Articles by Engen Tham and Cheng Leng

China’s Ping An Insurance Reports 7.74% Hike in Q3 Profit

Ping An Insurance Group Co of China Ltd on Tuesday reported a 7.74% rise in net profit, its first quarterly profit increase in a year, as the country’s largest insurer by market value attracted more retail customers. Net profit rose …

China’s Ping An Insurance Says Coronavirus Outbreak Could Hit Business

Ping An Insurance Group Co. of China Ltd., China’s largest insurer by market value, said on Thursday that the coronavirus may have an impact on its business. Ping An’s comments on the virus were included in its annual results, where …

Regulatory Issues Causing Ping An-Backed Lufax to Exit P2P Lending: Reuters

Lufax, one of China’s largest online wealth management platforms that is backed by financial giant Ping An Insurance, plans to exit its once-core peer-to-peer lending (P2P) business, three sources with direct knowledge of the matter told Reuters. The move by …

Insurance Data for Sale in China – Despite Strict Data Protection Laws

When William Zhang’s car insurance was about to expire in March, he didn’t need to look far for renewal options. In the two months before the policy was up Zhang received calls almost daily from insurers trying to sell him …

Chinese Insurers Seeking Better Returns Turn to Shadow Lending: Reuters

Chinese insurers are channeling funds through shadow lenders to real estate and local government infrastructure projects in a bid to boost returns, six insurance and trust sources told Reuters. The practice undermines Beijing’s efforts to cut local debt risk and …

China Seizes Control of Anbang; Acquisitive Chairman Faces Fraud Prosecution

The Chinese government on Friday seized control of Anbang Insurance Group Co. Ltd and said its chairman had been prosecuted, dramatically illustrating Beijing’s willingness to curtail big-spending conglomerates as it cracks down on financial risk. Anbang had violated laws and …

China Unveils Plans to Allow More Foreign Financial Services Investments

China unveiled plans on Friday to allow more foreign investment in banking, insurance, securities and credit-rating firms, as part of a wider opening up of the world’s second-largest economy. The moves could ease some frustration among foreign firms over their …