Beijing-based China Life Insurance Co provides life insurance and annuity products. It listed in December 2003, raising US$3.5 billion.
China’s biggest insurers suffered a beating last quarter as stock and bond losses eroded income from their trillion-dollar investment pools.
Coverage periods have been shortened and prices lowered amid regulatory pressure to avoid consumer rights abuses
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.
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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Net income for the first three quarters surged to 57.7 billion yuan, China Life said in an exchange statement.
Mainland Chinese insurers are benefiting from Beijing’s deleveraging drive, as a scarcity of long-term funds helps them seal commercial property deals.
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
As trading reopens in Hong Kong, insurance stocks head south
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.