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Chubb Ltd. on Friday said it has received regulatory approval from the China Banking and Insurance Regulatory Commission to increase Chubb’s ownership in Huatai Insurance Group Co. Ltd. from 47.3% to 83.2%.
Chubb expects the transaction to close early in the first quarter of 2023 and said it will provide additional information “in the near future.”
Huatai is the holding company for subsidiaries including Huatai Property & Casualty Insurance Co., Huatai Life Insurance Co., and Huatai Asset Management Co., a Chubb statement said.
Huatai’s insurance operations comprise more than 700 branches, 23,000 agents and approximately 19 million customers in China. In 2021, Huatai had total revenue of over $2 billion, the statement said.
Evan G. Greenberg, chairman and CEO of Chubb, said in the statement that China is the second-largest insurance market after the United States.