China Life Insurance (LFC) research, news, and more from GeoInvesting

Company description

Fri, 01 Feb 2008 05:00:00 GMT

China Life Insurance Company Limited is the leading life insurance company in China's life insurance market. The Company provides products and services including individual life insurance, group life insurance, accident and health insurance. The Company is China's largest life insurance company, a leading provider of annuity products and life insurance for both individuals and groups, and a leading provider of accident and health insurance. Through its controlling shareholding in the China Life Insurance Assets Management Co., Ltd., the Company became China's largest insurance asset management company and one of the largest institutional investors in China.

CFO Trail

Wed, 08 May 2013 04:00:00 GMT

BEIJING, May 8, 2013 /PRNewswire/ -- The board of directors (the "Board") of China Life Insurance Company Limited (the "Company") (NYSE: LFC; HKSE: 2628; SSE: 601628) announced today that on March 27, 2013, the Board approved the appointment of Mr. Yang Zheng as the Chief Financial Officer of the Company. The Company has recently received the Approval of Qualification of Yang Zheng as Chief Financial Officer issued by China Insurance Regulatory Commission, pursuant to which the appointment of Mr. Yang Zheng as the Chief Financial Officer of the Company became effective on April 26, 2013.

Mr. Yang Zheng, born in 1970, Chinese. Mr. Yang became the qualified accountant of the Company in 2006. He served as assistant to general manager, deputy general manager and general manager of the finance department of the Company since 2005. Mr. Yang has been a director of China Life Asset Management Company Limited since 2009 and has been a director of Sino-Ocean Land Holdings Limited since 2011. Mr. Yang was the senior financial analyst of MOLEX in the United States between 2000 and 2005. Mr. Yang graduated from Beijing University of Technology in 1993 and obtained a bachelor's degree in engineering. He obtained a MBA from Northeastern University in the United States in 2000. Mr. Yang is a member of the American Institute of Certified Public Accountants (AICPA) and a member of the Association of Chartered Certified Accountants (ACCA). He is currently a director of the seventh session of the Board of the Accounting Society ofChina, a member of the National Technical Committee on Accounting Information of Standardization Administration of China and a member of the China Insurance Solvency Regulatory Standard Committee.

Comments & Business Outlook

Mon, 11 Mar 2013 04:00:00 GMT

LFC shares halted. The board of directors wishes to clarify certain information about the Company as reported in various press articles. The Articles referred to certain statements made by Mr. Yang Mingsheng, the Chairman of the Board, during an interview by journalists. It was reported in the Articles that Mr. Yang expressed that the profit of this year would surely improve and real estate would be a key investment option for insurance enterprises this year. The board of directors states the comments were Mr. Yang’s personal views and desire with respect to the insurance industry and the China Life group, and should not be interpreted as an estimate or forecast of the Company for 2013 or any particular period of time in the future. Full details in 6k.

Auditor trail

Tue, 19 Feb 2013 05:00:00 GMT

BEIJING, Feb. 19, 2013 /PRNewswire/ -- The board of directors (the "Board") of China Life Insurance Company Limited (the "Company") (NYSE: LFC; HKSE: 2628; SSE: 601628) announced that the shareholders of the Company approved the appointment of Ernst & Young as the Company's independent registered certified public accountant at the extraordinary general meeting held today. Ernst & Young will begin providing audit services from the first quarter of 2013. PricewaterhouseCoopers, the current independent registered certified public accountant of the Company, will continue to be responsible for the audit work of the Company for the fiscal year of 2012. The Board notes that the decision to change auditor was due to relevant PRC rules limiting the term of service of audit firms continuously engaged by a PRC financial institution.

Comments & Business Outlook

Wed, 17 Oct 2012 04:00:00 GMT

From 6k filed 10/17/2012

Estimated results during this period

Estimated results: Based on the Company’s preliminary estimates, it is estimated that the net profit attributable to equity holders of the Company for the nine months ended 30 September 2012 may decrease by approximately 55% as compared to the same period of 2011.

Deal Flow

Wed, 24 Aug 2011 04:00:00 GMT

BEIJING, August 23, 2011 /PRNewswire-Asia/ -- China Life Insurance Company Limited (the "Company" or "China Life") (NYSE: LFC; SSE: 601628; HKSE: 2628) announced today that the board of directors of the Company (the "Board") has approved the proposal to issue subordinated term debts with an aggregate amount of not exceeding RMB 30 billion by the Company. The subordinated term debts will be issued to qualified investors who meet relevant regulatory requirements. The term of the subordinated term debts will be no less than five years and the interest rate will be determined by making reference to market interest rate. The proceeds will be used to replenish the Company's supplementary capital and raise the solvency ratio of the Company.

Liquidity Requirements

Sun, 26 Jun 2011 04:00:00 GMT

Our principal cash inflows come from insurance premiums, deposits, proceeds from sales and maturity of financial assets and investment income. The primary liquidity concerns with respect to these cash inflows are the risk of early withdrawals by contract holders and policyholders, as well as the risks of default by debtors, interest rate changes and other market volatilities. We closely monitor and manage these risks. See “Item 4. Information on the Company—Business Overview—Investments”. Additional sources of liquidity to meet unexpected cash outflows are available from our investment portfolio. As of December 31, 2010, the amount of cash and cash equivalents was RMB 47,854 million.

In addition, substantially all of our term deposits with banks allow us to withdraw funds on deposit, subject to a penalty interest charge. As of December 31, 2010, the amount of term deposits was RMB 441,585 million. As of December 31, 2010, investments in debt securities had a fair value of RMB 606,269 million.

Our investment portfolio also provides us with a source of liquidity to meet unexpected cash outflows. As of December 31, 2010, investments in equity securities had a fair value of RMB 195,918 million and investments in debt securities had a fair value of RMB 606,269 million. However, the PRC securities market is still at an early stage of development, and we are subject to market liquidity risk because the market capitalization and trading volumes of the public exchanges are relatively lower than those in more developed financial markets. We are also subject to market liquidity risk due to the large size of our investments in some of the markets in which we invest. From time to time some of our positions in our investment securities may be large enough to have an influence on the market value. These factors may limit our ability to sell these investments at an adequate price, or at all.

We believe that our sources of liquidity are sufficient to meet our current cash requirements.