LISBON, Jan. 9 -- As Portugal pushes to exceed its revenue goal under a 78-billion euro bailout program, the government approved a proposal by the Chinese Fosun International Limited on Thursday to buy 80 percent of the social capital of state-owned insurer Caixa Seguros.

Fosun beat American company Apollo Management International, the only other bidder, and will pay 1 billion euros (1.36 billion U.S. dollars) for the stake, Secretary of State of Finance Manuel Rodrigues told reporters here.

The decision was announced earlier in the day at the council of ministers meeting.

Caixa Seguros is Portugal's largest insurance group and has a 26 percent share of the country's insurance market.