China Life applies for fund management firm

China Life, China's largest insurer, has applied with the China Securities Regulatory Commission to set up a fund management company, Economic Observer reported (in Chinese). China Life has plans to expand its core life insurance business to pensions and asset insurance, as well as related financial fields such as banking, mutual funds and securities, said Yang Chao, China Life's director. The insurer is in talks with potential partners for its fund management company, Yang added, though he did not name any specific companies.