FINANCE

Retired China Life Chief Ousted From Communist Party in Graft Crackdown

Published: Dec. 27, 2025 2:41 a.m. GMT+8

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Yang Chao. Photo: VCG

A former insurance industry heavyweight has been expelled from the Communist Party of China for corruption, nine months after being placed under investigation.

Yang Chao, the 75-year-old former president of China Life Insurance Group, was described as a “typical case of corruption in the investment field,” according to a statement released Friday by the Central Commission for Discipline Inspection and the National Supervisory Commission.

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Yang Chao, former China Life Insurance president, was expelled from the Communist Party for corruption, accused of bribery and illicit business activities.
His case is linked to Xiao Xing, ex-China Taiping VP, sentenced to life for accepting 81.5 million yuan ($11.5 million) in bribes.
Authorities emphasize the crackdown on financial corruption extends to retired officials; Yang’s case has been sent to prosecutors.

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Who’s Who

China Life Insurance Group: Yang Chao, former president of China Life Insurance Group, was expelled from the Communist Party of China for corruption. He was accused of accepting bribes, engaging in illegal profit-seeking activities, and using his influence for personal gain and to aid relatives. Yang's case highlights Beijing's crackdown on financial corruption, even targeting long-retired officials.

China Taiping Insurance Group Ltd.: Xiao Xing, a former vice president of China Taiping Insurance Group Ltd., was sentenced to life imprisonment for accepting over 81.5 million yuan ($11.5 million) in bribes. He leveraged his positions at China Life and Taiping Insurance to facilitate financing and loans.

People's Insurance Co. (Group) of China Ltd.: Yang Chao, a former insurance industry heavyweight, held senior roles at the predecessor of People's Insurance Co. (Group) of China Ltd. before leading China Life. His career highlights the early stages of China's insurance market reopening.

Merrill Lynch: Merrill Lynch is mentioned as one of the major financial institutions where Yang Haiyan, the daughter of former China Life Insurance Group president Yang Chao, previously worked. She also worked at Deutsche Bank and HSBC.

Deutsche Bank: The article mentions that Yang Haiyan, daughter of former China Life Insurance Group president Yang Chao, previously worked at Deutsche Bank. This information came from public records and was noted around the time her father came under investigation for corruption.

HSBC: Yang Haiyan, the daughter of former China Life Insurance Group president Yang Chao, who is accused of corruption, previously worked at HSBC. She also held positions at Merrill Lynch and Deutsche Bank.

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What Happened When

January 2025：: Xiao Xing, a former vice president of China Taiping Insurance Group Ltd., was sentenced to life imprisonment for accepting over 81.5 million yuan in bribes.

March 2025：: Yang Chao came under investigation; around this time, his daughter Yang Haiyan went missing.

After March 2025：: Yang Chao was under investigation for corruption.

December 2025：: Yang Chao's case was transferred to prosecutors for legal review and his illicit gains will be confiscated.

Friday, December 26, 2025：: The Central Commission for Discipline Inspection and the National Supervisory Commission released a statement announcing Yang Chao's expulsion from the Communist Party of China for corruption.

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