Insurer to issue 1b shares

China Pacific Insurance (Group) Co (CPIC), the country's third largest life insurer, plans to issue 1 billion A shares in an initial public offering (IPO) in Shanghai.

The Shanghai-based insurer's IPO, set for December 25, was approved by the China Securities Regulatory Commission. It will be the third mainland insurer to go public after China Life Insurance Co and Ping An Insurance Co.

CPIC said in the prospectus that the equity issue would account for 12.99 percent of its enlarged stock base.