23 June 2015 Insurance

Fosun continues acquisition spree

Fosun International, a Chinese investment company listed on the Hong Kong Stock Exchange, has continued its acquisition spree with the acquisition of a majority stake in an Israeli insurer.

Fosun will acquire 52.3 percent of the Israeli insurer and financial services company Phoenix Holdings from energy company Delek Group for $462 million.

Subsidiary Phoenix Insurance Company provides life, non-life, health insurance and long-term savings and has a 16 percent market share in life insurance and a 14 percent market share in non-life insurance.

Guo Guangchang, chairman of Fosun, said: “Phoenix Holdings has a leading position in Israel and is a group with diversified and balanced operations in insurance, asset management, senior care, and other businesses.

“The company employs an excellent management team with an industry-leading level of profitability, and their insurance and asset management businesses have performed exceptionally well in Israel. We believe that this investment can further expand Fosun’s overseas insurance and investment operations.

“Meanwhile, it can also bring synergies alongside our insurance and reinsurance businesses, as well as to strengthen the group’s capability to access high-quality long-term capital. In addition, Fosun can help Phoenix seize growth opportunities in Israel’s insurance market and help them explore business in other markets. We fully believe in Phoenix’s management team and are committed to continuing to support their long-term vision for the company.”

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