CITIC Trust and Investment, a government-backed investment arm, will buy Dazhong Insurance's 49% stake in life insurance joint venture Allianz Dazhong Insurance, while Allianz, Europe's biggest insurer, will continue to hold the other 51%, the Standard of Hong Kong reported. Dazhong said it was disposing of the stake in Allianz Dazhong, which has been losing money since its 1998 inception, to focus on property and casualty insurance.
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