China Life Insurance Company Limited

Rhea-AI Summary

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.

Positive

• Business operations of China Life Insurance Company remain unaffected.

Negative

• Chairman Wang Bin is under investigation for serious violations, which may lead to instability.

HONG KONG, Jan. 9, 2022 /PRNewswire/ -- Based on the information disclosed on January 8, 2022 on the website of the Central Commission for Discipline Inspection and the National Supervisory Commission (中央纪委国家监委), Mr. Wang Bin, the Secretary to the Party Committee and the Chairman of the Board of Directors of China Life Insurance (Group) Company, is currently under the disciplinary review and investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission for suspected serious violations of discipline and law. China Life Insurance (Group) Company is the controlling shareholder of China Life Insurance Company Limited (the "Company") (NYSE: LFC; HKSE: 2628; SSE: 601628). Mr. Wang Bin is also the Chairman of the Board of Directors and an Executive Director of the Company. The Company continues to conduct operations in the usual and ordinary course of its business. A meeting of the Board of Directors of the Company will be held in the near future to designate a Director to assume the role and duties of the Chairman.

For further information, please contact:
Andrew Tian
Tel: (86-10) 6363-1329
Email: tianzhuo@e-chinalife.com 

View original content:https://www.prnewswire.com/news-releases/china-life-insurance-company-limited-301456738.html

SOURCE China Life Insurance (Overseas) Company Limited

FAQ

What is the current situation of China Life Insurance Company (LFC) regarding the investigation of its Chairman?

The Chairman, Mr. Wang Bin, is currently under investigation for serious violations, but the company continues its normal operations.

Who is under investigation at China Life Insurance Company (LFC)?

Mr. Wang Bin, the Chairman of the Board, is under investigation by the Central Commission for Discipline Inspection.

How will the investigation of Mr. Wang Bin affect China Life Insurance Company (LFC)?

While the investigation raises concerns about leadership stability, the company maintains normal operations.

What actions will China Life Insurance Company (LFC) take following the Chairman's investigation?

A Board meeting will be held to appoint a Director to assume the Chairman's responsibilities.