Ping An Insurance News

Ping An Q3 Profit Jumps 50% on Higher Investment Returns, Bank Income

Ping An Insurance (Group) Co., China’s largest insurer by market value, said third-quarter profit jumped 50% thanks to higher investment returns and banking income. Net income rose to 31.9 billion yuan ($4.5 billion) in the three months ended Sept. 30 …

China’s Ping An Insurance to Spend $22B on Tech, From AI to Blockchain

Ping An Insurance wants to be valued more like a technology company. Its executives have yet to convince investors their planned $22 billion spend on everything from artificial intelligence to blockchain will work. While Ping An (Group) Co.’s Hong Kong-traded …

Ping An Insurance-Backed Financial Tech Firm Lufax Raises $1.3 Billion

Ping An-backed Lufax has raised $1.33 billion in its latest funding round from a dozen investors, at a valuation below expectations of the financial technology company, people with direct knowledge of the matter told Reuters. The fundraising values Lufax, set …

China’s Fosun Weighs Acquisition of Belgian Insurer Ageas

Fosun International Ltd., the Chinese group backed by billionaire Guo Guangchang, is considering an offer for all or parts of Belgian insurer Ageas in what could be its boldest move to expand its international footprint, people familiar with the matter …

Chinese Tech Firms Seek to Shake Up State-Run Health Sector with AI and Big Data

In the eastern Chinese city of Hangzhou, an ambulance speeds through traffic on a wave of green lights, helped along by an artificial intelligence (AI) system and big data. The system, which involves sending information to a centralized computer linked …

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’s Ping An Reports Biggest Half-Yearly Profit in Decade

Ping An Insurance Group Co of China , the country’s second-largest insurer by market value, on Thursday reported its biggest half-yearly profit in at least a decade on robust growth in life insurance premiums. The strength in Ping An’s life …

Allianz Sets Its Sights on Asia-Pacific’s ‘Growth Engine’

Allianz SE, the German insurer that stemmed outflows at U.S. asset manager PIMCO, is now trying to bulk up on the other side of the world. “Asia is still a relatively small part of the overall global portfolio but it …

Chinese Insurers May Hike Overseas Investments by $100B over 3 Years: BNP Paribas

Chinese insurers may boost outbound investment by about $100 billion over the next three years, as they seek to diversify risks through buying more overseas securities, private equity and real estate, BNP Paribas said on Thursday, citing a survey. This …

China’s Ping An Eyes Overseas Acquisitions, Including in Post-Brexit UK

Ping An Insurance Group Co. of China Ltd, the country’s second-largest insurer, is aiming for a possible fivefold increase in overseas investments and has not been put off Britain by its vote to leave the European Union, its group chief …