CHINA LIFE PLANS PENSION MARKET MOVES

China’s largest assurer China Life is preparing to move into the pensions market through a 3.6bn yuan ($476m) bid for a controlling 60% stake in Zhongcheng Trust & Investment, according to local reports. Zhongcheng, once the largest of China's investment companies, is now one of 30 managers of Chinese pension funds. China Life will buy 1.44bn shares in Zhongcheng, of which 1.2bn will be new shares — doubling the number of shares in issue — and 240m will be existing shares, at a price of about 2.5 yuan a share. The Ministry of Finance had previously been the largest stakeholder in the company.