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| China Life Still Interested in Property Insurer |
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China Life Insurance, the country's largest life insurer, has not ruled out acquiring Shanghai-based property insurer Dazhong Insurance Co in order to diversify its business, the chairman said yesterday. "Even though we finally decided to set up a property and accident company from scratch, we will still think about taking over an insurer through the capital market afterwards," said Yang Chao, chairman of China Life. His comments came after talk of China Life withdrawing from the acquisition after German insurance group Allianz and "When strengthening our core business life insurance and assets management we will diversify our business moderately," Yang said. China Life is actively looking for a property and accident insurance company and a pension company. Meanwhile, Yang confirmed that the company would consider buying stakes in funds, trusts and banks. After acquiring US$250 million shares of China Construction Bank during the bank's IPO (initial public offering) last year, China Life will also seek a big slice at the imminent IPO of the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC). "We think highly of BOC shares and want to hold them for the long term," said Liu Jiade, vice-president of China Life. Liu also disclosed that the company would further increase its investment in long-term bonds and reduce its time deposit. China Life has increased the proportion of long-term bonds in its investment portfolio from 6 per cent to 20 per cent last year. The company's investment return reached 3.86 per cent, up 37 basis points from 2004. (
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