Yang Chao, former president of China Life Insurance (Group) Company, has been expelled from the Communist Party of China, according to the country's top anti-corruption watchdogs.

The CPC Central Commission for Discipline Inspection and the National Commission of Supervision announced the decision in a statement online on Friday.

In March, Yang was placed under investigation for suspected severe violations of Party disciplines and national laws. The disciplinary review was conducted by teams from the central commissions stationed in the company, while the supervisory investigation was carried out by the supervision department in Shangrao, Jiangxi province.

The investigations revealed that Yang, as a Party member and leader of a central financial State-owned enterprise, was disloyal to the Party and had a weak sense of discipline.

He illegally accepted gifts and invitations to banquets and had long violated regulations regarding the allocation and use of official vehicles. He did not truthfully report issues when questioned and was found to have accepted money and gifts after seeking benefits for others in areas such as personnel promotion and employee recruitment.

Even after retiring, he continued to break the rules by taking on part-time jobs for extra income and illegally engaging in business ventures and running enterprises. Additionally, he consistently turned a blind eye or tacitly allowed his family members to exploit his position or influence for personal gains.

The commissions stated that Yang interfered in investment activities and illegally accepted large amounts of money, making him a typical example of corruption in the investment sector.

Authorities decided to expel Yang from the Party and confiscate his illicit gains due to his serious violations of Party discipline. The suspected criminal issues, along with the properties involved in the case, have been transferred to prosecutors in Shangrao for further review.

Public information shows that the 75-year-old Shanghai native had worked in the country's banking and insurance systems for decades. In 2000, he became Party chief and general manager of China Life Insurance Co Ltd. He retired in 2011.