- China Life Insurance Company
-
This article is about China Life Insurance Company in Mainland China . For China Life Insurance Company in Taiwan, see China Life Insurance Company (Taiwan).
China Life Insurance Company Limited
中国人寿保险股份有限公司
Type Public (SEHK: 2628, Traded as NYSE: LFC SSE: 601628 Industry Life insurance Founded 2003 Headquarters Beijing, China Area served People's Republic of China Key people Chairman: Mr. Yang Chao Parent China Life Insurance Group Website www.chinalife.com.cn The China Life Insurance Company Limited (short China Life, Chinese: 中国人寿保险; pinyin: Zhōngguó rénshòu bǎoxiǎn) is a Beijing-based China-incorporated company that provides life insurance and annuity products.
Contents
History
It became a public-listed company on December 18, 2003, with a market capitalization of USD$5,756 million as of August 31, 2005. ¥832.5Billion was frozen during the IPO. The domestic listing, the first by an insurer in China, drew bids for about 49 times the stock on offer. The gains allow China Life to pass ING Group NV, Allianz SE and Axa to become the world's no. 2 insurer with a market value of $129 billion, behind American International Group's $186 billion. China Life is also listed in China since Jan of 2007.
There is no business relationship between China Life Insurance Company in Mainland China and Taiwan.
3.02 billion yuan in illegal activities
China's audit office said it uncovered "improper and illegal activities" involving 3.02 billion yuan at two of the country's largest insurers, People's Insurance Co. of China Ltd. and China Life Insurance Co., during an audit of their 2009 books. They are charged with offences including the illegal sale of policies, overstating policy sales, improper claim settlements, illegal distributions of commissions and "grey income" - off-the-books gains, some of which company officials pocketed among themselves.
These violations have raised concern amongst some Chinese citizens over the authenticity and legality of the policies they currently hold. They are worried about where their money is going and what it is being used for. Without transparency, trust is quickly evaporating from businesses that are found to be conducting shady business.[1]
See also
References
External links
Categories:- Companies listed on the Hong Kong Stock Exchange
- Companies listed on the New York Stock Exchange
- Companies listed on the Shanghai Stock Exchange
- SSE 50 companies
- Hang Seng Index Constituent Stocks
- Hang Seng China Enterprise Index Constitute Stock
- Insurance companies of China
- Government-owned companies in the People's Republic of China
- Warrants issued in Hong Kong Stock Exchange
- Companies of the People's Republic of China
- Callable Bull/Bear Contracts issued in Hong Kong Stock Exchange
- Life insurance companies
Wikimedia Foundation. 2010.
