China Life Insurance Co., the country's largest life insurer, said Wednesday that it had no refinancing plans currently as its solvency ratios can support its development for the next two to three years.
The insurer's solvency ratios fell to 212 percent last year from 304 percent in 2009, according to a statement filed with the Shanghai Stock Exchange Wednesday.
Liu Jiade, vice president of China Life Insurance, said the fall in the ratios was partly due to fluctuations in the capital market and healthy dividends to shareholders last year.
Liu added that the company does not aim for high solvency ratios.
The insurer collected 318 billion yuan (48.48 billion U.S. dollars) in premiums last year, a year-on-year increase of 15.6 percent, while its net profit rose 2.3 percent to 33.63 billion yuan.
The company's total assets increased 14 percent from one year earlier to 1.34 trillion yuan by the end of 2010, the statement noted.
The insurer would continue to improve its investment structure this year with its focus still on fixed-income products, Liu said.
