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Pacific Life Set to Acquire Pension Insurance Stake
The China Insurance Regulatory Commission has approved Shanghai International Group's plan to transfer 19.95% stake, or 114 million shares, in Changjiang Pension Insurance to China Pacific Life Insurance, a subsidiary of China Pacific Insurance (Group) (CPIC) (601601.SH), reports caijing.com.com quoting a CIRC announcement.
China Pacific Life Insurance will also purchase an additional 219 million newly issued shares in Changjiang Pension Insurance, said the report.
Following the deal, CPIC will hold 51.75% stake in Changjiang Pension Insurance via CPIC subsidiaries China Pacific Life Insurance and China Pacific Assets Management, said the report.
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