Jan. 4, 2012 (China Knowledge) - Ping An Life Insurance Co, a unit of Ping An Insurance (Group) Co<601318
>, the second largest insurer, has obtained approval from the China Insurance Regulatory Commission (CIRC)
to get RMB 5 billion of capital injection, said the insurance regulator in a statement.
After the capital injection, the insurer's registered capital will increase to RMB 33.8 billion from the previous RMB 28.8 billion, the highest among life insurers in China.
This was the second capital injection for the insurer in 2011. In September last year, the company got approval from its shareholders to raise its registered capital to RMB 28.8 billion from RMB 23.8 billion to boost its solvency adequacy ratio.
On September 30, 2011, Ping An Life issued RMB 4 billion of subordinate bonds to boost its capital base.
In the first 11 months of last year, Ping An Life realized RMB 110.03 billion in premium income, China Knowledge reported earlier