CHINA RE EMERGES AS POSSIBLE NEW CHINA LIFE INVESTORS

China Reinsurance and People's Insurance Company (Group) of China (PICC) have emerged as the favourites to take over the 38.8% stake in New China Life Insurance currently held by China's Insurance Guarantee Fund. The fund acquired a stake in New China Life last year, but with the planned creation of the Insurance Guarantee Fund Management Company after the Olympics it will transfer its holding. Baosteel Group and Ping An Insurance are also said to be interested in taking over the stake. But local reports suggest China Re, which already controls a number of subsidiaries, including China Property and Casualty Reinsurance, China Life Reinsurance, China Continent Property & Casualty Insurance, China Reinsurance Asset Management and Huatai Insurance Brokers, but which has no life insurance operations, is the frontrunner.