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Article: China Life Insurance searching for global partner
- Article from:
- China Daily
- Article date:
- January 13, 2006
- Author:
CopyrightCopyright 2006 China Daily. Provided by ProQuest LLC. (Hide copyright information)
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China Life Insurance Co, overtaken by rivals in a race for foreign
investors, is accelerating its search for a global partner nearly
three years after a deal with Citigroup Inc fell through.
Talks with Citigroup over selling a 25-per cent stake stalled over
price disputes in 2003, according to two China Life sources, sending
the mainland's top life insurer back to the negotiating table with a
list of 19 potential candidates.
While China Life has struggled with false starts, fellow insurers
Ping An (Group) Co, China Pacific Life Insurance and PICC Property &
Casualty have signed on with big foreign institutions to help boost
credibility with overseas investors and high-end customers.