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Miu Jianmin, a vice president responsible for asset management in the Chinese company, said in an interview on November 25 that it had had no plan to buy AIG's Asian assets. Meng Zhaoyi, a senior official with the China Insurance Regulatory Commission (CIRC), the top Chinese insurance regulator, also said at a meeting that there was little possibility for Chinese insurers to acquire the assets.
Industrial and Commercial Bank of China (ICBC, SHSE: 601398, and SEHK: 1398), the largest commercial lender in China by assets, is keeping a close eye on the aforesaid assets. It will not rule out the possibility of buying the assets, Gu Shu, board secretary with the bank, said at a conference. And it all depends on how much and what time AIG will sell the assets.
As the biggest insurer in the US, AIG made a decision to sell part of the assets of its Asia-focused life insurance unit AIA after it received a USD 152 billion loan from the Federal Reserve. The asset sale will involve AIA assets in countries like China, Singapore, Thailand, Indonesia and Malaysia. So far, about 30 buyers have been in talks with it over the issue, said Edmund Tse, senior vice chairman of the US company. He declined to reveal more about those possible buyers, stating that formal negotiations had not been started.
However, in some industry experts' opinion, China Life, the biggest life insurer in China, will be one of them. It is a good opportunity for it to fuel its expansion in the Asian market. AIG will sell a small part of the assets of AIA in a bid to maintain its controlling shareholder position in the latter, added Tse. It plans to divide the targeted assets into several parts and then sell them to different buyers. In addition to prices, whether AIA can benefit from the asset sales in the long run will be key factors for it to consider when finalizing them.
AIA, the life insurance unit AIG set up for the exploration of markets overseas, have made a long-standing reputation in Asia. Its operating profit reached USD 2 billion in 2007 with up to 20 million consumers spreading in 13 Asian countries.
(USD 1 = CNY 6.83)
Source: www.hexun.com (November 27, 2008)
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