Fosun International Ltd., the investment arm of China’s biggest closely held conglomerate, is in talks to acquire a U.S. life insurance arm of Swiss Re Ltd., people with knowledge of the matter said.

Fosun is seeking to buy Aurora National Life Assurance Co. for $400 million to $500 million, said the people, who asked not to be identified because the matter is private. A deal hasn’t been reached and the talks could still fall through, said the people.

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