China Life Insurance Group, the country's top life insurer, wants to transform itself into a global financial conglomerate, its president said yesterday.

The insurer, whose Hong Kong unit China Life Insurance is being investigated on the allocation of shares in its US$3.5 billion IPO last December, has set its sights on a range of businesses including asset management and securities trading.

"We shall build China Life into a conglomerate comprised of insurance, financial services and insurance-related businesses," Wang Xiazhang said in a speech at a forum in Beijing.

"Our aim is to extend our business to asset management, banking and securities so as to form a financial service group," said Wang, who is also chairman of the listed unit.