China Life Insurance Co Chairman Yang Chao (L) and President Wu Yan strike a 'gong' at Lujiazui Financial Area in Shanghai January 9, 2007. Shares in China Life Insurance Co, the country's biggest life insurer, more than doubled in their Shanghai debut on Tuesday, attracting huge interest as the first insurer to list on the country's domestic stock market. [Reuters]

The board will meet on Wednesday to discuss his resignation, the Beijing-based insurer said in a statement yesterday. China Life, in the statement, denied media reports that Chairman Yang Chao had resigned.

Wu, president of China Life since January 2006, will become president of PICC Holding Co, which controls the country's biggest non-life insurer, according to a statement posted on the web site of the China Insurance Regulatory Commission.

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