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Ping An Property & Casualty Insurance Company of China has nearly doubled its capital to 3 billion yuan (US$380 million), the company announced yesterday.

Approved by the China Insurance Regulatory Commission, the company, the property and casualty insurance arm of the Ping An Insurance (Group) Co, raised 1.4 billion yuan (US$177 million) through an allotment of shares.

"The replenishment of capital will provide stronger support to the rapid and long-term development of our business," said Cao Shifan, chairman and CEO of Ping An Property and Casualty Insurance.

"It shows we will have improved competitiveness, with stronger capital strength, solvency and underwriting capability," Cao said.

The newly raised fund will be used to improve the insurer's management and offer better services to clients.

It plans to expand service networks, develop new products, provide more training for employees and insurance agents, improve its information system and build a unified and efficient business platform.

After the re-capitalization, the company is ranked as one of the top three property and casualty insurers in the country in terms of capital strength.

Established in December 2002, Ping An Property and Casualty Insurance set up 39 branches and over 1,100 outlets around the country.

During the first half of the year, the company realized a net profit of 317 million yuan (US$40 million), an increase of 123.2 per cent over the same period last year.

Its gross premium during the period reached approximately 8.4 billion yuan (US$1.06 billion), a year-on-year rise of 33.4 per cent.

(For more biz stories, please visit Industry Updates)