The company said the money raised through the IPO will be used to raise its capital fund and for businesses approved by regulators, while providing no specifics.

Ping An has a 16.1 percent of the country's life insurance market in 2005 and posted 5.32 billion yuan (684 million U.S. dollars) in net profits in the first three quarters of last year, up 25.77 percent from the same period a year earlier.

China Life, the first Chinese insurer which began trading in Shanghai on January 9, has raised 28.32 billion yuan (3.65 billion U.S. dollars) from its initial public offering of 1.5 billion A-shares.

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