China's first internet-only insurer, ZhongAn Online P&C Insurance Co. Ltd., said Thursday its general manager and joint CEO Chen Jin resigned.

Chen stepped down from the posts because of “personal work arrangement,” the Hong Kong-listed company said. He will remain as ZhongAn’s executive director, chairman of the company’s Investment Strategy Committee and president of the Fintech Research Institute, ZhongAn said.

ZhongAn’s board named Deputy General Manager and joint CEO Jiang Xing to assume Chen’s duties, the company said. The appointment is subject to approval by the top banking and insurance regulator.

Jiang, 42, joined ZhongAn in 2014. He previously held senior positions in e-commerce giant Alibaba Group and its affiliate Ant Financial Services Group.

Backed by Alibaba and its rival Tencent Holdings, ZhongAn is China’s largest online insurer. It debuted on the Hong Kong stock exchange in 2017, raising $1.5 billion in the city’s largest-ever fintech company listing.

But the company has reported widening losses, reaching 1.8 billion yuan ($262 million) last year from a deficit of 996 million yuan the previous year. Analysts attributed to the losses to the company’s increasing investment in technology research and development.

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