Consolidation of China Insurance JVs Accelerated

ING announced the sale of insurance business days ago and currently, it takes a 50 percent stake in Pacific-Antai Life Insurance Co., Ltd. and ING Capital Life Insurance Co., Ltd., respectively. Bank of Beijing (SHSE: 601169), in which ING controls a 19.9 percent stake, is likely to be one of the possible buyers. The Shanghai-listed commercial lender was said to have been in talks with both joint ventures of the Dutch financial service provider over the issue. Notably, it was reportedly to have gained regulatory approval to buy into Pacific-Antai Life once.

Metropolitan Life Insurance Co. has two life insurance joint ventures, namely Sino-US MetLife Insurance Co., Ltd. and United MetLife Insurance Co., Ltd., in the country. Capital Airport Holding Co., the Chinese shareholder of Sino-US MetLife, will sell a 50 percent stake in Sino-US MetLife to Shanghai Alliance Investment Ltd. in line with consolidation plan by Metropolitan Life. However, both could not reach an agreement on price of the stake.