China Pacific Insurance (Group) Co<601601>, the country's third-largest life insurer by premiums, has obtained approval from the China Insurance Regulatory Commission, the country's top insurance watchdog, to set up an asset management joint venture in Hong Kong with Pacific Asset Management Co Ltd, a subsidiary of the Shanghai-based insurer, according to a statement released by the CIRC on Thursday.

The JV, which will be called China Pacific Asset Management (Hong Kong) Co Ltd, will have a registered capital of HK$50 million.

China Pacific will hold a 49% stake in the JV, while Pacific Asset will hold the remaining 51%.

China Pacific's existing subsidiaries include Pacific Asset, China Pacific Life Insurance Co Ltd, China Pacific Property Insurance Co Ltd, Pacific Asset Management Co Ltd, China Pacific Insurance (H.K.) Co Ltd and Pacific-Antai Life Insurance Co Ltd.

In the first nine months of his year, the group's unaudited premium income from its life and property insurance units amounted to RMB 77.8 billion, up 1.4% year on year, according to an earlier report from China Knowledge.