Chubb acquires majority of local venture in China

Chubb increased its stake in Huatai Insurance Group to 26% from 20%.

Swiss-based Chubb has increased its stake in its insurance joint venture in China, Huatai Insurance Group, to 26% from 20% in another sign of further liberalisation in China’s financial services sector, reports Nikkei Asian Review.

Regulators have approved a change in the legal structure that will allow Chubb to increase its stake above 50%.

“This increased ownership is an important milestone towards our goal of majority and beyond ownership,” Chubb chief executive Evan Greenberg said.

Hong Kong-based AIA is the only overseas company allowed to have full control of a life insurance company in China.