China Life Insurance Company controversies

Continued Russian operations amid sanctions

China Life's continued operation of Russian offices and reported recruitment activity in Russia, despite international sanctions following the invasion of Ukraine, generated ethical scrutiny. The issue concerns the reputational and geopolitical implications of maintaining commercial activity in that market; the supplied material does not establish a legal finding of wrongdoing by the company.

Former China Life Insurance Group chairman Wang Bin given death sentence with reprieve in first-instance bribery case

On September 12, 2023, the Jinan Intermediate People's Court sentenced Wang Bin, former chairman of China Life Insurance Group and former chairman of China Guangfa Bank, to death with a two-year reprieve, commuted to life imprisonment without parole. He was found to have accepted more than 325 million yuan in bribes and concealed more than 56.42 million yuan in overseas deposits; the bribery involved his positions at multiple financial institutions.

Some violations confirmed and personnel held accountable after employee report at Nenjiang sub-branch

In 2021, Zhang Naidan, a former employee of China Life, reported under her real name irregularities including falsification at the Nenjiang sub-branch. The company's investigation notice said some related issues were true; two people were removed from their posts and six were held accountable; regulators imposed penalties on the institutions involved. This entry recognizes only the issues confirmed by investigation and does not treat all the report's content as fact.

Liaoning regulator penalizes China Life’s Fushun branch over unapproved appointments

Fine or penalty

The Liaoning Banking and Insurance Regulatory Bureau issued an administrative penalty decision concerning China Life Insurance Company’s Fushun branch. According to the report, the branch allowed two individuals to perform management duties at its Dongzhou District sub-branch without regulatory approval. The supplied report does not state the penalty amount.