The China Insurance Regulatory Commission (CIRC) has permitted Ping An Life Insurance Co. of China to sell subordinated bonds worth up to $627 million, The Wall Street Journal reports. The subordinated bonds are scheduled to mature in 10 years.
The life insurance unit of Ping An Insurance (Group) Co. of China is required to complete the bond sale within six months of receiving approval. Ping An disclosed its plans to inject liquidity into its life insurance unit in August.
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