Plan to allow insurers to diversify

Insurance companies will also be permitted to invest in financial institutions such as fund managers, as well as infrastructure projects and real estate, the Standard of Hong Kong reported, citing rules drafted by the China Insurance Regulatory Commission. The move is intended to allow insurers to diversify their holdings, 80% of which are currently held in bonds and bank deposits. Ping An, the country's third-largest insurer, has already stated its desire to move into asset management and banking services, as well as set up a public works fund.