Ping An Insurance
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| Type | Privately-held |
|---|---|
| Founded | 1988 |
| Headquarters |  Shenzhen, Guangdong, People's Republic of China |
| Area served | People's Republic of China |
| Key people | Ma Mingzhe, Chairman |
| Industry | Diversified insurance |
| Parent | China Ping An Insurance Group |
| Website | www.pingan.com |
Ping An (Chinese: 中国平安; pinyin: Zhōngguó Píng Ān), full name Ping An Insurance (Group) Company of China, Ltd. is a holding company whose subsidiaries mainly deal with insurance and financial services. The company was founded in 1988 and has its headquarters in Shenzhen.
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[edit] Business
Ping An Insurance group is the holding company of Ping An Life Insurance Company of China, Ltd. and Ping An Property & Casualty Insurance Company of China, Ltd. It also controls China Ping An Insurance Overseas (Holdings) Limited and Ping An Trust & Investment Co., Ltd. Ping An Insurance Overseas, located in Hong Kong, is a second holding company for subsidiary companies located outside of China.
Ping An Trust & Investment has the subsidiaries of Ping An Securities and Ping An Bank.
Ping An began as only a casualty insurance company. Since the mid 1990s Ping An has been diversifying into financial services from its core business of insurance and began taking investments from overseas firms. Ping An accepted investments from Morgan Stanley and Goldman Sachs in 1994. In 2002 HSBC took a large equity interest in Ping An. In early 2008, Ping An agreed to take a 50% share in Fortis Investments,[1] which had taken over ABN AMRO Asset Management as a result of the split up of ABN Amro in late 2007, but the deal was cancelled in October 2008.
[edit] A de facto HSBC subsidiary
Although Ping An styles itself as a local chinese insurer,HSBC acquired more than 50% floating stock of its shares by means of different HSBC subsidiaries.HSBC hold 20% of total shares of Ping An,claiming it to be the controlling shareholder [2]
[edit] Markets
Since June 24, 2004 Ping An has been listed on the Hong Kong Stock Exchange. SEHK: 2318 Now, it has stock exchange in Shanghai, SSE: 601318.
Ping An was chosen as an index stock of the Hang Seng China Enterprises Index (HSCEI) replacing Anhui Expressway.
The Hang Seng Index Services Company announced on 11 May, 2007 that Ping An will join as Hang Seng Index Constituent Stock (Blue Chip Stock) since 4 June, 2007.
[edit] Operations
Ping An has operations across all of the People's Republic of China, and in Hong Kong and Macau through Ping An Insurance Overseas. Ping An has branches or a representative agent in 150 countries.
[edit] References
- ^ The Ping An-Fortis Deal: Who Really Wins?, Caijing Magazine, 3 April 2008
- ^ http://www.cz88.net/stock/stock/601318/010/
[edit] External links
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