Sino-Canadian insurer Sun Life Everbright Life Insurance Co., Ltd. on November 23 gained regulatory approval to expand registered capital to CNY 1.4994 billion from previously CNY 1.2 billion.

The added part will be injected by its Chinese shareholder China Everbright Group and foreign shareholder Sun Life Financial Service 50 percent by 50 percent and after that, it will still be a 50-50 joint venture between the two companies.

The registered capital expansion indicates that Everbright Group's plan to shift the venture into a Chinese one has been laid on the table. The Chinese conglomerate said on July 30 this year that it had inked a contract to inject CNY 1.8 billion to Sun Life Everbright Life and raise the stake it holds in the latter to 80 percent from 50 percent. After the injection, the venture will shift into a Chinese one. Sun Life Financial Service has the right to inject capital into the venture but the stake it controls in the latter will not exceed 25 percent.