告别一年半悬空期：幸福人寿新董事长何六艺任职落槌，多重压力考验新管理层

Core Viewpoint - The appointment of He Liuyi as the new chairman of Xingfu Life Insurance marks a significant leadership change after a year and a half vacancy, raising industry interest in how the company will navigate its challenges, particularly in performance and internal governance [2][3]. Group 1: Leadership Changes - Xingfu Life Insurance has appointed He Liuyi as the new chairman after a prolonged vacancy, with his experience in financial regulation and insurance practices expected to guide the company [3]. - The company held its fourth extraordinary general meeting in May 2025, where shareholders voted on the new board members, with several directors' terms starting in July 2025 [4]. Group 2: Financial Challenges - As of June 2025, Xingfu Life's comprehensive solvency adequacy ratio was 132.26%, and the core solvency adequacy ratio was 90.69%, indicating a lower performance compared to industry averages of 196.6% and 134.3% respectively [5]. - The company faces significant pressure to supplement its capital due to a large amount of unremedied losses, which stood at 9.332 billion yuan by the end of 2024 [7]. Group 3: Debt and Investment Issues - Xingfu Life has two outstanding bonds, "15 Xingfu Life" and "18 Xingfu Life," with repayment pressures due to rising interest rates and the non-exercise of redemption rights, impacting profitability [6]. - The company reported a total of 5.236 billion yuan in defaulted investment assets as of June 2025, with a 59.16% impairment provision, indicating ongoing challenges in asset recovery [7]. Group 4: Governance and Shareholding Structure - The company is grappling with complex shareholding issues, with approximately 25% of its total shares under pledge or freeze, primarily linked to the shareholders' own debt situations [8]. - Recent changes in shareholding include a transfer of 4.6% of shares to the Deposit Insurance Fund due to debt settlement, highlighting the financial difficulties faced by some shareholders [11]. Group 5: Regulatory and Compliance Issues - Xingfu Life has faced regulatory scrutiny, with multiple fines totaling 2.04 million yuan for various compliance violations, indicating weaknesses in internal controls [11][12].