French insurer Groupama is selling its Portuguese arm, Groupama Seguros de Vida SA, to China Tianying Inc., Lusa reports.

The Portuguese news agency says China Tianying is buying the life and non-life businesses of Groupama Seguros de Vida.

The report says the parties failed to say how much the Chinese company is paying for the Portuguese insurer.

The Portuguese regulator has yet to give permission for the sale, Lusa says.