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Domestic insurers plan to expand overseas through investment over the long term, but they should ensure they are prepared for global competition, a senior official said on Friday.

  

The comments by Yuan Li, the spokesman for China's Insurance Regulatory Commission, followed the sector's first overseas purchase of a global financial institution.

  

Yuan also urged Chinese insurers to take full advantage of domestic opportunities.

  

On Thursday, Ping An announced that it had purchased 4.18 percent of Fortis for 1.81 billion euros, becoming the largest shareholder of the Belgium-based financial institution.

  

Fortis' market capitalization was 48.6 billion euros on Oct. 31, making it one of the top 15 European financial institutions.

  

In another development, Yuan disclosed that the commission had provided an opinion letter to securities authorities on ...

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