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.
Commercial lines and higher sums insured are supporting premium growth, while conservative asset allocation is helping insurers absorb equity-market volatility.
The DFS review also called for stronger performance monitoring, wider digital adoption and improved customer grievance handling across the state-owned insurers.
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.
The proposed registry would give insurers access to richer claims, policy and risk data, helping improve underwriting accuracy, pricing discipline and portfolio management.
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