The China Insurance Regulatory Commission said it has given its approval to Union Life Insurance Co, in which Eurizon Financial Group holds a 19.9 pct stake, to launch three insurance products linked to stock investment.

No further details were provided.

Union Life posted premium income of 2.26 bln yuan in the first nine months.

Earlier this year, Eurizon, a fund management and insurance unit of Intesa Sanpaolo SpA, paid 6.5 yuan per share, or a combined 860 mln yuan, for the 19.9 pct stake in Union Life, becoming the insurer's second largest shareholder.

Union Life is reportedly to sell another 5 pct stake to Japan's Taiyo Life Insurance Co at 8 yuan per share.