BEIJING, Aug 23 (Reuters) - South African health insurer Discovery Holdings, plans to pay 200 million yuan ($29 million) for a 20 percent stake in a joint venture with the health insurance unit of China's Ping An Insurance, an executive said on Tuesday.
Ren Huichuan, chairman and CEO of Ping An Property and Casualty Insurance Co. of China Ltd, made the comments in an interview with Reuters.
The joint venture deal could help Ping An Health Insurance Co, a unit of the world's No. 2 insurer, extend its product lines. The deal is subject to regulatory approval from the China Insurance Regulatory Commission.
Discovery, which owns South Africa's largest medical insurance operation, has been seeking to grow its global footprint.
Ping An Health was founded in 2005 and has registered capital of about 500 million yuan ($73.24 million). (Reporting by Benjamin Kang Lim, Langi Chiang, Lucy Hornby and Xie Heng; Editing by Ken Wills)