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China Life Insurancei

Beijing-based China Life Insurance Co provides life insurance and annuity products. It listed in December 2003, raising US$3.5 billion.

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  • The voluntary delisting of five SOEs including Sinopec and PetroChina from the New York Stock Exchange could pave the way for further exits
  • Analysts believe Beijing has begun a process of deciding which companies should be allowed to remain listed in the US
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In a boost for overseas insurance companies, China is set to scrap a cap on foreign ownership of insurance asset management companies under draft rules announced on Friday.

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The rescue package unveiled on Wednesday, while thin on official details, suggests President Xi Jinping’s government is for now unwilling to allow a default by one of China’s most systemically important state-owned companies.

China Life Insurance plans to buy 2 billion new shares of its affiliate China Guangfa Bank to prevent its stake from being diluted by new investors in the lender.

China will launch a one-year pilot programme in June to spur the sale of private endowment plans and help ease the pressure on state pension fund. Foreign insurers will be keeping a close watch.

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In the fourth in a five-part series, Enoch Yiu looks how technology firms like Ant Financial and Tencent Holdings are using their innovative powers to create insurtech and mutual aid platforms that make health care coverage affordable to more people.

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Hong Kong insurers need to be innovative and forge closer ties with the Greater Bay Area or risk losing out to Singapore and Shanghai, according to the Financial Services Development Council

Prudential reports life and health insurance policies taken out by mainland clients jumped 23 per cent in the third quarter on year China’s yuan has fallen 10 per cent against the US dollar from its peak in March, sparking rush to Hong Kong insurance as hedging tool

Sun Life Global is considering increasing its shareholding in Chinese joint venture Sun Life Everbright Life Insurance, according to CEO Dean Connor. “We are bullish on China. If we could buy a larger percentage we would like to,” he said.

‘We will need to wait and see if Beijing relaxes its controls or offers any special incentives for the Greater Bay Area, whether there is another wave of mainlanders buying life products here,’ says sector lawmaker Chan Kin-por

News coincides with founder Wu Xiaohui’s conviction earlier in the day to 18 years in prison with US$1.65b worth of his personal properties confiscated

China Life Insurance is seeking to diversify its investment portfolio by planning to invest in China Petroleum & Chemical Corp's (Sinopec) retail unit after reporting better-than-expected first-half earnings.