China’s fourth-largest life insurer New China Life Insurance Co. has an option to launch a 800-million oversea initial public offering, according to its President Guan Guoliang.

The initial public offering is expected to be linked to the company’s plans for a Shanghai share price, the company said.

The sale is scheduled for this year, although the company has not yet found the bank to arrange the IPO. ``We need capital for future business development. We won’t consider it if it only gives us a few hundred million,’’ Mr. Guan said.

The IPO would mark the company as the fourth in China that goes public overseas, after China Life Insurance Co. and Ping An Insurance Co., the leading two life insurers, and PICC Property & Casualty Co., the biggest general insurance company.

Last year, New China Life had as much as 18.74 billion yuan of premiums, according to its website.

The nation’s fourth-largest insurer has 34 branches and employs about 120,000 people. It has been planning to go public since 2001.