Taiping Life Insurance to boost its capital

China Taiping Life Insurance Co Ltd, a Shanghai-based insurer, received the regulatory approval from the China Insurance Regulatory Commission to boost its registered capital by 2.5 billion yuan ($396 million), the company said on Thursday.

After the capital injection, the insurer's registered capital will rise to 6.23 billion yuan from the previous 3.73 billion, thus increasing its solvency ratio to more than 200 percent, it added.

The company's premium income totaled 36.45 billion yuan, and it has 600 branches across the country. By the end of 2012, the company's assets reached 160 billion yuan.