China Life Insurance reported a year-on-year growth of 6.8%, with a total premium income of CNY501.5bn in the first seven months of 2023. Official sources revealed the company’s annuity insurance reserves, with retirement features, have reached CNY1.7tr. Serving over 800 million customers in mainland China, the firm offers insurance protection and wealth management services. Meanwhile, the Hong Kong subsidiary, China Life Insurance (Overseas) Hong Kong, is gearing up for a 10-year subordinated bond issuance. They have appointed banks for this move and aim to raise funds between USD1bn to USD2bn, as per details from an initial term sheet viewed by Reuters.
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