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Sunshine Life Insurance injects capital into unit

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Sunshine Life Insurance injects capital into unit

Sunshine Life Insurance Corp. Ltd. invested 41.7 million Chinese yuan in unit Sunshine Property and Casualty Insurance Co. Ltd. to help improve its solvency and ability to meet regulatory needs.

This is part of Sunshine Property and Casualty's new share issuance exercise to raise 1 billion yuan, according to an Aug. 28 release.

The move does not change Sunshine Life's 4.17% stake in the unit, whose remaining shareholding is held by Sunshine Insurance Group Corp. Ltd.

Sunshine Insurance Group also owns the majority of shares in Sunshine Life.

As of Aug. 28, US$1 was equivalent to 6.80 Chinese yuan.