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China Life says approached by U.S. financial firms
BEIJING (Reuters) - Several U.S. financial firms have inquired whether China Life Insurance Co (601628.SS)(2628.HK) (LFC.N) would like to invest in them, Wan Feng, the president of the nation's biggest insurer, said on Wednesday.
Speaking to reporters on the sidelines of an industry conference, Wan was not specific.
"There have been many who have approached us in recent days, but we'll select the most suitable," Wan said.
He was responding to a question about China Life's plans to venture overseas and about the need of some U.S. banks to replenish capital wiped out by mortgage losses.
"As for going out (from China), we will think proactively but will be prudent in our selection," he said.
China Investment Corp, the country's sovereign wealth fund, China Development Bank, the State Administration of Foreign Exchange and CITIC Securities Co have all invested in U.S., British and Australian financial institutions in recent months.
Wan said China Life's business was strong last year.
"I can say the 2007 performance is much better than expected," he said.
Premiums this year would grow at the same rate as in 2007, he added.
"2008 will certainly continue the development momentum we have seen in 2007, and if the macro-environment remains as it is, the business growth rate will be about the same," he said.
China Life collected insurance premiums of 183.8 billion yuan ($25.4 billion) in the first 11 months of 2007.
That was the same as in all of 2006, when premiums rose 14.2 percent over 2005.
Insurance income accounts for the lion's share of China Life's revenues as the country's growing wealth has led more people to buy policies.
(Reporting by Zhou Xin; Editing by Alan Wheatley)
