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China Life to issue RMB 28 bln in subordinate bonds

May. 25, 2012 (China Knowledge) - China Life Insurance Co Ltd<601628><2628>, the country's largest life insurance company, plans to issue RMB 28 billion of subordinate bonds through a private placement to boost its solvency adequacy ratio, said sources close to the matter.

The insurer is expected to obtain regulatory approval in early June and the deal will be completed by the end of next month, said the sources.

UBS Securities, Industrial and Commercial Bank of China<601398><1398>, Credit Suisse Founder Securities, CITIC Securities Co<600030><6030> and China International Capital Corp have been hired to handle the deal.

In 2011, China life issued RMB 30 billion of subordinate bonds, comprising ten-year bonds and 15-year bonds. At the end of last year, the company's solvency adequacy ratio had risen to 170.12%, 5.91 percentage points higher than at the end of June 2011.

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