Ping An Insurance Group profits PE license
Ping An Insurance, the second largest insurer within the world next to China Life, has received regulatory approval from Chinese authorities to speculate in non-public equity and assets assets.
According to Shanghai Securities News, the insurance big may invest up to RMB110bn ($17.2bn) within the 2 asset categories, changing into the primary Chinese insurer to get each investment licences.
Ping An conjointly trumped media speculation by beating China Life to the post, because the initial insurer to get a licence to speculate in non-public equity.
Last year, the China Insurance Regulatory Commission said it might enable insurers to extend their investment routes into each asset categories, that may unharness up to $100bn of capital into non-public equity and assets sectors.
The new rules state that insurance firms are permitted to speculate a most of 5 per cent of assets in non-public equity and up to 10 per cent in assets, whereas before insurers had to use to the state for every individual investment provided the 5 per cent cap wasn’t breached.
Founded in 1988 and headquartered in Shenzhen, the Hong kong-listed insurer has operations across all of the People’s Republic of China, in Hong Kong and Macau through Ping An Insurance Overseas, and has branches or a representative agent in a hundred and fifty countries. HSBC holds a sixteen.8 per cent stake in Ping An, representing the company’s largest shareholder.