Taiwan Life to buy into China insurance JV-sources
SHANGHAI/TAIPEI, April 11 (Reuters) - Taiwan Life Insurance Co. (2833.TW) is in talks to buy 50 percent of an existing China insurance joint venture, as it seeks to tap into the fast-growing market, sources close to the situation said on Wednesday.
Under the deal being discussed, the Taiwanese insurer would buy out Commonwealth Bank of Australia's (CBA.AX) stake in China Life-CMG Insurance Co., a 50-50 joint venture between the Australian bank and China Life Insurance (2628.HK) (601628.SS), said the sources, speaking on condition of anonymity.
Meanwhile, China Life Insurance, China's largest life insurer, would sell its 50 percent stake in the venture to Shougang Group, China's sixth largest steel maker, the sources said. After the proposed ownership change, which is subject to regulatory approval, China Life-CMG would be renamed, the sources said, adding the deal could close by the end of this year.
((Reporting by George Chen and Faith Hung, editing by Ken Wills; george.chen@reuters.com; Reuters Messaging: george.chen.reuters.com@reuters.net; +86 21 6104 1795)) Keywords: TAIWANLIFE STAKE/CHINA
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