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China Life to issue subordinated term debts
HONG KONG, March 26 |
HONG KONG, March 26 (Reuters) - China Life Insurance plans to issue up to 38 billion yuan ($6.0 billion) of subordinated debt i n China to replenish its supplemental capital and raise its solvency ratio, it said in a statement on Monday.
The bonds will be issued in one or more tranches with a term of no less than 10 years, China Life said on Monday.
Depending on market conditions and approval of regulatory authorities, the company would also issue up to 8 billion yuan, or its equivalent in other foreign currency, of subordinated debt outside China.
Earlier on Monday, the company posted its biggest quarterly profit slump of 82 percent, saying it was hit by lower investment returns and slower growth, and that it faced further headwinds from economic and market uncertainty and fiercer competition.
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