

Pearl River Life, which has not disclosed its solvency data for four consecutive years, has recently attracted market attention due to a recruitment announcement.

According to Zhaopin.com, Pearl River Life is publicly recruiting senior management personnel, including the position of general manager.

Market-oriented “open hiring” for executive selection is not uncommon in the insurance industry. Especially in the past two years as competition has intensified, companies like Bohai Life, Everbright Sun Life, and Zheshang Insurance have publicly recruited from society to bring in fresh blood and drive transformational breakthroughs.

Pearl River Life stands out by opening a large number of positions in this “open hiring,” covering the general manager, CFO, board secretary, chief investment officer, and chief compliance officer—virtually the entire executive team.

Xin Feng has noted that as of Q4 2021, Pearl River Life’s executive team still had 10 members, including a general manager and deputy general managers. Now, only four remain: deputy general manager Li Xiang, assistant general manager Xu Qing, chief actuary Gu Xiaochun, and head of audit Cai Jun. This indicates that over the four years without public performance disclosure, there has been severe executive attrition.

Zhaopin.com shows that the newly hired general manager must be under 55 years of age, preferably with comprehensive life insurance management experience. Responsibilities include strategic leadership and business development, corporate governance and regulatory compliance, organizational management, and team building, among others.

Additionally, the general manager needs to oversee solvency management, ensuring the company’s solvency adequacy rate consistently meets targets, optimizing capital allocation efficiency, and managing liquidity, market, and reputational risks.

As of the last disclosed solvency data at the end of Q4 2021, Pearl River Life’s core and comprehensive solvency adequacy rates were 52.02% and 104.04%, respectively, with an overall risk rating of C—meeting the regulatory bottom line requirements of 50%, 100%, and C.

Since then, Pearl River Life has not disclosed further information and has effectively entered a silent risk resolution period.

Since its establishment, Pearl River Life’s performance has always been mediocre.

From 2012 to 2021, revenues kept increasing but profitability remained poor, with the company only making a profit in 2015 and 2016. Over ten years, accumulated losses reached 900 million yuan, and endogenous capital supplementation capacity was weak.

Another reason for its prolonged inability to “resolve the crisis” may be that under liquidity pressures, shareholders are unable to provide support to Pearl River Life.

Currently, three shareholders have pledged a total of 2.767 billion shares, accounting for 41.3% of all shares. Among them, Guangdong Zhuguang Group and Guangdong New Southern Group—who have pledged all their shares—have both been labeled as dishonest persons subject to enforcement.

Looking at the current management team structure and equity governance situation, Pearl River Life still seems to have some way to go before successfully resolving risks and “getting back on track.”

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