China Anti-Corruption Authority Investigates Chairman of China Largest Insurance Company China Life
14th January 2022 | Hong Kong
China Anti-Corruption Authority is investigating Wang Bin, the Chairman of China Life and China Communist Party committee secretary for suspected serious violations of discipline and law. The investigation is launched by China Central Commission for Discipline Inspection, issuing a statement that Chairman of China Life Wang Bin is “suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and investigation.” China Life is China’s largest insurance company and is listed in Shanghai, Hong Kong and New York Stock Exchange.
“ China Anti-Corruption Authority Investigates Chairman of China Largest Insurance Company China Life “
China Life Insurance (Group) Company is a large state-owned financial insurance enterprise. In 2020, its consolidated revenues achieved nearly RMB1 trillion. Its consolidated premium income surpassed RMB750 billion. And its consolidated assets reached RMB5 trillion.
China Life has been listed among “The Fortune Global 500” for 19 consecutive years, ranking 32nd in 2021, a drastic increase compared with 290th in 2003. It has been included on the “World’s 500 Most Influential Brands” list for 14 consecutive years, with a brand value standing at RMB436.672 billion in 2021. After the dual-listing in New York and Hong Kong in December 2003, China Life Insurance Company Limited returned to China A share market in January 2007. It is the first insurance company triple-listed in New York, Hong Kong and Shanghai.
China Life’s predecessor, PICC was founded in 1949 and the PICC (Life) Co., Ltd was set up in 1996 after its separation from the former PICC. In 1999, it was renamed China Life Insurance Company. Currently, the Group has China Life Insurance Company Limited, China Life Asset Management Company Limited, China Life Property & Casualty Insurance Company Limited, China Life Pension Company Limited, China Life Ecommerce Company Limited, China Life Insurance (Overseas) Company Limited, China Life Investment Holding Company Limited and Insurance Professional College as its subsidiaries. In 2016, China Life became the largest single shareholder of China Guangfa Bank, thus initiating a synergy layout among its insurance, investment, and banking businesses.