Magazine date:
Jan 2010 Discover Holding, South Africa's biggest health insurer, has disbursed 121.5 million USD to acquire 24.99% from Chinese Ping An Health Care Insurance Co. of China. This entity is part of the giant Ping An, the second Chinese health insurer, which will retain 75.01% of the capital. The transaction cost amounts to approximately 5% of Discovery Holding capitalization. The move will be finalized in the second quarter of 2010 and will mark the first entry of a South African life insurer in China. HSBC owns 16.8% of Ping An.