China Life Insurance said on 21 October 2026 that it and its asset management subsidiary would sell a combined 37.26% of China Life Pension Company to parent China Life Insurance (Group) for about RMB4.58bn in cash.
Why China Life Insurance (Group) Company is buying 37.26% of China Life Pension Company (from China Life Insurance Co Ltd and China Life AMC)
China Life said the sale would let it realise a premium on the investment, while making the group the largest shareholder would help mobilise a broader range of internal and external resources for the pension business.
Deal terms and financing
China Life will sell 33.73% for RMB4,146.43m and China Life AMC 3.53% for RMB433.87m, based on an appraised value of RMB12,293m for 100%. Payment is due in a lump sum within 30 business days of the conditions being met. China Life expects to record a gain of about RMB2,574m.
Regulatory approvals and timing
The sale requires approval from the Ministry of Finance and the National Financial Regulatory Administration. It is a connected transaction but exempt from an independent shareholder vote.
Market context
AMP Ltd will keep its 19.99% stake in China Life Pension.
