On 10 16, China Taiping Insurance Group Company Limited (hereinafter referred to as China Taiping) announced that on 10 12, the Ministry of Finance approved its shareholders' resolution to increase capital. The company's registered and paid-in capital will be increased from approximately RMB 270.69 billion to RMB 310.53 billion.
The announcement states that of the 70 billion yuan capital injection, approximately 39.84 billion yuan is recorded as paid-in capital, with the remaining approximately 30.16 billion yuan recorded as capital reserve. The other shareholder, the National Social Security Fund Council, did not participate in this investment, so no new shareholders are added.
Upon completion of the capital injection, the Ministry of Finance's investment in China Taiping will increase from approximately 245.43 billion yuan to 285.27 billion yuan, with its shareholding rising from 90.668% to 91.865%. The National Council for Social Security Fund's investment will remain at approximately 25.26 billion yuan, while its shareholding will decrease from 9.332% to 8.135%.
China Taiping states that the capital injection complies with all applicable laws, regulations, and regulatory requirements. The above change to registered capital will become effective upon approval by the National Financial Regulatory Administration.
On 9/6, China Life Insurance (Group) Company, PICC Group, China Taiping, Sinosure, China Reinsurance (Group) Co., Ltd., and 5 other insurers announced that they will receive capital injections from the Ministry of Finance totaling 700 billion yuan. Among them, the Ministry of Finance will inject 70 billion yuan into China Taiping.
China Taiping stated that this capital injection will further strengthen its risk resilience, promote the balanced and steady performance of key indicators such as solvency, solidify the foundation for long-term sustainable development, and enhance its capacity to serve national strategies and high-quality economic development.
