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S Africa health insurer buys into Ping An

(Xinhua)
Updated: 2009-12-02 13:57

South African health insurance firm Discovery Holdings Ltd buys up to 25 percent of shares of China Ping An's health insurance sector in a move to tap the fast-expanding market in China.

Ping An Insurance (Group) Company of China, Ltd said on its website Tuesday that Discovery purchased no more than 24.99 percent of equities of Ping An Health Insurance Company of China, Ltd.

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The alliance will allow Discovery an easy access to Chinese customers via Ping An's sales network, while Ping An will also learn from South Africa's biggest health insurer about the expertise and experience in health management and risk control, said the company statement.

The transaction will be completed after the approval of the industrial regulators of both countries.

China's health insurance market has become riveting for foreign insurers as commercial health insurance only accounted for four percent of the nation's total. The domestic sales is expected to reach 300 billion yuan ($43.9 billion) in 2013.

Discovery was founded in 1992 and controlled 40 percent of the domestic sales.

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