HONG KONG - China Life Insurance Company Limited, the world's biggest insurer by market capitalisation, said it was considering a subordinated term debt issue, Reuters reported.

In a filing to the Hong Kong bourse late on Sunday, the Chinese insurer said it would submit a proposal on the issue for board review and approval as soon as possible. It gave no further details.

China Life is planning to issue up to 30 billion yuan ($4.69 billion) worth of subordinated debt, according to a report by IFR, a Thomson Reuters publication.