China Life Insurance Group plans to acquire AIG's Asian unit

According to the reports cited by the China’s mainland regulators, China Life Insurance Group Co. is in talks with American International Group Inc (AIG) over the purchase of its Asian operations.

As reported in Dow Jones Newswire, Li Kemu, China's Regulatory Commission Vice Chairman, at a Thursday press conference in Beijing said that takeover discussions between Beijing-based China Life and AIG are ongoing. He also said that Beijing is interested in the stability of AIG's Chinese operations rather than in that who owned and operated the insurer was. However Li declined to comment directly on the regulator's views on Chinese companies building stakes in American International Assurance Co (AIA).

AIG has set a deadline of Friday for bids on its Asian unit, known as AIA.