Ping An Insurance Group, China's second-largest life insurer, has invested in a 4.2 per cent share of Dutch-Belgian financial services firm Fortis. The USD2.7 bn deal, which makes Ping An the top individual overseas shareholder in Fortis, is the largest foreign acquisition by a Chinese insurance company. It follows Ping An’s recent USD154m purchase of nine per cent of Hong Kong fund manager Value Partners. The Financial Times reports that China Life, Ping An’s larger rival, plans to buy a stake in a big insurance company in Europe or North America. Ping An's move pushed shares in the Belgo-Dutch group more than 3.5 per cent on Thursday.

Last update : Friday, 30 November 2007

Keywords : Ping An Purchases Fortis Stake

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