Xiao Xing, former deputy general manager of State-owned China Taiping Insurance Holdings Co Ltd, was sentenced to life imprisonment for bribery on Monday, according to a court in Central China.

A court in Xinxiang, Henan province, ruled on Monday that all of Xiao's personal assets would be confiscated.

Previously, Xiao held several other management positions, including general manager of China Life Insurance's Shanghai branch and general manager of Taiping Asset Management Co Ltd.

The court found that from 1998 to 2023, Xiao took advantage of his positions to assist relevant units and individuals with financing loans, business cooperation, job placements and other matters through the actions of other state employees.

He illegally accepted property worth more than 81.5 million yuan ($11.2 million) directly or through other means, according to the court.

Xiao was granted a lenient sentence, given certain facts, including his willingness to cooperate with investigators and return illegal gains, the court said.