German insurer Allianz has made an incremental investment of $855m in China Pacific Insurance (CPIC) H shares.

The shares were purchased from US alternative asset manager The Carlyle Group.

Initially, Allianz invested $150m during CPIC’s H share IPO, in December 2009.

With this investment German insurer now owns a total of 240 million H shares in CPIC, representing approximately 2.8% of CPIC’s total outstanding shares and 10.4% of the H shares.

Allianz CEO Michael Diekmann said that the long-term investment in CPIC, is part of strengthening Allianz’ position in this important growth market.

"We are looking forward to further developing our strategic partnership with this successful company and its strong management team," Diekmann said.