Former New China Life Chairman Gets Suspended Death Sentence for $29 Million Graft
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Li Quan, the former chairman of New China Life Insurance Co. Ltd., has been sentenced to death with a two-year reprieve for embezzling and accepting bribes worth more than 200 million yuan ($28 million).
The Jinan Intermediate People’s Court in Shandong province handed down the ruling Wednesday, convicting Li of embezzling 108 million yuan and accepting 105 million yuan in bribes. He received a life sentence for the embezzlement and a suspended death sentence for bribery. The court ordered that all of Li’s personal property be confiscated.
Li’s case is among the latest in a string of high-profile investigations targeting senior figures in China’s financial sector under a sweeping anti-graft campaign. The ruling casts fresh scrutiny on governance issues within state-owned financial firms, especially their overseas operations, which insiders say are often poorly supervised.
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- Li Quan, ex-chairman of New China Life Insurance, was sentenced to death with a two-year reprieve for embezzling and accepting over 200 million yuan ($28 million) in bribes.
- He embezzled 108 million yuan and accepted 105 million yuan in bribes; all personal property was confiscated.
- His case is part of China’s anti-graft campaign targeting financial executives, with similar high-profile cases like Wang Bin’s.
- New China Life Insurance Co. Ltd.
- New China Life Insurance Co. Ltd. is a Chinese insurer whose former chairman, Li Quan, was sentenced to death with a two-year reprieve for embezzlement and bribery. His crimes, totaling over 200 million yuan, occurred while he was president of its asset management subsidiary and its Hong Kong unit, which was noted for poor oversight.
- New China Asset Management Co. Ltd.
- **New China Asset Management Co. Ltd.** is a financial institution where Li Quan served as president. He orchestrated a scheme to misappropriate corporate income (between June 2015 and March 2024), involving its Hong Kong-based unit. The company's Hong Kong unit, established in 2013, reportedly operated with little oversight, described as a "black box" regarding its governance, staffing, and budgeting.
- Bosera Asset Management Co. Ltd.
- Li Quan, who was sentenced to death with a two-year reprieve for embezzlement and bribery, spent 12 years of his career at Bosera Asset Management Co. Ltd. before joining New China Asset Management in 2010.
- China Life Insurance (Group) Co.
- Wang Bin, the former chairman of China Life Insurance (Group) Co., received a suspended death sentence in September 2023 for accepting 325 million yuan in bribes. This case is part of a broader anti-graft campaign in China's financial sector.
- 2010：
- Li Quan joined New China Asset Management Co. Ltd.
- Between 2010 and 2023：
- Li abused his roles to help others obtain business contracts and subscribe to fund products in exchange for bribes.
- June 2015 to March 2024：
- Li colluded with others to misappropriate corporate income while serving as president of New China Asset Management Co. Ltd. and its Hong Kong-based unit.
- September 2022：
- Li Quan became chairman of New China Life Insurance Co. Ltd., the parent insurer.
- August 2023：
- Li retired from his position as chairman, less than a year after being appointed.
- September 2023：
- Wang Bin, former chairman of China Life Insurance, was handed a suspended death sentence for taking bribes.
- March 2024：
- End of the period during which Li was accused of misappropriation.
- September 2024：
- Investigation into Li Quan's conduct began, focusing on New China Asset Management (Hong Kong).
- November 19, 2025：
- Li Quan was sentenced to death with a two-year reprieve for embezzlement and accepting bribes by Jinan Intermediate People’s Court.
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