China Life Insurance Co Ltd reassures that delisting will not affect the company

A man walks past the logo of China Life Insurance Company in Huai’an, East China’s Jiangsu province, on June 16, 2022. [Photo/VCG]

China Life Insurance Co Ltd’s delisting from the New York Stock Exchange will not affect the company’s operation and governance, the company’s top management said on Friday.

“The delisting will also not change the company’s share structure,” said Li Mingguang, vice-president, chief actuary and board secretary of China Life Insurance Co Ltd. “Investors can change American depositary shares into H shares if they want to continue to hold China Life’s stocks.”

According to China Life’s interim report, the insurer’s total premium income dipped 0.5 percent to 439,969 billion yuan ($64.24 billion) in the first half year. As of June 30, 2022, the total assets of China Life Insurance exceeded 5 trillion yuan, up 5.8 percent from the end of 2021. The company‘s core solvency rate stood at 169.05 percent in the first half.

The company’s net profit attributable to shareholders slumped by 38 percent to 25,416 billion yuan due to the slow down economic growth and the sluggish capital market in the first half.

As one of the largest players in the industry, China Life’s top management said that in the second half, the company will adhere to the general principle of pursuing progress while ensuring stability and continuing to deepen the supply-side reform, thus giving full play to the function of insurance and promoting the high-quality development of the company.

Zhu Xuehan contributed to this story.

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