FINANCE

Former Senior Official at China’s Biggest Property Insurer Jailed for Bribery

Published: Dec. 22, 2025 2:59 p.m. GMT+8

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Zhang Xiaoli

A former senior official at China’s largest property insurer was sentenced to more than a decade in prison for bribery, as the country’s anti-corruption campaign continues to target state-owned financial institutions.

Zhang Xiaoli, a former supervisory board chairman of PICC Property and Casualty Co. Ltd., was sentenced Friday to 10 years and six months in prison by a court in Shandong province for accepting bribes totaling nearly 10 million yuan ($1.4 million). The court also ordered the confiscation of his illicit gains and imposed a fine of 1 million yuan, according to a court statement.

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Zhang Xiaoli, ex-chairman at PICC Property and Casualty Co. Ltd., was sentenced to 10.5 years in prison for accepting bribes totaling nearly 10 million yuan ($1.4 million).
He held various senior roles from 2009-2024 and was also fined 1 million yuan, with confiscation of illicit gains.
PICC accounts for 37.5% of China’s property insurance premiums and nearly half of the sector’s net profit.

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Who’s Who

PICC Property and Casualty Co. Ltd.: PICC Property and Casualty Co. Ltd. (中国人民财产保险股份有限公司) is China's largest property insurer, holding a dominant market position with 37.5% of premium income last year and nearly half the sector's net profit. A former supervisory board chairman, Zhang Xiaoli, was sentenced to 10.5 years in prison for accepting 10 million yuan in bribes while abusing his senior roles at the company between 2009 and 2024.

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What Happened When

Between 2009 and 2024：: Zhang Xiaoli abused his senior roles at PICC Property and Casualty Co. Ltd., seeking benefits for others and accepting bribes.