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As early as this March, the Beijing-based insurance firm bought about USD 300 million worth of shares in VISA at a purchasing price of USD 44 a share. However, the buyer has adjusted its investment strategy by selling such shares in the following months, under the situation of global financial crisis. Based upon an average selling price of USD 70 a share, the Chinese insurance giant nearly got double return on investment.
Liu Lefei believes that the coming three to six months will be a favorable time for those-performing enterprises, including China Life itself, to conduct mergers and acquisitions. Actually, the listed insurer is seeking overseas investment opportunities presently.
Still, the coming two years will be a period for the adjustment of macro-economy and the stock market, but it will also be a hard-won chance for the insurance industry, the chief investment officer added. He points out that China Life will get fat returns from its fixed-income investments in the future once the country reduces the interest rate further.
Besides, China's cabinet the State Council has granted green light for local insurance companies and groups to make equity investments into non-listed firms. As a response, China Life now is studying relevant policies and waiting for China Insurance Regulatory Commission to promulgate relevant policies. The life insurer has targeted some infrastructure construction projects and investment opportunities of some non-listed commercial banks, and it has submitted applications to the insurance regulator.
As at the end of the third quarter, the investment assets of China Life stood at CNY 888.6 billion, of which, CNY 12.78 billion were tradable financial assets, decreasing 49.14% than the previous year. Meantime, the fixed deposits gained CNY 13.4 billion or 14.26% from 2008 start to CNY 192.6 billion, and fixed-incomes investments added CNY 5.5 billion or 7.89% to CNY 211.1 billion.
For the moment, it as the parent of China Life Insurance Asset Management Company Limited (China Life AMC) is planning to add the investment in the asset manager. China Life Insurance (Group) Company, the parent of both China Life and China Life AMC, will also take part in the move, after which, China Life and China Life Insurance (Group) will respectively take a 60% and 40% stake in the asset manager.
(USD 1 = CNY 6.82)
From www.nanfangdaily.com.cn, Page 1, Wednesday, November 12, 2008 info@SinoCast.com
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