China Life Insurance Company Limited (601628.SH)announced that the Board has considered and approved the proposal in relation to the issue of subordinated term debts with an aggregate amount of not exceeding RMB30 billion by the Company. The subordinated term debts shall be issued to qualified investors who meet the relevant regulatory requirements, with a term of no less than five years and by reference to market interest rate. The proceeds of the subordinated term debts will be used to replenish the Company’s supplementary capital and raise the solvency ratio of the Company. The Board put forward to the shareholders’ general meeting to consider and approve the issue of subordinated term debts and to authorize the Board to delegate the management of the Company to handle matters in relation to the issue of subordinated term debts. The resolution to be sought in relation to the authorization for the issue of subordinated term debts will be valid for 12 months from the date of approval by the shareholders’ general meeting of the Company.

Source:reuters