Ping An Life Insurance Company of China plans to raise five billion yuan ($731.31 million) in a rights issue, largest shareholder Ping An Insurance (Group) Co of China Ltd said.

Ping An Insurance, which holds a 99 percent stake in Ping An Life, will take up most of the placement.

Shares will be issued at a ratio of one for every 0.76 shares held, Ping An Insurance said in a statement filed with the Shanghai Stock Exchange.

Ping An Insurance will pay 4.95 billion yuan for 4.95 billion new shares, it added.

(Agencies via China Daily August 29, 2008)