CHINA Life Insurance Group, the nation’s largest life insurer, is seeking more direct investments overseas after purchases of stakes in firms such as Uber Technologies Inc. spurred its appetite and as capital controls restrain rival domestic buyers.

The firm is focusing on infrastructure, especially in the United States and Europe, and technologies and products with the growth potential in China to justify high valuations, according to Wan Yiqing, deputy chief executive of the 3.4 trillion yuan (US$515 billion) insurer’s alternative investment arm.

Offshore income lets the company seize opportunities even amid government curbs on money outflows, said Wan, who runs private equity investments at China Life Investment Holding Co. Deals signed this year will probably exceed 15 billion yuan, and investments next year are “expected to be more,” he said.

“We’re becoming increasingly active as both deal sources and as our own abilities grow,” Wan said. “Opportunities remain abundant, but valuations are not cheap.”

Companies with overseas funding are benefiting from government scrutiny of outbound money flows and a clampdown on aggressive buyers such as Anbang Insurance Group Co. and Dalian Wanda Group.

As the government seeks to guide and limit acquisitions, overseas deals announced by Chinese firms have fallen 30 percent this year from the same period last year, data show. (SD-Agencies)