PICC eyes South-East Asia acquisitions

August 29 2017 by InsuranceAsia News Staff

PICC is reportedly in talks with potential acquisition targets in South-East Asia, with some of the negotiations already in an advanced stage.

China’s biggest non-life insurer may see a couple of deals happening before the end of this year, according to its vice-president Xie Yiqun.

The company executive added that the deals could include stake purchases or outright takeovers.

Beijing-based PICC Group reported half year profits of Rmb8.82 billion (US$1.33 billion) last week, up from Rmb7.73 billion in the same period in 2016.

The group also operates its life and health insurance businesses through PICC Life Insurance and PICC Health Insurance.