Carlyle Group LP-backed China Pacific Insurance (Group) Co Ltd (CPIC) (2601.HK) is raising HK$10.4 billion ($1.3 billion) to boost capital by selling new shares to investors including Government of Singapore Investment Corp [GIC.UL].
The fresh funding-raising by China's third-biggest insurer underscores the need for Chinese insurers to replenish capital and improve solvency ratios to help support rapid premium growth.
Norges Bank, or the Central Bank of Norway, and Abu Dhabi Investment Authority are the other investors subscribing to CPIC's (601601.SS) private share placement, the insurer said in a statement.
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