Weak insurance sales and some underperforming investments held back the share price of Ping An Insurance (Group) Co..
The Chinese retail financial services giant, with a market capitalization of around $ 157 billion, is the world’s second-largest insurer after Warren Buffett’s Berkshire Hathaway Inc. The Shenzhen-based group also operates a bank and has units that provide asset management, consumer loans, healthcare and technology services.
Hong Kong-listed Ping An stocks, which are part of the MSCI China index, have recently fallen 29% during the period since the start of the year and have significantly underperformed the major benchmarks of the Marlet.
U.S. Certificates of Deposit of Lufax Holding Ltd., Ping An’s U.S.-listed online lending partner, and fintech services platform OneConnect Financial Technology Co. China Internet and Technology Stocks .
Ping An, one of China’s largest sellers of life, health, and property and casualty insurance, has struggled in recent times with a declining sales force as the overall growth in the industry’s policy premiums. insurance slows down. The company also suffered heavy losses this year from an ill-fated investment in stocks and bonds of China Fortune Land Development Co., a real estate company that defaulted on its debts. In April, Ping An estimated he would suffer a loss of $ 2.8 billion on his $ 8 billion exposure to the developer.