Chubb Ltd has received approval from the China Banking and Insurance Regulatory Commission to increase the company’s ownership in Huatai Insurance Group Company Ltd to 26.2 per cent.

That is up from its current 20 per cent and, as a result of 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 Insurance Group is the holding company of Huatai P&C Insurance Company, Huatai Life Insurance Company, Huatai Asset Management Company, Huatai Baoxing Fund Management Company, among other subsidiaries. Huatai Group’s insurance operations have more than 600 branches and 11 million customers.

Evan Greenberg, chairman and chief executive officer of Chubb, said: “We made our first investment in Huatai in 2002 and became the company’s largest shareholder. This increased ownership is an important milestone towards our goal of majority and beyond ownership.

“Chubb’s continuous investment in China over the past 17 years, including our wholly owned Chubb China subsidiary, demonstrates our long-term commitment to the development of a strong Chinese financial services industry and the important role it plays in serving Chinese society and the welfare of its people.”