Largest State-Owned Life Insurer to Embrace Diversified OwnershipChina Life, the largest solely stated-owned life insurer in China, is to start a bold experiment later this year to transform itself into a share-holding firm, according to a top company official.Wang Xianzhang, the general manager of China Life, told a company conference that the reform will see new personnel which will greatly enhance the firm's competitiveness. Though industrial sources said listing of insurance firms is still a long way away, insurance firms are already gearing up for that day. According to well-informed sources, the People's Insurance Company of China (PICC), another major state-owned insurer, has also started feasibility studies for diversified ownership reform. Experts here said such reforms will enhance the firms financial strength, improve their corporate structure and sharpen their competitiveness as China will further open its insurance market after it becomes a WTO member. |
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