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.
Picture this – 3 am in the morning, I had a line of fiends stretched around the corner of my block. It was in the freezing middle of January but they had camped out all night, jumping-ready to buy like there was a sale on Jordans. If you were 16 years old, in my shoes, you’d do anything to survive, right? I got good news though; I MADE IT OUT OF THE HOOD, with nothing but a laptop and an internet connection. I’m not special or lucky in any way. If I, as a convicted felon that used to scream “Free Harlem” around my block until my throat was sore, could find a way to generate a stable, consistent, reliable income online, ANYONE can! If you’re interested in legitimate, stress-free side hustles that can bring in $3,500/week, I set up a site you can use: https://incomecommunity.com