Former China Life Insurance chief executive Wang Bin is the latest high-profile boss to be jailed as Beijing continues its crackdown on the financial industry.
Wang was sentenced to death with a two-year suspended sentence, according to a court ruling obtained by the BBC.
After two years, the sentence will be converted to life imprisonment without parole, according to the verdict.
In April, authorities warned that the repression was far from over.
A court in Jinan, east China's Shandong Province, found Mr. Wang guilty of receiving 325 million yuan (US$44.00).6m; £35.7 million) in bribes.
Mr. Wang, the company's Communist Party chief, was also sentenced to one year in prison for illegally hiding 54.2 million yuan in foreign deposits.
He is the latest boss of a major Chinese financial institution to be implicated in President Xi Jinping's more than two-year crackdown on corruption in the $60bn (£48bn) industry.
In 2021, Lai Xiaomin, former chairman of Huarong, one of China's largest state-controlled asset management companies, was executed after being found guilty of corruption and bigamy.
That same year, former China Development Bank president Hu Huaibang was sentenced to life in prison in an 85.5 million yuan bribery case.
Bao Fan, one of the country's most prominent billionaire bankers and CEO of China Renaissance Holdings, has been "cooperating with an investigation conducted by certain authorities" since his disappearance in February this year.
In March, an investigation was launched against Bank of China party chief Liu Liange.Liu is suspected of “serious violations of discipline and the law,” authorities said.
In April, authorities said they were investigating Li Xiaopeng, the former president of state-owned asset management company China Everbright Group.
Fan Yifei, deputy governor of the country's central bank, was arrested in June over alleged bribery and faces criminal investigation. He was also expelled from the Communist Party.
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