China Life gets regulatory commission OK for subordinated term debt

By Marisa Wong

Madison, Wis., Oct. 24 - China Life Insurance Co. Ltd. said that the China Insurance Regulatory Commission approved its proposed issuance of up to RMB 30 billion of subordinated term debt.

The subordinated debt will have tenors of 10 and 15 years.

The company said it plans to issue the bonds within six months from the date of the regulatory commission approval.

Shareholders already approved the proposed issuance at a general meeting on Oct. 14.

As previously reported, proceeds will be used to replenish the company's supplementary capital and raise its solvency ratio.

China Life is a Beijing-based insurance company.

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