CHINA LIFE FORMS PENSION COMPANY

Leading Chinese life assurer China Life is to invest 330m yuan to set up a pension company with its parent and asset management unit. Under the deal, China Life will have a 55% stake in the pension operation. China Life Insurance (Group) will contribute 150m yuan for a 25% interest. China Life Insurance Asset Management will hold the remaining stake. China Life is looking to sell more retirement products in the light of an estimated 740bn yuan deficit in the state-funded pension scheme.