China Life Insurance (Group) Company, headquartered in Beijing, is a large state-owned financial and insurance company. Its predecessor,PICC was founded in 1949 and the PICC (Life) Co.,Ltd was set up in 1996 after its separation from the former PICC. In 1999, it was renamed China Life Insurance Company. With the approval of the State Council and the China Insurance Regulatory Commission, the former China Life Insurance Company was restructured as China Life Insurance (Group) Company in 2003. It has China Life Insurance Company Limited, China Life Asset Management Company Limited, China Life Property & Casualty Insurance Company Limited, China Life Pension Company Limited, China Life Ecommerce Company Limited, China Life Insurance (Overseas) Company Limited, China Life Investment Holding Company Limited and Insurance Professional College as its subsidiaries. Its business covers life insurance, property & casualty insurance, pension plans (corporate annuity), asset management, alternative investment, overseas operations and e-commerce. Through capital-links, it has invested in several banks, security firms and other non-financial institutions.