Ping An Annuity Cleared to Raise Capital

Shenzhen-based Ping An Annuity Insurance Company of China Ltd. [88778] has been approved to raise up to of 2.7 billion yuan (US$395 million) in capital, according to the China Insurance Regulatory Commission.

Ping An Annuity's parent Ping An Insurance (Group) Company of China Ltd. [86446] holds 2.69 billion shares, or 99.44% of the total shares of the company.

Other affiliates of Ping An Annuity under Ping An Insurance (Group) include Ping An Life, Ping An Property and Casualty [88777], and China Ping An Trust and Investment Co., which respectively hold 9 million shares, 3 million shares and 1.5 million shares, or 0.33%, 0.11% and 0.06% of the of the company's total shares. Shenzhen Ping An Innovation Capital Investment Co. holds another 1.5 million shares, or 0.06% of the total shares of Ping An Annuity, said the CIRC.

(By Rebecca Ng, Hong Kong news editor: Rebecca.Ng@ambest.com)