(Yicai Global) Aug. 28 -- The People's Insurance Company Group of China Ltd. [HKG:1339] is in talks with potential takeover or investment targets in Southeast Asia and may pull the trigger on a deal by the end of this year, London-based news outlet Reuters quoted Xie Yiqun, vice president, as saying.

Discussions with some of the targets, which are also insurers, are already in the later stages, he added, saying several buyouts or equity acquisitions could be completed by the end of the year.

PICC is a state-owned insurer licensed to provide all common insurance types apart from life insurance. American International Group [NYSE:AIG] holds a 19.8 percent stake in the firm.