China Life Unit: Studying Possible Overseas Buys Amid Turmoil
China Life Unit: Studying Possible Overseas Buys Amid Turmoil
Last Update: 9/18/2008 3:16:01 AM
BEIJING (Dow Jones)–China Life Insurance (Group) Co. recently held special
meetings to study potential opportunities for overseas acquisitions amid the
market turmoil, Zhang Fengming, vice president of the group’s asset management
unit, said Thursday.
“We have kept seeking targets overseas and domestically for strategic investment
but we are very prudent,” he said.
Speaking at a conference, Zhang said the extent of the recent financial turmoil
had taken China Life by surprise.
“The depth and breadth of the correction in domestic and international markets
has exceeded our expectations. We feel astonished by developments,” he said.
“We had thought we should learn from a company like AIG to become a top-class
insurer, now there turns out to be a restructuring of AIG,” Zhang said.
Zhang declined to say if China Life is considering an investment in American
International Group Inc. (AIG).
China Life Insurance (Group) Co. is the parent of Hong Kong-listed China Life
Insurance Co. (LFC), the country’s largest life insurer by assets.
-Victoria Ruan and Aaron Back contributed to this story, Dow Jones Newswires;
(8610) 6588-5848; victoria.ruan@dowjones.com
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