BEIJING, Sept 6 (Bernama-Xinhua) -- China's Ministry of Finance will provide fresh capital to three major Chinese insurers in moves aimed at strengthening their capital positions, solvency and risk resilience, according to statements released Sunday, reported Xinhua.
China Life Insurance (Group) Company said the ministry will inject 35 billion yuan (about US$5.2 billion) into the group to strengthen its operational resilience and risk-bearing capacity while supporting its core businesses and corporate governance.
In a separate announcement, the People's Insurance Company (Group) of China (PICC) said it plans to raise up to 15 billion yuan through an A-share issuance to the Ministry of Finance, which will subscribe in cash. The net proceeds will be used entirely to replenish capital.
The capital replenishment will help PICC further strengthen its capital base, enhance operational resilience and ability to withstand risks, and better leverage the insurance sector's role as an economic shock absorber and social stabiliser, according to PICC.
China Taiping Insurance Group said the ministry will inject 7 billion yuan into the company to strengthen its risk resilience, maintain sound solvency indicators, and support sustainable development.
--BERNAMA-XINHUA
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