Taiwan-based China Life Insurance Co. Ltd. is aiming to raise NT$11.25 billion from an issuance of 450 million shares.

The insurance company is tentatively offering the shares at NT$25 apiece, and noted that the final price will be determined based on market conditions and subject to regulatory approval.

According to a March 21 filing, 80% of the issuance, or 360 million shares, are earmarked for existing shareholders, while 10%, or 45 million shares, are each allocated to the public and to company employees.

China Life intends to use proceeds generated from the equity offering to support business growth, finance long-term development, enhance its capital structure and boost its capital adequacy ratio.

As of March 21, US$1 was equivalent to NT$30.85.