Chinese insurer Ping An plans to diversify into fintech and health
Chinese insurer Ping An is planning to maintain spending $1bn a year with emphasis on diversifying into fintech and healthcare. The second-biggest insurer by premiums, which also operates a wealth management and financial lending service on its Lufax platform, said the investment equates to about 1% of annual revenue. About a fifth of all new business was sourced via its various internet businesses in 2016, COO Jessica Tan said.
Jessica Tan, chief operating officer of Ping An Insurance, said the company invests the equivalent of 1 per cent of annual revenue in technology development. Photo: Nora Tam