China Life: no plan to invest in AIA before its HK IPO

BEIJING, Aug 26, 2010 (Xinhua via COMTEX) -- China Life Insurance Co. (LFC.NYSE; 02628.HK; 601628.SH) has no plan to make a strategic investment in the AIA Group, the Asian arm of the AIG, before the AIA's initial public offering (IPO) in Hong Kong, said Yang Chao, board chairman of the China Life, on Thursday.

China Life has not contacted the American International Group (AIG), the parent of the AIA, to discuss a strategic investment in the AIA, said Yang.

Yang said that due to the regulations in Hong Kong, it would be difficult for the AIA to let in strategic investors before its IPO.

However, China Life subscribing to the AIA's IPO shares cannot be ruled out.

Yang said that whether to subscribe to the AIA's IPO shares will depend on China Life's financial conditions, and China Life will look forward to the AIA's prospectus.

China Life is the largest life insurer in China in terms of premiums. (Edited by Jiang Yujuan, [email protected])