Hangzhou-headquartered Sinatay Life Insurance Co Ltd has received the approval from the insurance regulator to increase its capital base to 5 billion yuan ($746 million)，the third time for the company since 2015.

After this round of injection, the company's registered capital doubled that of 2015, showing the company's ambition for fast expansion, the company said in an e-mail statement.

Mitsui Sumitomo Insurance has an investment in Sinatay, with a stake of around 2 percent after the company's capital boost. The Japanese insurer didn't take part in the capital injection, according to people with knowledge of the matter.

Sinatay Life made profit for the first time last year since its establishment in 2007. By the end of August, the company's premium income reached 11.3 billion yuan this year, exceeding that of 2015.

After the capital injection, the company's solvency ratio is expected to exceed 330 percent, far exceeding the regulator's requirement, thus paving the way for a rapid business expansion afterward.