Business
Ping An Insurance group is the holding company of Ping An Life Insurance Company of China, Ltd. and Ping An Property & Casualty Insurance Company of China, Ltd. It also controls China Ping An Insurance Overseas (Holdings) Limited and Ping An Trust & Investment Co., Ltd. Ping An Insurance Overseas, located in Hong Kong, is a second holding company for subsidiary companies located outside of China.
Ping An Trust & Investment has the subsidiaries of Ping An Securities and Ping An Bank.
Ping An began as only a casualty insurance company. Since the mid 1990s Ping An has been diversifying into financial services from its core business of insurance and began taking investments from overseas firms. Ping An accepted investments from Morgan Stanley and Goldman Sachs in 1994. In 2002 HSBC took a large equity interest in Ping An. In early 2008, Ping An agreed to take a 50% share in Fortis Investments, which had taken over ABN AMRO Asset Management as a result of the split up of ABN Amro in late 2007, but the deal was cancelled in October 2008.
In June 2009, Ping An became a strategic investor in Shenzhen Development Bank.
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