China Pacific Insurance, the country's third-largest life insurer by premium, plans to invest 5 billion yuan ($734.8 million) in Shanghai Rural Commercial Bank's (SRCB) private placement, the Shanghai Securities News reported Wednesday, citing a source familiar with the matter.

The source said the investment plan was initiated in May and completed in July internally. The insurer is now waiting for regulators' approval, the report said.

To invest in SRCB will not only generate stable profits but also broaden the sales channels of China Pacific's bancassurance business, a Reuters report said.

SRCB, founded in 2005, now has over 300 outlets. By the end of June, the bank's total assets reached 234.56 billion yuan. In 2009, it made a profit before provision of 2.76 billion yuan, according to information on its website.