HONG KONG, Nov 27 (Reuters) - China Pacific Insurance (Group) Ltd (601601.SS: Quote, Profile, Research) received approval from the listing committee of Hong Kong's stock exchange for its $3.4 billion Hong Kong IPO, said a source close to the deal on Friday.

The development clears the way for China's third-largest life insurer to launch its long-delayed Hong Kong listing.

China Pacific, part-owned by U.S. private equity firm Carlyle Group [CYL.UL], received Chinese government approval for the listing on Wednesday.

The company is taking advantage of a stock market revival this year to raise money and compete more aggressively with bigger rivals Ping An Insurance (Group) Co (2318.HK: Quote, Profile, Research) (601318.SS: Quote, Profile, Research) and China Life Insurance Co. (2628.HK: Quote, Profile, Research) (601628.SS: Quote, Profile, Research) (Reporting by Kennix Chim; Editing by Chris Lewis) ((donald.durfee@thomsonreuters.com; +852 2843-1649; Reuters Messaging: donald.durfee.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))