Beijing: China Life Insurance Co, the country's biggest life insurer, will seek as much as US$3bil in an initial share sale, 50% more than earlier planned, as it competes to be the first Chinese insurer to go public overseas.
The state-owned company, which controls more than three-fifths of China's life insurance market, will announce details of the sale today with advisers China International Capital Corp, Citigroup Inc, Credit Suisse First Boston and Deutsche Bank AG, its president Wang Xianzhang said in an interview here.