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 insurer's sale is drawing attention to South Korea's new K-ICS capital regime, which is expected to shape the scale of any required capital injection.
Reinsurance is playing a wider role in capital management across Asia, but executives warn insurers must get product economics and asset backing right first.
Group says it aims to build a larger, technology-driven life insurer focused on profitability, operational efficiency and ageing-related insurance demand.
More than 80% of insurers have already met OJK's 2026 requirements, but experts say capital alone will not fix weak fundamentals as tougher 2028 rules loom.
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