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China's Second Largest Insurer Moves Headquarters to Shanghai
China's second largest insurer Ping'an Insurance Company moved its headquarters from Shenzhen in south Guangdong Province to Shanghai on November 9.
The newly-built headquarters in Jing'an Plaza in downtown Shanghai will provide residence to the backbone subsidiaries of the company, which administers 65 billion yuan (7.83 billion U.S. dollars) worth of funds, including Ping'an Life Insurance, Ping'an Securities and Ping'an E-commerce Company.
Ma Mingzhe, board chairman of Ping'an, said that his company believes that as a potential international financial hub, Shanghai is the most vigorous and promising place in the world.
Nowadays, many world financial giants choose Shanghai as their international or regional headquarters.
Last year, the Shanghai branch of Ping'an obtained 3.55 billion yuan worth of premium and held 34.8 percent of the insurance market in the country's most populous city.
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