By Sabela Ojea


Chubb Ltd. said Friday that it has received regulatory approval from the China Banking and Insurance Regulatory Commission to increase its stake in Huatai Insurance Group Co. Ltd. and has become the China-based holding company's largest shareholder.

Property and casualty insurance company Chubb said its current stake in the Chinese group, which has increased to 83.2% from 47.3% previously, is the culmination of a 20-year effort.

"Upon the closing of the acquisition of these shares, Chubb will be the first foreign financial institution to majority-own a Chinese financial services holding company," Chairman and Chief Executive Evan G. Greenberg said.

Chubb Ltd. sees its deal to become majority shareholder of Huatai Insurance Group Co. Ltd. closing early in the first quarter of 2023.

Huatai is the holding company of several subsidiary companies, which include Huatai Property and Casualty Insurance Co., Huatai Life Insurance Co., and Huatai Asset Management Co., it said.


Write to Sabela Ojea at sabela.ojea@wsj.com


Corrections and Amplifications

This article was corrected at 8:14 a.m. ET because it incorrectly said the deal was seen closing in the third quarter of 2023. Chubb Ltd. sees its deal to become majority shareholder of Huatai Insurance Group Co. Ltd. closing early in the first quarter of 2023.

(END) Dow Jones Newswires

11-18-22 0822ET