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China Life Insurance shareholders OK planned subordinated term debt
By Marisa Wong
Madison, Wis., Oct. 14 - China Life Insurance Co. Ltd. said that shareholders have approved its proposed issuance of subordinated term debt. The company previously announced that it plans to issue up to RMB 30 billion of subordinated debt with maturities of five years or longer.
Proceeds will be used to replenish the company's supplementary capital and raise its solvency ratio.
The proposed debt issue is still subject to China Insurance Regulatory Commission approval.
China Life is a Beijing-based insurance company.
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