Insurance Acquisition Will Inject Intellectual Property, Cash into Ping An Health

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Insurance Acquisition Will Inject Intellectual Property, Cash into Ping An Health

18 October 2012

DLA Piper has advised Ping An Health Insurance Company of China, the health insurance subsidiary of China's second-largest insurer, Ping An Group Company of China on a proposed 20% acquisition with a cash investment of approximately US$28 million from South Africa’s largest private health insurer, Discovery Holdings (Discovery).

The proposed investment will be one of the first joint ventures involving a foreign insurer in a Chinese health insurance company. Discovery will inject its health insurance intellectual property into Ping An Health, including its patented world-class actuarial know-how, along with a cash investment. The new venture will benefit from access to Ping An Group’s established brand and nationwide distribution network.

“Ping An Health’s solid client base and successful market experience, together with Discovery's global impact, make the prospect of the co-operation alluring,” said Mabel Lui, greater China head of corporate at DLA Piper. “The joint venture will create significant value for consumers by leveraging on the synergy between the two parties. This is yet another demonstration of global confidence in the China market.”