China Life Insurance Co. Ltd. (LFC)

News and Research on China Life Insurance Co. Ltd. (LFC)

Business Description

China Life Insurance Company Limited operates as a life insurance company in the People’s Republic of China. The company is a major institutional investor in China, and through its controlling shareholding in China Life Insurance Asset Management Company Limited (AMC), the company is the major insurance asset management company.

The company’s products and services include individual life insurance, group life insurance, accident and health insurance. It provides annuity products and life insurance for both individuals and groups, and a provider of accident and health insurance in China. As of December 31, 2006, the company had approximately 86 million individual and group life insurance policies and annuities, and long-term health insurance policies in force. It also provides both individual and group accident and short-term health insurance policies as well as services.

Segments

The company has the following main business segments:

Individual life insurance business: Individual life insurance business relates primarily to the sale of insurance contracts and investment contracts to individuals and comprises participating and non-participating business. Participating life insurance business relates primarily to the sale of participating contracts, which provides the policyholder with a participation in the profits arising from the invested assets relating to the policy and mortality gains. Non-participating insurance business relates primarily to non-participating life insurance and annuity products, which provides guaranteed benefits to the insured without a participation in the profits.

Group life insurance business: Group life insurance business relates primarily to the sale of insurance contracts and investment contracts to group entities and comprises participating and non-participating business.

Accident and health insurance business: Accident and health insurance business relates primarily to the sale of accident and health insurance and accident only products.

Other: Other business relates primarily of the provision of the services to China Life Insurance Company.

History

China Life Insurance Company Limited was founded in 2003.