China Pacific To Increase Stake In Anxin

CHINA Pacific Insurance Co plans to acquire a controlling stake in Anxin Agricultural Insurance Co and expand its agricultural businesses to make the insurer's property unit more competitive.

CPIC Chairman Gao Guofu yesterday said the company will increase its stake in Anxin to more than 51 percent from the current 34.34 percent after the plan is approved by the China Insurance Regulatory Commission.

The move could increase Anxin's sales using CPIC's network, and within the next two years make the agricultural business the second-largest sector in the property unit.

The comment was made as CPIC reported a 60.4 percent net profit increase for the group to 17.73 billion yuan (US$2.7 billion).