Company discussed the possibilty with bookrunners of AIA, which is in the process of seeking a $4 billion Hong Kong IPO
China Life Insurance is assessing various possibilities to invest in Agricultural Bank of China and American International Assurance (AIA) – the Asia arm of troubled US insurance giant AIG, to improve its returns – reported Reuters. China Life has said that it earned CNY18.2 billion in the first half of 2009. Even though it is 15% up from 2008, it is way below the analysts’ expectations of CNY22.8 billion.
Yang Chao, chairman of China Life Insurance, has said in a press conference that the company has discussed the possibilty with bookrunners of AIA, which is in the process of seeking a $4 billion Hong Kong IPO. Reportedly, AIG had roped in Deutsche Bank and Morgan Stanley as joint coordinators for the IPO, quoted the news agency.
China Life is also contemplating an equity tie up with Agricultural Bank of China, which is yet to come up with an IPO. Reportedly, the bank is in talks with investors, as it gears up for dual listing in Shanghai and Hong Kong.