New China Life Insurance to overhaul governance, abolish board of supervisors

New China Life Insurance Company announced that its eighth board of directors’ thirty-seventh meeting, held on September 30, 2025, approved the revision of the company’s Articles of Association and the abolishment of the Board of Supervisors. These changes are designed to streamline corporate governance in accordance with the "Company Law of the People's Republic of China" and regulatory requirements for supervisory board reform. The proposal will be submitted to a shareholders' meeting for approval and subsequent review by the National Financial Regulatory Administration.

Concurrently, the board of directors also approved revisions to the "Shareholders' Meeting Rules" and "Board of Directors' Meeting Rules," subject to similar shareholder and regulatory approvals. The board of directors passed resolutions to revise the "Implementation Rules of the Executive Committee" and to appoint external audit firms for high-level management audits for the second half of 2025 and 2026.

Additionally, the board approved revisions to the "Interim Measures for the Classification and Management of Insurance Asset Risks (2025)". The resolutions regarding the Articles of Association and the abolishment of the Board of Supervisors were approved by all 11 directors, with 0 dissenting votes and 0 abstentions.