Aug 25 (Reuters) - Chinese insurers, including New China Life, Taikang Life and Tianping Auto Insurance Co, are preparing a new wave of initial public offerings, the China Securities Journal reported on Wednesday.
The insurance companies need money to replenish their capital base, strengthen their repayment capability and plan for long-term growth, the official newspaper said.
New China Life, controlled by Central Huijin, aims to be eligible for an IPO within a year, while China Reinsurance (Group) Corp, also a unit of Huijin, is preparing for a dual-listing in Hong Kong and Shanghai, the newspaper said.
The People's Insurance Co (Group) of China, which aims to double its profit in 2011 from 2009, is seeking a private placement of shares ahead of an IPO, the article said.
China has four listed insurers -- China Life (601628.SS)(2628.HK), Ping An Insurance (2318.HK)(601318.SS), China Pacific Insurance (601601.SS) and PICC Property and Casualty Co (2328.HK).
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