(Yicai Global) Dec. 7 -- Samsung Property & Casualty Insurance, a foreign-funded insurer in China, will attract CNY550 million (USD76.5 million) in investment from five firms, which should make a unit of Tencent Holdings its second-largest shareholder.

SPCI's registered capital will reach about CNY876 million after the new investment and Tencent Domain Computer Network will have a 32 percent stake, the Shanghai-based insurer with links to South Korean conglomerate Samsung Group said in a statement on Dec. 4.

The other investors include Shanghai-based Jiayin Culture Communication with its 11.5 percent stake and Shenzhen's Universtar Science & Technology with a matching figure. Shanghai's Tiancen Asset Management Partnership, and Boyu III Shanghai Equity Investment Partnership will each have 4 percent of SPCI's equity. South Korea’s Samsung Fire & Marine Insurance will have its shareholding fall to 37 percent from 100 percent.

The parent, South Korea's largest property insurer, established SPCI in 2005 and the Chinese affiliate provides its clients with property, vehicle, cargo transport insurance products.

Shenzhen-based Tencent has been dipping its toes into insurance business. In 2013, it teamed with Ant Group, Ping An Insurance, and others to set up ZhongAn Insurance, China's first online insurer. It has also bought stakes in Hetai Life Insurance and Aviva Life Insurance. In June, the firm hired Ren Huichuan, former vice-chairman of Ping An, to explore online insurance business.

Editor: Emmi Laine