Insurance giant China Pacific has reached an agreement with shareholder Carlyle Group, the US buyout firm, that will allow it to pursue a US$1 billion stock market listing this year, the Financial Times reported. The listing has been on hold pending talks with Carlyle, which bought a 25% stake in China Pacific's life insurance arm for US$410 million in December 2005. The state-owned company also has a general insurance unit and both subsidiaries are expected to be included in the Hong Kong offering. People familiar with the negotiations said Carlyle has agreed to swap its existing stake for a 19.9% holding in China Pacific as a whole. It will also invest an additional, unspecified sum. The agreement still requires approval from the China Pacific board, shareholders and regulators.