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Temasek, Blackstone Said to Bid for 15.6% of Taikang Life

 

Tuesday, Nov 03,2009, 10:01:06 PM   Click:

Temasek Holdings, Blackstone Group and KKR are said to bid for a 15.6 percent stake AXA SA plans to sell in Chinese insurer Taikang Life Insurance Co., Ltd.

The 15.6 percent stake is estimated at USD 1.05 billion by the French insurer and the first-round bidding is scheduled to be held this Friday.

Taikang Life is the fourth biggest life insurer in China and the total assets reaches about USD 28.12 billion. The premium revenue and after-tax profit it captured last year hit CNY 57.7 billion and CNY 1.7 billion, respectively, with market share of 7.9 percent. Currently, it has 19 shareholders including AXA, China National Foreign Trade Transportation (Group) Corp. and China Guardian Auctions Co., Ltd.

AXA acquired Winterthur Insurance for USD 10 billion in 2006 and via the deal, it obtained a 15.6 percent stake in the Chinese insurer. It had a net profit of EUR 1.32 billion in the first half of this year, down 39 percent from a year ago.

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