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在线翻译:
szdaily -> Business
PICC in talks over Southeast Asian insurers
    2017-August-29  08:53    Shenzhen Daily

INSURANCE giant PICC Group is in talks to either acquire or buy a stake in several Southeast Asian insurers and expects some deals to close before the end of the year, a senior executive said yesterday.

Xie Yiqun, vice president of the group, formally called People’s Insurance Co. (Group) of China (PICC), said he expects one or two deals to materialize this year with a few more to come in the next two or three years.

PICC’s overseas push is in line with China’s Belt and Road initiative. PICC plans to set up offices and branches in certain Belt and Road countries, while also looking for investment and acquisition opportunities, Xie said at an earnings briefing.

“Insurance regulations vary from country to country,” he said. “We have a map (of target markets). Our progress in each country varies as each has a different level of openness.”

Although Chinese outbound deals are declining in the wake of increased scrutiny by the government, merger and acquisition deals by Chinese companies in Belt and Road countries are soaring, with investment for 2017 hitting US$33 billion by mid-August, Thomson Reuters data showed.

Executives for the insurer also said it was using Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect programs as a new channel for investment and had spent 8 billion yuan (US$1.2 billion) to 10 billion yuan on that in the first half of this year.

The company said first-half net profit rose 14 percent to 8.82 billion yuan, helped by growth in total written premiums.

(SD-Agencies)

 

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