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Report: Temasek eyes stake in China's Anbang Insurance Group

Singapore's sovereign wealth fund Temasek Holdings (Pte.) Ltd. is looking to acquire a stake in China's Anbang Insurance Group Co. Ltd., as well as some of its assets, Bloomberg News reported, citing people with knowledge of the matter.

Temasek has held talks with Chinese authorities about the possible stake purchase. The company, however, is not currently engaged in active talks.

China Insurance Investment Co. is also said to be interested in investing in Anbang Insurance and is in talks with regulators, sources said. China Insurance Investment is owned by some of the country's biggest insurers.

The interest from Temasek and China Insurance Investment shows that Chinese authorities are making progress in looking for investors for Anbang Insurance. The government temporarily seized control of the insurer eight months ago. The government has indicated that fresh investors will replace an industry security fund that injected 60.8 billion yuan in Anbang Insurance in April.

Temasek declined to comment on market speculations or rumors. Officials from the China Banking and Insurance Regulatory Commission did not respond to a request for comment. China Insurance Investment did not respond to Bloomberg's call for comment. A spokesperson for Anbang Insurance also refused to comment.

As of Oct. 15, US$1 was equivalent to 6.92 Chinese yuan.