Debevoise & Plimpton’s has scored the lead role in the benchmark $2.5bn initial public offering (IPO) by new client China Life Insurance – the largest float in the world this year.

The Asian insurance giant filed an application with the US Securities and Exchange Commission (SEC) on 20 November to launch the IPO, which is expected to easily surpass the $1.9bn flotation of Yell on the London Stock Exchange in July this year.