China Life Insurance, the mainland's largest life insurer, hopes to raise up to US$3 billion in its initial public offering (IPO) in New York and Hong Kong this month, according to sources. This makes it the largest offering worldwide this year. Previously, it was understood that China Life would aim to raise US$2.5 billion. The pricing range will be between HK$2.98 and $3.65, with a total of 6.47 billion shares in the offer. There will be a greenshoe of 970.6 million shares. A roadshow for the IPO starts today. China Life is scheduled to list in New York on December 17 and in Hong Kong on December 18. The planned deal comes fresh on the heels of the IPO of China's top property insurer, PICC Property and Casualty, which raised HK$6.22 billion from a share sale that drew strong demand. By the end of the first half of this year, China Life, with 650,000 agents, had written more than 44 million individual and group life policies. The state-owned company has a 90 per cent share of the US$25.5 billion market in China. China Life inherited net assets worth 29.6 billion yuan (HK$27.8 billion) ahead of the dual listing, according to a filing to the US Securities and Exchange Commission. China Life is attempting to raise almost four times the amount PICC Property and Casualty garnered from its Hong Kong listing. The asset injection from China Life's parent, China Life Insurance Group, comprises a wholesale transfer of cash, bank deposits, securities and buildings.