China’s largest shareholding insurance company, Ping An Insurance, is planning to set up a financial conglomerate in the second half of this year, China Daily said. The expanded group would encompass securities and trust businesses in addition to life and non-life insurance businesses.
Company chairman Ma Mingzhe said that the China Insurance Regulatory Commission and the State Council had approved the plan and that the work of internal asset allocation and restructuring would be completed in the second half of this year. Different divisions of the group would operate independently in line with industry regulators’ requirements, but would co-operate in offering comprehensive services to customers.