China Pacific Insurance (Group) Co said it has decided to sell its entire 50 percent stake in Pacific Antai Life Insurance Co Ltd, a 50-50 joint venture with ING Group.

In a draft initial public offering (IPO) prospectus filed with the China Securities Regulatory Commission (CSRC), however, China Pacific said it has not signed an agreement with any potential investors yet to sell the stake.

Shanghai-based Pacific Antai Life posted a first-half net profit of 26 million yuan ($3.52 million), compared with a loss of 20 million yuan for full-year 2006, the prospectus said.

It said the venture's assets totaled 2.53 billion yuan at the end of June, with net assets standing at 345 million.

Founded in 1998, Pacific Antai Life currently has operations in Shanghai and southern China's Guangdong province. It has recently won regulatory approval to set up a branch in Jiangsu in eastern China.

The venture reported premium income of 579.7 million yuan in the first 10 months.

China Pacific, in which Carlyle Group holds a 19.9 percent stake, is planning to issue 1 billion A-shares in Shanghai, as well as up to 900 million H-shares in Hong Kong after it completes its Shanghai listing.

China's securities regulator is due to review China Pacific's IPO plan on Monday.