Ping An Insurance (Group) Co South African firm buys in

SOUTH African health insurance firm Discovery Holdings Ltd has bought almost 25 percent of Ping An Health Insurance Co to tap China's fast-expanding market.

Ping An Insurance (Group) Co said on its Website yesterday that Discovery purchased no more than 24.99 percent of Ping An Health Insurance Co.

The alliance will allow Discovery an easy access to Chinese customers via Ping An's sales network, while Ping An will also learn from South Africa's biggest health insurer about health management and risk control, said the company statement.

The transaction will be completed after the approval of the industrial regulators of both countries.

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