First overhaul of the Insurance Law in more than a decade would also broaden insurers' permitted investments and lift fines to as much as 10 times illegal gains.
China Life, PICC, China Taiping, Sinosure, and China Re will take up to CNY70bn (US$10.4bn) of a CNY360bn recapitalisation that also covers three state banks.
The Hong Kong reinsurer paid its first dividend in 2025 and returned 12.3% on capital and surplus, though its non-life combined ratio rose on fluctuations in short-term health loss experience.