China Life Insurance (Group) Company, the parent of China Life Insurance Company Limited (China Life, 601628.SH), is conducting the equity integration for the overall listing in the future.

Just one month ago, a 10% stake that a subsidiary of China Life Insurance (Group) takes in China Life Investment Holding Company Limited was transferred to China Life Insurance (Group). In this way, China Life Investment Holding became 100% owned by China Life Insurance (Group). Lately, China Reinsurance (Group) Corporation (China Re) also transferred a minority stake that it took in the Insurance Professional College to China Life Insurance (Group).

Song Guodong, the President of China Life Investment Holding, said that the investment holding company is to focus on infrastructure construction, culture and media, biology and pharmacy, real estate and financial sectors. Currently, China Life Investment Holding controls or takes shares in more than 30 companies, engaged in the real estate, hotel, property management and industrial industries across the country.

In the near future, the investment holding company expects to operate a fund, divided into two phases. The first round of CNY 6 billion fundraising had been completed in 2008 and the second round of CNY 10 billion fundraising is to be finished in 2009.

Meantime, China Life Insurance (Group) is looking for the overseas partner. On November 2, 2009, President Yang Chao of China Life Insurance (Group) had a meeting with Craig Dunn, the CEO of AMP, the biggest insurance group of Australia. Both parties agreed to have talks in such areas as life insurance, direct equity investment, assets management, training and exchange, and so forth.

China Life Insurance (Group) is guessed to launch an overall listing in due time. Insiders of the group disclosed that such a possibility cannot be ruled out, but there is no exact timbale yet. Actually, there are different opinions in the group about the overall listing plan. The group will consider about the issue carefully and then make public announcement at an appropriate time, insiders added.

Some industry experts are worried that the form of insurance conglomerate might make it difficult for the regulatory department to administrate an insurance group. If an insurance group controls about 90% equities of its member companies, these subsidiaries actually could not perform independent corporate governance, thus causing hidden risks. If this is the case, it will be much complicated for the regulator to perform supervision and management.