China Life: Plans to Sell 33.73% Stake in Pension Insurance Subsidiary to Group Company

36Kr reports that China Life announced plans to sell its 33.73% stake in China Life Pension Insurance Co., Ltd. (the "Pension Insurance Company") to China Life Insurance (Group) Company (the "Group Company") for a total of 4.146 billion yuan. Additionally, the Group's non-wholly-owned subsidiary, China Life Asset Management Co., Ltd., plans to sell its 3.53% stake in the Pension Insurance Company to the Group Company for 434 million yuan. Upon completion of these transactions, the Group Company will hold a 41.67% stake in the Pension Insurance Company, becoming the largest shareholder, while China Life's stake will drop to 37.01%, making it the second-largest shareholder. The Group expects to realize approximately 2.574 billion yuan in proceeds from these sales.