(Reuters) - China Life Insurance Co. Ltd. said on Tuesday it plans to complete the issuance of 38 billion yuan ($6 billion) of subordinated debt this year, a day after the world's biggest life insurer by market value posted its worst-ever quarterly profit slump.

If the issue is approved by shareholders, it would add 50 percentage points to China Life's solvency margin, Vice-President Liu Jiade told a news conference.

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