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Ping'an Insurance Plans to List in Hong Kong
The Shenzhen-headquartered Ping'an Insurance Group Corporation plans to list its life insurance business on the domestic A-share market and then list the entire group in Hong Kong. According to Hong Kong media, an official with the Strategic Development Center o f Ping'an Insurance said his company must be restructured into a shareholding group first and then apply for listing.
The official said the main business of Ping'an Insurance include life insurance, property insurance, trust and securities business. By the end of 1999, the premium income reached RMB 22 billion, RMB 18.3 billion of which was from life insurance, and the profit was RMB 566 million. It is estimated that the premium income of the group of the year will reach RMB 28 billion, RMB 24 billion of which will be from life insurance, and the profit will be RMB 1 billion.
Life insurance is the main source of Ping'an 's income with a market share of 24% ,ranking second next only to the People's Insurance; the market share of property insurance is 8%. In terms share-holding insurance companies, both the assets and premium income rank first in the country.
When asked whether the listing will bring about competition with China Insurance International(0966),the official said as China Insurance International only deals in overseas market and Ping'an operates on domestic market, the two companies have no frontal competition . To further develop business, Ping'an is now applying for setting up funds and it will also consider cooperation with foreign investors. (Panoroma)
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