BEIJING, May 22, 2012 /PRNewswire-Asia/ -- China Life Insurance Company Limited (the "Company" or "China Life") (NYSE: LFC; SSE: 601628; HKSE: 2628) announced today that on May 22, 2012, Mr. Yuan Li tendered his resignation as the Chairman and executive director of the Company due to reallocation to other job duties. On the same day, Mr. Shi Guoqing and Ms. Zhuang Zuojin tendered their resignations as non-executive directors of the Company due to age.
Meanwhile, China Life announced that at the annual general meeting held in the morning of May 22, 2012, Mr. Yang Mingsheng has been elected as an executive director of the Company. At the nineteenth meeting of the third session of the board of directors of the Company (the "Board") held on the same day, Mr. Yang Mingsheng has been elected as the Chairman of the Company, in succession to Mr. Yuan Li, effective from May 22, 2012 to the expiration of the term of the third session of the Board.
Mr. Yang Mingsheng has been the chairman of China Life Insurance (Group) Company since March 2012. Mr. Yang Mingsheng has many years of experience in the financial industry. He acted as vice chairman of China Insurance Regulatory Commission from 2007 to 2012, and worked for Agricultural Bank of China from 1980 to 2007, where he held various positions including vice president of Shenyang branch, head of industrial credit department and president of Tianjin branch. He was appointed as vice president of Agricultural Bank of China in 1997 and was then promoted to president of Agricultural Bank of China in 2003. Mr. Yang Mingsheng, a senior economist, graduated from the Faculty of Finance of Nankai University majoring in monetary banking with a master's degree in economics.
The Board would like to express their gratitude to Mr. Yuan Li, Mr. Shi Guoqing and Ms. Zhuang Zuojin for their contribution to the Company during their tenure of directorship.