The China Securities Regulatory Commission has approved Ping An Insurance (Group) Co Ltd's applications for raising funds via convertible bonds, the insurer said on Thursday.

Ping An said in December 2011 that it will issue up to 26 billion yuan ($4.18 billion) in convertible bonds to trade in the A-share market to boost its solvency ratio, supplement capital operations and support other business approved by the regulation.

By the end of 2012, Ping An's solvency ratio was about 185.6 percent, compared to the 2011 rate of 166.7. The minimum solvency ratio set by China's insurance regulator is 150 percent.

Analysts said the approval for Ping An convertible bonds issuance is the first for insurers listed in the A-share market, and it shows regulators encouragement of insurers' financial innovation and determination to boost capital market growth amid the steady development of the financial services market.

Statistics show that the volume of convertible bonds issued in A-share market has reached some 150 billion yuan since 2010.