China Life Pension Approved to Prepare Third Branch

China Life Pension Company Limited just won regulatory approval to prepare for Shandong branch, its third branch well after Jiangsu branch and Shanghai branch.

If the pension insurer sets up the Shandong branch in the maximum six-month preparation period, it shall apply to the China Insurance Regulatory Commission Shandong Bureau for commencement.

China Life Pension was established in November 2006 by China Life Insurance (Group) Company, China Life Insurance Co. and China Life Asset Management Co. It in July 2008 replenished the registered capital to CNY 2.5 billion from CNY 600 million. Upon the capital increase, China Life Insurance Co. holds 87.4% of the pension insurer, China Life Insurance (Group) 6% stake, China Life AMC 4.8% and China Credit Trust Co. 1.8% stake.

It owns enterprise annuity trustee and account manager licenses, granted by the Ministry of Human Resources and Social Security. CIRC statistics show China Life Pension Insurance collected CNY 8.67654 billion enterprise annuities and had CNY 22.79766 billion assets under management as of September 30, 2010.