Chubb will increase its stake in Huatai Insurance Group after receiving the green light from China’s financial regulator.

It will raise its holding in Huatai to 30.9% from 26.2%, after receiving approval from the China Banking and Insurance Regulatory Commission (CBIRC), the insurer says.

Chubb first invested in Huatai in 2002. Huatai Group's insurance operations have more than 600 branches and 11 million customers.

“We remain committed to support Huatai as a long-term strategic shareholder and we have great confidence in both China and the long-term potential of the Chinese insurance market,” Chubb President and CEO Evan Greenberg said.

China’s non-life premiums will grow 9% in 2020, and life premiums 11%, according to forecasts from Swiss Re.