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China Life targets global financial conglomerate
(China Daily)
Updated: 2004-05-20 16:33
China Life Insurance Group, the country's top life insurer, wants to transform itself into a global financial conglomerate, its president said yesterday.
The insurer, whose Hong Kong unit China Life Insurance is being investigated on the allocation of shares in its US$3.5 billion IPO last December, has set its sights on a range of businesses including asset management and securities trading.
"We shall build China Life into a conglomerate comprised of insurance, financial services and insurance-related businesses," Wang Xiazhang said in a speech at a forum in Beijing.
"Our aim is to extend our business to asset management, banking and securities so as to form a financial service group," said Wang, who is also chairman of the listed unit.
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