China plans $29 billion capital injection into biggest insurers, Bloomberg News reports

Reuters01-30 14:52

Jan 30 (Reuters) - China is considering the sale of hundreds of billions of yuan in special government bonds to recapitalise some of its largest insurers, Bloomberg News reported on Friday citing people familiar with the matter, strengthening the biggest players in a sector that is under pressure to consolidate.

The sale would raise about 200 billion yuan ($28.8 billion) to help recapitalise the insurers, the report said, adding that the proceeds will be injected into state-controlled firms including China Life Insurance Group Co. 601628.SS, the People's Insurance Co Group of China Ltd 601319.SS, and China Taiping Insurance Group Co 0966.HK.

Reuters could not immediately verify the report.

($1 = 6.9485 Chinese yuan)

(Reporting by Disha Mishra in Bengaluru; Editing by Jacqueline Wong)

((Disha.Mishra@thomsonreuters.com;))

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