CHINA LIFE AIMS TO BE LEADING GLOBAL FINANCIAL HOLDING GROUP

BEIJING, Jun 27, 2008 (AsiaPulse via COMTEX) -- LFC | Quote | Chart | News | PowerRating -- China Life Insurance Co., Ltd. (SSE:601628; SEHK:2628) will strive to become a leading global financial holding group by setting foot in all sectors of the financial industry, said its chairman Yang Chao.

So far, China Life has entered banking, trust, fund management, industrial funds and pension insurance sectors by means of acquisition and self-establishment.

In order to fulfill its goal, China Life has worked out three steps.

The first step is to make life insurance the core business for its insurance segment and asset management the core business for its non-insurance segment.

For the second step, it plans to extend the core business to pension insurance and property insurance.

For the third step, it will steadily widen its core business to banking, fund management, securities and trust.

China Life added 1.854 billion yuan (US$270.1 million) and 1.2 billion yuan to the capital of its subordinated pension insurance company and property insurance company respectively in May, bringing its stake in the former to 87.4 percent while the latter remained at 40 percent.

Founded in January 2007, China Life Pension Insurance has licenses for corporate annuity custody and account management for corporate annuity. Besides, it will make investment by using the investment management certificate of China Life Asset Management.

The pension insurance company projects to manage 100 billion yuan of funds by 2012.

China Insurance Regulatory Commission forecast that the scale of corporate annuity is to hit 1 trillion yuan by 2010.

(XIC)

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