New China Life will use UBS (UBS.NYSE) as a bookrunner for its upcoming IPO on the Shanghai and Hong Kong markets, which hopes to raise US$4 billion, the Wall Street Journal reported. The firm, China’s third-biggest insurer by premiums, has said that it may add more banks to the roster for its IPO. The flotation could prove to be one of the largest IPOs in the region this year. In October 2010 insurance giant American International Group (AIG.NYSE) launched AIA (1299.HK) on the Hong Kong market, raising US$20.5 billion to make it the largest insurance IPO in the world. Taikang Life Insurance, China’s fifth-biggest insurer, is also said to be preparing for a Hong Kong IPO this year, looking to raise a projected US$3-4 billion. Analysts widely expect China’s life insurance market to grow rapidly in coming years, on the back of its growing middle class consumer segment.