Chinese insurer’s $100bn spending spree to slow in 2017
Publish Date:Posted almost 7 years ago
A clampdown on speculation by insurers and new regulations on outbound capital flows is causing one of China’s most acquisitive industries to slow down. $100 billion of deals were done by Chinese insurers over the past three years but so far this year there hasn’t been a single acquisition. Anbang Insurance Group Co., Ping An Insurance (Group) Co. and China Life Insurance Co. were some of the largest spenders last year, purchasing assets ranging from a U.S. hotel chain to an auto website operator. The China Insurance Regulatory Commission has pledged to end exposure to systemic risks. At a briefing in Beijing on Wednesday, the chairman of China’s top insurance watchdog promised to control “drastic investments and blind acquisitions” by some insurers.
