China Life's Board Approved Subordinated Term Debts Issue
BEIJING, Aug. 23, 2011 /PRNewswire-Asia/ -- China Life Insurance Company Limited (the "Company" or "China Life") (NYSE: LFC; SSE: 601628; HKSE: 2628) announced today that the board of directors of the Company (the "Board") has approved the proposal to issue subordinated term debts with an aggregate amount of not exceeding RMB 30 billion by the Company. The subordinated term debts will be issued to qualified investors who meet relevant regulatory requirements. The term of the subordinated term debts will be no less than five years and the interest rate will be determined by making reference to market interest rate. The proceeds will be used to replenish the Company's supplementary capital and raise the solvency ratio of the Company.
The Board will submit this proposal to the shareholders' general meeting for approval. A notice of the extraordinary general meeting and a circular in respect of the issue of subordinated term debts will be issued by the Company in due course. The issue of subordinated term debts by the Company is also subject to the approval by China Insurance Regulatory Commission and other relevant governing authorities.
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SOURCE China Life Insurance Company Limited