China Reinsurance (Group) Company (China Re), the country's biggest reinsurer, has agreed to raise stakes in its three subsidiaries, namely China Property & Casualty Reinsurance Co. Ltd, China Life Reinsurance Co. Ltd and China Continent Property & Casualty Insurance Co. Ltd, as per industry sources.
The parent will inject RMB 3 billion in China Continent Property & Casualty Insurance Co. Ltd and RMB 5 billion in the other two subsidiaries.
After the injection, China Re will hold more than 90% stake in all the three subsidiaries. Other smaller shareholders of the three subsidiaries will also inject capital in them.
The directorates of the parent and three subsidiaries have approved the injection plan. However, the plan is still subject to regulatory approval.
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