China Pacific Insurance to raise capital

China Pacific Insurance (Group) Co Ltd, one of the country's top insurers, plans to raise HK$10.4 billion ($1.3 billion) through a Hong Kong H-share private placement to consolidate its capital base, the company said on Sept 10.

The financing plan will help boost the company's capital solvency ratio and prevent potential risks stemming from economic turbulence, it said.

The company said it plans to issue 462 million H shares and price the shares at HK$22.5 each, compared with Sept 9's close of HK$23 for its H shares listed in Hong Kong.

The shares will be sold to the Government of Singapore Investment Corporation Pte Ltd, Norges Bank, or the Central Bank of Norway, and to the Abu Dhabi Investment Authority.

By the end of June, the insurance group's total assets increased 12.3 percent to 640.5 billion yuan ($101 billion), and its premium income stood at 90.5 billion yuan.