Chinese insurers up joint venture stakes

BEIJING - An increasing number of joint-venture life insurers are diluting their shares in foreign stocks in favor of domestic ones, banking on local insurers expanding more quickly.

Sun Life Everbright Life Insurance Co, which used to be a 50-50 joint venture between Canadian financial group Sun Life and Chinese financial conglomerate Everbright Group, has just become a local insurer by increasing its registered capital and bringing in new investors.

After the change in the shareholding structure, the company's registered capital doubled to 3 billion yuan ($441 million), with the Everbright Group taking a 50 percent stake, Sun Life Group 24.99 percent, and two new shareholders - China North Industries Group Cooperation and Anshan Iron and Steel Group Cooperation - taking 12.505 percent respectively.