China Life Insurance Group has "no plan" to list on the stock
market, company sources said on Wednesday.
China Life Insurance Group, China's biggest life insurer and the
parent company of the listed China Life Insurance Co., Ltd.,
generated 209.7 billion yuan in premiums in 2006.
Last month, rumors were rife that the group planned to get
listed, causing the share price of China Life Insurance Co., Ltd to
fluctuate sharply.
Buying a controlling stake in China Credit Trust Co., Ltd. is
very valuable but there have been no substantial developments in a
possible acquisition, the company sources said.
The group plans to invest 1.4 billion to 1.6 billion yuan to
purchase a 50 percent stake in the trust firm and more capital
injection is expected in the future.
Statistics shows that China Credit Trust has a total capital of
1.2 billion yuan.
China Life Insurance Group had taken a 51 percent share in the
domestic life insurance market and had total assets of 910 billion
yuan by the end of 2006.
(Xinhua News Agency May 10, 2007)