It's ABC for top insurer
China Life Insurance, the world's biggest life insurer by market value, is considering becoming the pre-IPO investor of Agricultural Bank of China and the Asian unit of American International Group (AIG), the company's top management said yesterday.
"We're definitely interested in any influential, branded financial institutions with sound results, and such equity investment is in line with our strategy to maintain strong core business while developing diversified financial units properly," China Life Chairman Yang Chao told a media briefing in Beijing.
China Life has enjoyed close cooperation with Agricultural Bank of China and has recently renewed a strategic cooperation deal for broader partnership. The company has also talked to underwriters for AIG's Asian life insurance unit, AIA, which is looking to list via an initial public offering in Hong Kong, Yang said.
