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Zurich Insurance aims to boost presence in China

Swiss-based Zurich Insurance is reportedly looking for suitable merger and acquisition opportunities in China, as part of its business expansion strategy into the country.

Zurich general insurance Asia-Pacific region Stuart Spencer was quoted by China Daily as saying, "We are looking for appropriate M&A opportunities to boost our presence and expand our business scope.

"We have no preference as to whether the target should be a domestic one or an international one having operations in China, but it should be a strategic and cultural fit with our business."

In April 2013, the China Insurance Regulatory Commission (CIRC) granted permission to Zurich to transform its Beijing branch into a wholly owned subsidiary, which paved the way for insurer expansion across the country.

Spencer further added that the company has already submitted an application to the CIRC to launch a branch in Shanghai.

The company said that despite slowing economic growth in China, the company is still interested to expand its presence in the country.

Spencer said: "We expect to maintain a growth rate no lower than that this year.

"And we aim to achieve a healthy profit margin within three years."