Financial Veteran Looks Set to Take Over for China Life’s Fallen Chairman

What’s new: Financial veteran Bai Tao is expected to become the new chairman of state-owned China Life Insurance (Group) Co., Caixin learned from sources with knowledge of the matter.

Authorities announced Bai’s appointment as chief of China Life’s Communist Party committee on Friday afternoon, a move that usually proceeds to a nomination as chairman, the sources said. The appointment came less than a week after China’s top anti-graft authority said the insurance giant’s chairman, Wang Bin, had been put under investigation on suspicion of corruption.