Bloomberg: Fosun expresses interest in National Insurance

Fosun on Thursday reaffirmed its interest in becoming a main shareholder in National Insurance, seeking to bring its experience, commitment and secured financing to support its ambitious and long-term development plan for the Greek insurance company, the Chinese group’s sources told Bloomberg.

“Fosun continues to be interested in becoming a main shareholder in National Insurance,” Kang Lan, executive-vice president of the Group said, adding: “Fosun’s strategy and strong faith in the Greek company have been acknowledged by the seller. We expect to be in for the deal if Exin fails to complete the deal”.

“We have confidence in the Greek economy’s outlook, as a large investor we want to contribute to the development of the country, bringing significant benefits to citizens as well,” the sources said.

Fosun operates a global insurance platform expanding from America to Europe and Asia. In Europe, Fosum acquired Fidelidade, the biggest insurance company in Portugal four years ago. Fosun also contributed to the development of Folli Follie in the wider region of China and to building a stronger international brand, with net profits of 53.8 million euros in the first quarter of 2017.

Fosun can also contribute to the increase of tourism in Greece through its participation in large travel groups, such as Thomas Cook and Club Med. Fosun, based in Shanghai, is the largest private group in China and manages around 65 billion euros worldwide. It has invested more than 200 million euros in Greece through its direct equity participation in Folli Follie and its participations in Thomas Cook and Club Med, while it also participates in the consortium with Lamda for the Hellinikon project.