BEIJING - China's securities regulator has approved an application for an initial public offering (IPO) by the People's Insurance Company (Group) of China Limited (PICC).

The company, already listed in Hong Kong, applied to issue up to 4.6 billion shares on the Shanghai Stock Exchange, according to the company's prospectus filed with the China Securities Regulatory Commission (CSRC).

The IPO is expected to raise at least 10 billion yuan (about $1.6 billion), analysts said.

PICC's net profit attributable to equity holders last year stood at about 16.1 billion yuan, up 13 percent year-on-year, according to the annual report filed on the Hong Kong Stock Exchange.

PICC will be joining four other major insurers, including Ping An Insurance and China Life Insurance, to be listed in both Hong Kong and the domestic A-share market.

It will be the first insurance IPO on the A-share market since 2011.