China Life eyes good overseas acquisition deal from Q2

China Life Insurance<601628><2628>, the country's largest insurer, is expected to come across good opportunities for overseas acquisitions from the second quarter this year, said Yang Chao, Chairman of the company.

Yang said that insurers in Europe were relatively cheap at about 10 times earnings compared with China Life's much higher market value, which would definitely facilitate future acquisition.

"We are always eager to invest overseas amid official encouragement, and now the second quarter and beyond presents a good opportunity for us," Yang said.

China Life said it had contacted several U.S. financial firms, but no details are available to date.