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Sen. Marco Rubio, R-Fla., asks a question to Secretary of State Mike Pompeo during a Senate Foreign Relations committee hearing on the State Department's 2021 budget on Capitol Hill Thursday, July 30, 2020, in Washington. (Greg Nash/Pool via AP)
Sen. Marco Rubio, R-Fla., asks a question to Secretary of State Mike Pompeo during a Senate Foreign Relations committee hearing on the State Department's 2021 budget on Capitol Hill Thursday, July 30, 2020, in Washington. (Greg Nash/Pool via AP)U.S. Sen. Marco Rubio introduced a new bill that would restrict U.S. banks, insurers and other financial institutions from investing in certain Chinese companies, marking another escalation of tensions between the two countries.

Attendees wear masks to curb the spread of the new coronavirus on the Hong Kong Stock Exchange on Thursday, June 18, 2020. (AP Photo/Ng Han Guan)
Attendees wear masks to curb the spread of the new coronavirus on the Hong Kong Stock Exchange on Thursday, June 18, 2020. (AP Photo/Ng Han Guan)China’s largest insurer Ping An Insurance Group, reported a 7.7% rise in net profit year over year for the third quarter, its first quarterly increase in a year, but the company warned that demand for insurance and other financial services will continue to be weak in the short term due to the global pandemic.

In this Feb. 8, 2019, file photo the logo for Citigroup appears above a trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)
In this Feb. 8, 2019, file photo the logo for Citigroup appears above a trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)Chinese online lending and wealth management firm Lufax Holding, which is backed by China's largest insurer Ping An Insurance Group, is seeking to raise up to $2.36 billion from an initial public offering in the U.S.

Peter Ma, Chairman & CEO of Ping An Insurance Co. of China Ltd. speaks during a company result announcement in Hong Kong. (AP Photo/Kin Cheung)
Peter Ma, Chairman & CEO of Ping An Insurance Co. of China Ltd. speaks during a company result announcement in Hong Kong. (AP Photo/Kin Cheung)China's largest insurer Ping An Insurance Group said Monday that its offshore investment and asset management unit and its subsidiaries have closed two funds, representing $875 million of total capital, that are part of the company's first investment program dedicated to private equity investing abroad.

Lufax Holding, a Chinese online wealth management and lending platform, backed by China's largest insurer Ping An Insurance Group, is looking to go public in the U.S. , as Chinese companies continue to look to U.S. markets despite political tensions.

A Chinese financial regulator on Monday released draft rules aimed at reining in its rapidly growing online insurance market in part by requiring operating licenses for digital insurers.

Ping An Group, the top shareholder of HSBC, has lifted its stake in the bank to 8% as the U.K. lender continues its pivot to China, a strategy which has drawn scrutiny from Western politicians amid rising political tensions.

Chinese companies need to develop more rigorous standards for disclosing and understanding risks posed by climate change, researchers from Chinese insurer Ping An said in a report Thursday.

Chinese insurer Ping An Group said on Monday that its offshore asset management unit launched its first Undertakings for Collective Investment in Transferable Securities umbrella fund to provide global investors opportunities to invest in China's equity and fixed income markets.

Chinese auto insurance profits will likely take a hit from a fresh wave of regulatory reforms making payouts more expensive for carriers, despite the benefits from fewer accident claims in the pandemic, Moody’s said.

Tougher Hong Kong regulations for domestic insurance groups that operate internationally would strengthen their risk and capital management, Fitch Ratings said Monday.

Tokyo-based Ueda Yagi Tanshi Co. will be the first wholly foreign-owned money broker to operate in mainland China, after receiving approval on Friday from the China Banking and Insurance Regulatory Commission.

Genworth Financial said Monday that its long-delayed acquisition by China Oceanwide Holdings is on track to close by Sept. 30, after the Beijing-based company showed “satisfactory information” that it could raise enough money to fund the $2.7 billion deal.

State-backed China Agricultural Reinsurance Company received approval to operate from the country’s banking and insurance regulatory, helping to bolster the availability of coverage for catastrophic events.

Belgium-based insurer Ageas said on Thursday that it has agreed to acquire a 25% stake in Taiping Reinsurance, a wholly controlled subsidiary of China Taiping Insurance Holdings, for HKD 3.1 billion ($400 million) to enter the Asian reinsurance market.

Ping An Insurance Group said it will focus on new digital insurance products and distribution channels after reporting its steepest decline in profits since the 2008 financial crisis, reflecting pressures on its life insurance unit.

China Pacific Insurance’s new-business value for its life business sank by almost one-quarter in the first half of 2020 with lines pressured by the coronavirus pandemic, the company revealed Sunday, as it looks to technology to help drum up business going forward.

Insurtech Waterdrop has reportedly raised $230 million in a new funding round co-led by Swiss Re, marking the reinsurer’s first investment in a Chinese insurance startup.

AIA Group, the largest Asian life insurer by market capitalization, plans to open up to a dozen new branches in China over the next few years, in hopes the pace of new business will pick up in the second half of 2020, executives said.

Ping An Bank received regulatory approval to launch a wealth management unit, making it the latest major lender to open such a subsidiary in China’s increasingly competitive market for fund advisory and private banking services.