Carlyle secures Chinese insurance

The Carlyle Group has signed an agreement to buy a US$408.7 million stake in China's third-biggest life insurer, China Pacific Life Insurance Co (CPIC), reported state media. Carlyle, one of the world's largest private equity firms, now owns a 24.98% stake in the insurer. China Pacific Insurance (Group) Co, the Chinese insurer's parent, is to match Carlyle's investment in the venture.