Fosun seeks expansion in insurance sector

Fosun International Ltd. is seeking opportunities to acquire insurance assets overseas amid low valuations and risks, the Hong Kong Economic Journal has reported.

The proportion of insurance assets in the conglomerate’s portfolio is expected to rise to 50 percent this year from 35 percent at the end of last year, the report said, citing vice chairman Liang Xinjun.

Total premiums are expected to top HKD200 billion (US$25.8 billion), almost seven times the amount in 2013 and double last year’s.

By the end of last year, the conglomerate had invested in 36 projects, with total insurance assets worth CNY113.09 billion.