June 22 (NBD) -- China Pacific Life Insurance Co Ltd, a subsidiary of China Pacific Insurance (Group) Co Ltd (601601.SH), has signed an agreement to up its stakes in the Chinese fintech company Ant Financial with about 1.6 billion yuan (246.6 million U.S. dollars). 

Previously, China Pacific Life Insurance invested around 900 million yuan (138.7 million U.S. dollars) and 1 billion yuan (154.1 million U.S. dollars), respectively, in two funding rounds of Ant Financial completed in 2015 and 2016.

Given that Ant Financial is valuated at above 150 billion U.S. dollars, the insurance company is estimated to have a paper profit of 3.7 billion yuan (570.2 million U.S. dollars) from its investment in Ant Financial.

Email: zhanglingxiao@nbd.com.cn