Foreign News quoted people familiar with the matter as saying that Fosun International (00656) is discussing the sale of its German insurance company Frankfurter Leben
It is reported that Fosun has started discussing the whereabouts of Frankfurter Leben with potential consultants. The related assessment is in an initial stage. No final decision has been made yet. Fosun may still retain the business.
Frankfurter Leben, with about 200 employees, focuses on the integration of life insurance portfolios
By the end of 2018, the company had total assets of Euro 9.3 billion and approximately 700,000 insurance contracts; net profit for the same year was Euro 13.4 million.
In addition, Fosun International has reportedly decided to reduce or sell off the shares of two Brazilian financial companies under its control, namely Institutional Brokers and Wealth Management Company Guide Investimentos, and Real Estate Fund Management Company Rio Bravo Investment Group.
Denies withdrawal of two Brazilian financial companies
According to sources, Fosun pointed out that Fosun is looking for a partner to help the two Brazilian companies obtain funding for the expansion and may make a decision to withdraw completely, depending on the proposals they receive.
Fosun responded that it was looking for new investors to strengthen its Brazilian business, but denied any plans to withdraw completely from the two companies.