The global insurance giant was approved by the China Banking and Insurance Regulatory Commission to raise its shareholding ratio in Huatai from 26.2 percent to 30.9 percent, according to the newspaper.
The move represented a significant step for Chubb as it intends to purchase more of Huatai's shares in the future, said Evan Greenberg, president of Chubb Limited, adding that the company is confident about the great potential of China's insurance market and will continue to support Huatai.
With over 600 branches and 11 million clients, Huatai Insurance Group was turned into a joint venture earlier this year when Chubb bought more Huatai shares.
Listed on the New York Stock Exchange, Chubb currently has operations in Beijing, Shanghai, Jiangsu and Guangdong, with plans to commence operations in other regions in the near future, according to its website.
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