China Life Insurance Co, the country's largest life insurer, received regulatory approval to set up a property and casualty insurance arm, a move to expand the company's core business scope, People’s Daily reported. "Non-life insurance and pensions will be included in our core business portfolio very soon," said the paper, quoted Yang Chao, president of China Life as saying, adding the insurer's current major business lines are life insurance and assets management. "The property and casualty arm will probably be launched by China Life Insurance (Group) and China Life Insurance Company Limited," said Yang. "But we will also think about taking over existing non-life insurers, including the Shanghai-based Dazhong Insurance Co." China Life acquired 70 million yuan (8.75 million US dollars) shares in the Fuzhou-based Industrial Bank Co Ltd through an auction in August and is bidding for a stake in the Guangdong Development Bank.