PICC Property, People's Insurance to Inject CNY2 Billion Into PICC Reinsurance

By Joanne Chiu Features Dow Jones Newswires

People's Insurance Co. (Group) of China (1339.HK) and PICC Property & Casualty Co. (2328.HK) has agreed to inject a combined 2 billion yuan ($303.2 million) into PICC Reinsurance Co. to strengthen its capital base.

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People's Insurance's stake in PICC Reinsurance remains at 51% after the capital injection, the Chinese insurer said after markets closed Wednesday. PICC Property owns the remaining 49% stake in PICC Reinsurance.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

August 30, 2017 06:07 ET (10:07 GMT)