China Life is likely to become the first of three mainland insurers to list in Hong Kong, reported the Financial Times. The mainland's largest insurer wants to raise US$2bn-3bn from the public offering, which could take place as early as this month. The People's Insurance Company of China is expected to raise US$500m- 750m from an offering in October, while Ping An is planning for a US$1.6bn listing by the start of next year.
Although there is likely to be some advantage to the first company that comes to market, the rapid growth of the industry could ensure a favourable reception for all three. HSBC has forecast that premium life income in China will grow 45 per cent this year.