Fosun International Ltd, China's biggest private conglomerate, has bought a controlling stake in Portugal's largest insurance group for 1 billion euros ($1.36 billion), in a bid to build an investment group focused on the insurance sector.

Fosun International's chairman Guo Guangchang said in statement on Thursday that the Hong Kong-listed company outbid US investment fund Apollo Global Management LLC to acquire an 80 percent stake in state-owned Caixa Seguros e Saude SGPS SA, Portugal's largest insurance group, which is owned by state bank Caixa Geral de Depositos SA.

Fosun won the bid for the acquisition of 80 percent of the share capital and voting rights of Fidelidade SA, 80 percent of the share capital and voting rights of Multicare SA, and 80 percent of the share capital and voting rights of Cares SA, all fully owned units of Caixa Seguros e Saude, the statement said.