Center

China Life Insurance Group confirms no listing plan

(Xinhua)
Updated: 2007-05-10 09:38

China Life InsuranceGroup has "no plan" to list on the stock market, company sources said on Wednesday.

Related readings: China Life cools towards mainland stocks China Life to sell stake to CitigroupChina Life says parent has no plan for IPO

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, rumours 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 possibleacquisition, 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.