Allianz (ALVG.DE) has increased its stake in China Pacific Insurance (Group) Co (601601.SS) (2601.HK) for $855 million, Europe's biggest insurer said on Saturday. The investment follows the initial investment of $150 million made as part of life insurer China Pacific's listing on the Hong Kong stock market in December 2009. [ID:nTOE5BL080] Allianz said in a statement it bought the shares from private equity firm Carlyle Group [CYL.UL]. Allianz now owns a total of 240 million or 10.4 percent of China Pacific's Hong Kong-listed shares and 2.8 percent of all the company's outstanding shares, which include those listed in Shanghai. (Reporting by Harro ten Wolde; Editing by Greg Mahlich)
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