Ping An eyes acquiring Prudential's Asian business

China’s deleveraging campaign has prompted the insurer to look for further growth engines.

Bloomberg reports that Chinese insurer Ping An Insurance (Group) Co. is said to be eyeing the acquisition of Prudential Plc’s Asia business in a deal that would establish its dominance in the booming Asian insurance scene.

Also read: Chinese P&C insurers' digitalisation efforts beat Hong Kong and Japan

With a $160b market cap, Ping An trails behind only Berkshire Hathaway Inc. in the industry with a massive cash pile that’s miles larger than the market value of all but the world’s top five insurers.

The insurer has been ramping up stake acquisitions in companies including property developer China Fortune Land Development Co. amidst increased pressure to tap on new growth sources following China’s widespread deleveraging campaign to rein in risk in the financial services sector.

Ping An is also said to be leading a multibillion-dollar acquisition of bio-pharmaceutical company China Biologic Products Holdings Inc., which would follow a slew of investments in traditional Chinese medicine producers including Yunnan Baiyao Group Co. and Japan’s Tsumura & Co.

Here’s more from Bloomberg:

Also Read

Philippine life insurance sector slated for 5.4% CAGR by 2028

Property insurance industry to exceed $152b by 2028

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit