BEIJING, Dec 13 (Reuters) - Chinese insurance firms should focus on developing their own businesses, not on buying distressed assets overseas, the industry’s top watchdog said on Saturday.
Asked at a financial forum whether insurers should venture outwards by buying assets of insurers such as American International Group Inc (AIG.N), Wu Dingfu, chairman of the China Insurance Regulatory Commission, said:
“In my personal opinion, it looks tempting, but if you really do it, there will still be lots of difficulties involved.”
Wu said that there had much discussion over the issue, and some domestic insurers had proposed making such purchases.
“The conclusion is, at present, domestic insurers should grasp the opportunity to get their own things done well,” he said. (Reporting by Zhou Xin; Writing by Jason Subler; Editing by Lincoln Feast)