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Public Company for the New Century The Chinese government began a wider opening of the country's insurance market in the early 1990s. By the end of the decade, the government had granted licenses to a total of 16 companies—including such returning groups as Tai Ping Insurance Company and China Insurance Company. The increasingly competitive environment led to a need to change PICC's structure. In 1996, the company reorganized as a holding company, called PICC Group. Its operations were then broken up into three subsidiaries, PICC Life, PICC Property, and PICC Reinsurance. PICC Group initially operated under the control of the People's Bank of China.

Despite the restructuring, PICC Group was somewhat hampered in its growth. The arrival of AIG had introduced a new tied-agency system into the market, encouraging the development of branch networks. Yet PICC Group, as a state-owned enterprise, was initially barred from developing its own network of branch offices and tied agents. As a result, the company was forced to cede the leadership spot in two of the country's most important markets, Beijing, captured by Ping An, and Shanghai, taken by China Pacific.

In 1998, the Chinese government transferred oversight of the country's growing insurance market to a new body, the China Insurance Regulatory Commission (CIRC). Under new rules, insurance companies were prohibited from operating in both the non-life and life insurance markets. As a result, PICC Group was broken up into its four primary components: PICC, which took over the company's general insurance business; China Re, for its reinsurance operations; China Insurance, which handled the group's international activities; and China Life. All four companies remained controlled by the Chinese state.

Yet the former members of PICC Group began moving toward an opening of its share capital at the beginning of the 2000s. In 2000, China Life announced its intention to diversify its own shareholding in advance of a future public offering. In the meantime, the company continued to build up its business across China, solidifying its dominant position in 29 of the country's 30 major markets. China Life also was helped by the government's rule for foreign corporations operating in China, which stipulated that all employees in these companies must be covered by unified insurance policies. In response, China Life concentrated its unified insurance operations at its Guangdong Branch, close to the rapidly expanding free-trade zone, in which the majority of foreign enterprises had set up their Chinese operations. By 2001, China Life had captured 80 percent of the unified insurance business for the top 500 foreign firms operating in China.

China Life then began petitioning the CIRC for authorization to go public, which was granted in June 2003. As part of the run up to the company's IPO, China Life restructured its operations, splitting into three entities: China Life Insurance Company and China Life Asset Management Company, both of which were placed under a new holding company, China Life Insurance Corporation.

In order to make its IPO more attractive, the parent holding transferred only long- and medium-term policies issued on or after June 10, 1999, to China Life. This move was made in order to avoid launching China Life with the burden of a large number of loss-making policies issued at return rates as high as 6.5 percent. The June 10, 1999 date corresponded to an emergency ruling by the CIRC, which lowered return rates to just 2.5 percent.

To attract as wide a pool of investors as possible, China Life launched its IPO on both the Hong Kong Stock Exchange and the New York Stock Exchange in December 2003. The IPO was a huge success, raising $3.5 billion and becoming the world's largest for that year. The retail offer had been oversubscribed by 172 times, and the total order had reached $80 billion.

The success of its IPO encouraged China Life to begin eyeing expansion into new markets in 2004. China Life's unlisted parent company announced its intention to diversify its insurance business to include property insurance and develop an insurance intermediary agent business as well as add other financial services. China Life itself announced its intention to diversify into new services, such as asset management, brokerage services, and banking in the near future. In the meantime, China Life had emerged as the dominant player in what many expected to become the world's fastest-growing and largest life insurance market.

Principal Competitors: Ping An Insurance Company Ltd.; China Pacific Insurance Company Ltd.; AIG; AIU Insurance Co.; Allianz Dazhong Life Insurance Company Ltd.; Chubb Group of Insurance Cos.; Cigna Corporation; Manulife-Sinochem Life Insurance Company Ltd.[5]

It became a public-listed company on December 18, 2003, with a market capitalization of US$5,756 million as of August 31, 2005. ¥832.5Billion was frozen during the IPO. The domestic listing, the first by an insurer in China, drew bids for about 49 times the stock on offer. The gains allow China Life to pass ING Group NV, Allianz SE and Axa to become the world's no. 2 insurer with a market value of $129 billion, behind American International Group's $186 billion. China Life is also listed in China since Jan of 2007.

In 2006, the new Executive Board put forward the conglomeration strategy of “being exceptionally strong in core businesses and appropriately diversified in operation”. At the end of 2006, China Life Property & Casualty Insurance Company Limited and China Life Pension Company Limited were successively established. Meanwhile, restructuring was basically accomplished on China Life Insurance (Overseas) Company Limited, China Life Investment Holding Company Limited and Insurance Professional College. By then, a group layout took initial shape through integration of life insurance, property & casualty insurance, corporate annuity, capital management, industrial investment and insurance education.

On January 9, 2007, the Life Company returned successfully to China A share market in Shanghai, thus making itself China's only financial insurer triple-listed home and abroad. With such unchallenged position, China Life further defined its goal to build itself into a world-class financial and insurance group by implementing the conglomeration strategy of “being exceptionally strong in core businesses and appropriately diversified in operation”. To realize the goal, China Life clarified a scientific roadmap with its own characteristics, and put forward the strategic requirements of comprehensively enhancing integrated operation and management capability. China Life has strived to make itself even bigger, stronger and better in a more appropriate and faster way. [6]

There is no business relationship between China Life Insurance Company in Mainland China and Taiwan.
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