Ping An splits life, property businesses


  • Business
  • Tuesday, 18 Feb 2003

PING An Insurance Co, China's second-largest life assurer and third-largest property insurer, said it finished its restructuring by splitting its life assurance and property insurance businesses into two independent subsidiaries. 

The company added that it changed its name to Ping An Insurance (Group) Co Ltd. 

It said the company would continue to assume the liabilities of the two subsidiaries. 

Ping An Insurance posted 61.8bil yuan in premium income for 2002, up 33% year-on-year. 

Of the total premium income, 53.48bil yuan was made up of life assurance premiums, up 33.8% year-on-year, and the remaining 8.32bil was made up of property insurance premiums, up 28.1%. 

HSBC Group has a 10% stake in the company, while Goldman Sachs Group Inc (NYSE GS) and Morgan Stanley (NYSE MWD) hold a combined stake of about 14%. – AFX 

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