Ping An seeks various channels
By Maggie Zhang |
August 26, 2010, Thursday
|
Print Edition
Print Edition
PING An Insurance (Group) Co will seek investment opportunities in commercial property, debt and shares of non-listed companies as it plans to diversify its investment, a senior executive said yesterday.
The second-biggest insurer in China is seeking stable returns as China opened investment channels for insurers, Louis Cheung, executive director and president of Shenzhen-based Ping An, said yesterday in Hong Kong.
Insurers can invest an extra 400 billion yuan (US$59 billion) in the stock market from next Tuesday under new rules.
The rules, posted earlier this month, allow insurers to invest up to 10 percent of their capital in the real estate market, such as real estate investment trusts. The cap is bigger than market expectations. Insurers, however, are banned from developing properties directly.
China had long planned to broaden investment options for insurers, who were previously only allowed to invest mainly in low-return bonds, bank deposits and currency products.
The insurer views positively prospects in China's equities market in the mid or long term, said Timothy Chan, deputy chief investment officer of Ping An.
Its net investment returns surged an annual 44.3 percent to 12.6 billion yuan in the first half of this year. Its net investment return ratio rose to 4.1 percent from 3.7 percent.
The second-biggest insurer in China is seeking stable returns as China opened investment channels for insurers, Louis Cheung, executive director and president of Shenzhen-based Ping An, said yesterday in Hong Kong.
Insurers can invest an extra 400 billion yuan (US$59 billion) in the stock market from next Tuesday under new rules.
The rules, posted earlier this month, allow insurers to invest up to 10 percent of their capital in the real estate market, such as real estate investment trusts. The cap is bigger than market expectations. Insurers, however, are banned from developing properties directly.
China had long planned to broaden investment options for insurers, who were previously only allowed to invest mainly in low-return bonds, bank deposits and currency products.
The insurer views positively prospects in China's equities market in the mid or long term, said Timothy Chan, deputy chief investment officer of Ping An.
Its net investment returns surged an annual 44.3 percent to 12.6 billion yuan in the first half of this year. Its net investment return ratio rose to 4.1 percent from 3.7 percent.
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