BEIJING - China Construction Bank, the country's second-largest lender, said Monday that its insurance arm CCB Life had received approval from regulators to increase capitalization.

The Shanghai-based CCB Life's registered capital will increase to 4.5 billion yuan ($714.29 million) from 1.18 billion yuan.

The insurance company has also introduced the National Council for Social Security Fund as one of its major investors.

The council will acquire a 14.27-percent stake in CCB Life to become the third-largest shareholder of the life insurer, while Taiwan's China Life Insurance Co., the second-largest shareholder, will hold a 19.9-percent stake after the capital increase.

In July 2011, China Construction Bank bought a 51-percent stake in Pacific Antai Life and changed the company's name to CCB Life.

CCB Life aims to develop itself as a mid-sized national insurance company, helping China Construction Bank to expand its life insurance business and provide comprehensive financial services.

CCB Life's premium incomes rose 6.1-fold year on year to reach 2.79 billion yuan in the first half.