Summary: China Life Insurance Co. Ltd. Dec 11

Standard & Poors, December 2011

Abstract
The ratings on China Life Insurance Co. Ltd. reflect our view that there is a very high likelihood of extraordinary support from the central government of the People's Republic of China (AA-/Stable/A-1+, cnAAA/cnA-1+). In addition, the ratings reflect China Life's robust business franchise and strong financial profile. Moderating these strengths are the operational risks from the company's large geographical coverage and financial risks arising from its asset and liabilities mismatch, given the restrictive regulations and China's underdeveloped capital markets. We consider China Life to be a government-related entity (GRE), and we believe there is a "very high" likelihood that it will receive timely and sufficient extraordinary government support, in the event of financial distress. We assess its stand-alone credit profile...

Companies mentioned in this report are: China Life Insurance Co. Ltd.
Action: Review

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China Life Insurance Co. Ltd.

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