02-Mar-19, PR Newswire
Chubb announced it has received approval from the China Banking and Insurance Regulatory Commission to increase the company's ownership in Huatai Insurance Group to 26.2% from its current 20%.
%20Body%20Shop%20Business.jpg "Chubb converts Huatai Insurance to Sino foreign joint venture (c) Body Shop Business")
Image: Body Shop Business
With the increased Chubb stake, Huatai Group becomes the first domestic Chinese financial services holding company to convert to a Sino-foreign equity joint venture.
Huatai Group's insurance operations have more than 600 branches and 11 million customers.