The Chinese authorities have cleared the way for Chubb to take control of its Chinese life insurance joint venture, signalling a new stage in the opening of the country’s financial sector.
Chubb has had a minority stake in Huatai Insurance Group, a diversified insurer and asset manager with 11m customers, since 2005, which on Monday it increased from 20 to 26 per cent.
Chinese regulators have now approved a change in the legal structure that will allow Chubb to take its stake above 50 per cent. This marks the first time an existing domestic insurer has converted to a so-called “Sino-foreign joint venture”.
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