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China Life Insurance Company Limited (LFC), listed on the NYSE, SSE, and HKSE, is one of the largest and most established insurance companies in China. Founded in 1949, the company provides a comprehensive range of insurance products and services including life insurance, health insurance, and accident insurance. As a leader in the Chinese insurance market, China Life boasts a vast network of branches and subsidiaries, enabling it to serve millions of customers nationwide.
In recent developments, Mr. Zhao Peng resigned from his positions as the President, Executive Director, and a committee member of the company on August 4, 2023. This decision was made in light of the adjustment of work arrangements. The company expressed its gratitude for Mr. Zhao's contributions during his tenure. On the same day, the Board appointed Mr. Li Mingguang as the new President, pending approval from the National Administration of Financial Regulation. Mr. Li Mingguang has been with China Life since 1996 and has held numerous key roles, including Chief Actuary and Vice President.
Financially, China Life has shown solid performance with strong revenue growth and a robust balance sheet. The company's strategic partnerships and investments in technology have further strengthened its market position. Notably, China Life invests heavily in fintech innovations to enhance customer experience and streamline operations, reflecting its commitment to modernization and efficiency.
Products and Services:
- Life Insurance: Offers various plans tailored to different life stages and needs.
- Health Insurance: Comprehensive coverage options for medical expenses and critical illnesses.
- Accident Insurance: Protection against unforeseen accidents and disabilities.
China Life's commitment to corporate social responsibility is evident through its community initiatives and sustainable business practices. The company actively participates in poverty alleviation programs and environmental conservation efforts, showcasing its dedication to societal welfare.
Overall, China Life Insurance Company Limited remains a cornerstone of the Chinese insurance industry with a strong heritage, experienced leadership, and a forward-looking approach. Investors and stakeholders can expect continued growth and innovation from this industry giant.
On October 27, 2022, China Life Insurance Company Limited announced the resignation of Ms. Huang Xiumei as the finance head, effective immediately. The Board confirmed her departure was without disagreement and thanked her for her service. Concurrently, Ms. Hu Jin was appointed as her successor, pending approval from the China Banking and Insurance Regulatory Commission. Ms. Hu, a senior accountant with a master's in economics, has held various roles within the company since 2013, including General Manager of the Finance Department since June 2020.
China Life Insurance Company Limited (LFC) reported its unaudited interim results for the six months ended June 30, 2022. Key highlights include total assets of RMB5,173,524 million, a 5.8% increase from 2021, and gross written premiums of RMB439,969 million. Although net profit attributable to equity holders decreased by 38.0% to RMB25,416 million, net investment income rose by 8.1% to RMB97,009 million. The company did not declare an interim dividend. The business faced challenges from a complex economic environment and COVID-19 outbreaks, impacting sales and premium growth.
On August 12, 2022, China Life Insurance Company Limited (NYSE: LFC) announced its decision to voluntarily delist its American depositary shares (ADSs) from the NYSE. This move is driven by the low trading volume of its ADSs compared to the global trading volume of its H Shares and the high administrative costs associated with maintaining the listing. The Company plans to file a Form 25 with the SEC after August 22, 2022, with the last trading day expected on or after September 1, 2022. Following the delisting, China Life will terminate its ADS program and will not seek future listings in the U.S.
On August 2, 2022, China Life Insurance Company Limited (LFC) announced the resignation of President Su Hengxuan, effective August 1, 2022, with no disagreements reported. The Board appointed Zhao Peng as the new President and Executive Director, pending approval from the China Banking and Insurance Regulatory Commission. Zhao's prior experience includes roles at the Agricultural Development Bank of China and within China Life Insurance. His qualifications will be submitted to shareholders for approval during the upcoming general meeting.
China Life Insurance Company Limited (LFC) received provisional designation as a Commission-Identified Issuer under the Holding Foreign Companies Accountable Act (HFCAA) by the SEC on May 4, 2022. This designation highlights the use of a public accounting firm not subject to PCAOB inspection for its 2021 financial audit. If LFC remains under this designation for three consecutive years, its shares may be prohibited from trading in the U.S. The Company commits to complying with regulatory requirements in both China and the U.S.
China Life Insurance Company Limited (NYSE: LFC) has filed its 2021 Annual Report on Form 20-F with the SEC, detailing audited financial statements for the fiscal year ending December 31, 2021. The report is accessible via the company's website and the SEC's platform. Shareholders can request a free hard copy of the audited financial statements. The filing underscores the company's commitment to transparency and provides critical financial data for investors.
On April 27, 2022, China Life Insurance Company Limited (LFC) held an extraordinary general meeting where Mr. Bai Tao was elected as an Executive Director and Chairman of the Board. His election is pending approval from the China Banking and Insurance Regulatory Commission. Mr. Bai Tao, born in 1963, has an extensive background in finance, having previously held significant positions at Industrial and Commercial Bank of China Limited and China Investment Corporation. His term as Chairman will last until the seventh session of the Board concludes.
China Life Insurance Company Limited (LFC) reported a net profit of RMB50,921 million for the year ending December 31, 2021, a 1.3% increase year-on-year. Total assets rose to RMB4,891,085 million, up 15.0%, while the company maintained strong market presence with gross written premiums of RMB618,327 million, a 2.5% increase. However, new policy premiums decreased by 9.3% to RMB175,864 million amid challenging market conditions. The board has proposed a final dividend of RMB0.65 per share, subject to approval at the upcoming annual general meeting.
On January 8, 2022, it was disclosed that Mr. Wang Bin, the Chairman of China Life Insurance Company Limited (LFC), is under investigation for serious violations by the Central Commission for Discipline Inspection. As the controlling shareholder, China Life Insurance (Group) Company is monitoring this situation. Operations at China Life Insurance Company continue as normal, and a Board meeting will soon be held to appoint an acting Chairman.
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