Chinese insurer Greatwall Life Insurance Co., Ltd. gained regulatory approval to issue not more than CNY 500 million ten-year redeemable subordinated bonds days ago.

In order to raise solvency, a list of insurers in the country have cast eye on subordinated bond issue. PICC Health Insurance Co., Ltd. and PICC Life Insurance Co., Ltd., the health insurance unit and life insurance unit the People's Insurance Company (Group) of China Ltd. (PICC), each offered CNY 800 million and CNY 1.2 billion ten-year redeemable subordinated bonds recently.

Taikang Life Insurance Co., Ltd., a Beijing-based insurer, in June gained regulatory approval to issue at most CNY 3 billion ten-year redeemable subordinated bonds. PICC Property and Casualty Co., Ltd. (SEHK: 2328), the property insurance unit of PICC, gained shareholder approval to issue not more than CNY 8 billion ten-year subordinated bonds on May 8. Ping An Property & Casualty Insurance Company of China Ltd., the property insurance unit of Ping An Insurance (Group) Company of China, Ltd. (SHSE: 601318 and SEHK: 2318), issued CNY 2 billion ten-year subordinated bonds in April. Sunshine Life Insurance Corp. Ltd., the life insurance unit of Sunshine Insurance Group Corp. Ltd., won regulatory approval to issue at most CNY 1 billion ten-year subordinated bonds in the month, too. And at the start of the year, Sunshine Insurance Group itself obtained regulatory approval to issue CNY 500 million ten-year subordinated bonds.