HONGKONG, Nov. 13 (InfoChina) – China Life Insurance Co., Ltd. (LFC.NYSE, 2628.HK) announced on November 13 in HK that the company’s Board meeting held on October 10 agreed to adopt the Employee Share Incentive Plan, an incentive plan based on the A shares proposed to be issued by the company.

The purpose is to improve the incentive mechanism of the company, to fully encourage its employees to be more proactive and productive, and to retain and attract high caliber potential employees, said the announcement.

       The employees will be awarded only by existing A shares on the secondary market or share transfer by shareholders, said the announcement.

       The announcement also said that the plan has to wait for approval of relevant authorities and shareholders before taking effective.

       China Life used to adopt share incentive plan for its insurance clients but no more information was heard later.

       As the first HK-listed insurance giant coming back to China’s A-share market, China Life is expected to make its initial public offering before the yearend. And the incentive plan is seen as a signal that China Life’s IPO is ought to come out soon.

       On the same Board meeting, China Life nominated Mr. Ngai Wai Fung as an independent non-executive director of the company.