Date
25 January 2017
Fosun vice chairman Liang Xinjun (right), seen with chairman Guo Guangchang, says insurance assets should make up half the conglomerate's portfolio this year.  Photo: HKEJ
Fosun vice chairman Liang Xinjun (right), seen with chairman Guo Guangchang, says insurance assets should make up half the conglomerate's portfolio this year. Photo: HKEJ

Fosun mulls expansion in insurance sector

Fosun International Ltd. (00656.HK) is seeking opportunities to acquire insurance assets overseas amid low valuations and risks, the Hong Kong Economic Journal reported Friday.

The proportion of insurance assets in the conglomerate’s portfolio is expected to rise to 50 percent this year from 35 percent at the end of last year, the report said, citing vice chairman Liang Xinjun.

Total premiums are expected to top HK$200 billion (US$25.8 billion), almost seven times the amount in 2013 and double last year’s.

By the end of last year, the conglomerate had invested in 36 projects, with total insurance assets worth 113.09 billion yuan (US$18.2 billion).

Meanwhile, Liang said, the company is ready to give its full support to Zhejiang Internet Commerce Bank, in which it has a 25 percent stake.

The bank obtained its licence Wednesday.

The conglomerate also holds an interest in Shenzhen Qianhai Micro Focus Bank, in which Alibaba Group Holding Co. Ltd. is an investor.

That bank leverages on Alibaba’s 400 billion yuan portfolio of micro loans.

Translation by Vey Wong

[Chinese version中文版]

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