August 28, 2017 / 5:08 AM / 10 months ago

CORRECTED-Chinese insurer PICC Group in talks over Southeast Asia takeovers -executive

(Corrects name of PICC top executive in second paragraph)

By Kane Wu

HONG KONG, Aug 28 (Reuters) - PICC Group, parent of the China’s biggest non-life insurer, is in talks with potential targets in Southeast Asia, with deals likely executed before the end of the year, a top company executive said on Monday.

The talks with some of the targets are at an advanced stage and the company could see a couple of deals happening in 2017, Vice President Xie Yiqun said at a news conference. The deals could include stake purchases or outright takeovers, he added.

People’s Insurance Company (Group) of China (PICC) , as the company is formally called, reported half year profits of 8.82 billion yuan on Friday, compared with 7.73 billion yuan in the same period in 2016.

Reporting by Kane Wu; Writing by Elzio Barreto; Editing by Shri Navaratnam

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