CHINA LIFE UPS STAKE IN PENSION UNIT

China Life Insurance Company is taking its stake in its pension unit to 87.4%. In a statement to the Hong Kong stock exchange it revealed it was investing a further Yuan1.85bn in the China Life Pension Insurance Company. The cash will come from internal resources and will allow the operation to set up branches and representative offices in Chinese towns and provinces. According to the stock market statement, the pension unit manages group, and individual pension and annuity businesses, and also sells short-term medical insurance, personal accident policies as well as reinsurance related to those policies. Including the stake held indirectly through its asset management arm China Life will own 92% of China Life Pension Insurance Company after this latest cash injection.