China Taiping looking at Australian acquisition

Seller keen on riding market momentum caused by high-profile insurance deal

China Taiping looking at Australian acquisition

Insurance News

By Gabriel Olano

China Taiping Life Insurance, a Chinese state-owned insurer headquartered in Hong Kong, is interested in acquiring the life insurance arm of Australian financial services firm AMP.

Several China Taiping executives have visited Sydney to meet with their counterparts from AMP, according to a report by The Australian Business Review.

AMP has classified life insurance as a non-core business, and is keen on selling its life insurance arm, said the report, adding that AMP wants to take advantage of the momentum in the sector, following AIA’s acquisition of CommInsure, the life and health insurance unit of Commonwealth Bank of Australia, for almost US$4 billion.

Meanwhile, ANZ is also in the process of disposing of its combined wealth management and life insurance business.

China Taiping is also reportedly showing interest in AXA SA’s Hong Kong wealth management unit, along with around two dozen other buyers. It is listed on the Hong Kong Stock Exchange and is the first Chinese insurance group to be listed outside the mainland.

Related stories:
AIA agrees $3.8bn CBA insurance deal
AIA poised to acquire Australian bank’s insurance business
Two dozen buyers scrambling for AXA’s Hong Kong wealth management unit

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