By Anthony O. Goriainoff

Prudential said it will contribute $176 million in cash to joint venture Citic-Prudential Life Insurance Company's capital increase in a move aimed at bolstering its life-insurance presence in China.

The insurance-and-investment business said the joint-venture's registered capital will increase to $682 million from $331 million, and that the equity stakes of Prudential and China's Citic Financial Holdings remained unchanged at 50-50.

London-listed Prudential said the capital increase--which is subject to the relevant regulatory approvals--underscores the attractive long-term prospects of life-insurance business in the Chinese mainland.

Prudential said its share of the capital increase will be funded out of its reported $8.3 billion free surplus, as at June 30. The company said it will look to further deploy this for future growth opportunities.

"CPL plays a pivotal role in our overall strategy and growth, and we will continue to focus on delivering our customer-led and multichannel distribution strategy in the Chinese mainland... We are confident that the continued focus on quality establishes a good foundation for future growth, and we remain excited about the significant potential of the business ," Chief Executive Anil Wadhwani said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

December 20, 2023 02:51 ET (07:51 GMT)

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