NEW China Life Insurance Co., China’s third-largest life insurer, said yesterday it had aborted the planned sale of a stake to a strategic investor that was to help it develop its Internet insurance business.

    The company could not reach an agreement with the unnamed investor over “the vehicle of the strategic investment and other important aspects,” New China Life said in a filing with the Shanghai Stock Exchange.

    New China Life didn’t disclose the name of the investor, but Shanghai Securities News reported in January that the company was in talks with Alibaba Group Holding Ltd., the world’s biggest e-commerce company, for the potential sale.

    The newspaper reported that Central Huijin Investment Ltd., the investment arm of the Chinese Government and the largest shareholder in the insurer, plans to sell some of its stake to Alibaba. It did not give any details on the size of the deal.

    Central Huijin currently owns 31.34 percent of the insurer, according to the paper.

    Alibaba is already invested in China’s insurance market. The founders of Alibaba and Tencent Holdings Ltd. were among a consortium of investors who purchased stakes in Ping An Insurance Group Co. of China Ltd. in a HK$36.5 billion (US$4.7 billion) deal in December.

    Trading of shares in New China Life had been suspended Jan. 19, pending an announcement. The company requested that trading be resumed yesterday, following its decision to end the proposed strategic tie-up.

    New China Life Insurance has a market capitalization of US$24 billion and provides life insurance services and products. (SD-Agencies)