Ping An to expand into banking

Ping An Insurance Co of China, the world’s second-biggest insurer, said it aims to draw half of its profit from non-insurance operations within three to five years, up from about 30 per cent currently. The firm said it aims to become a financial conglomerate modelled after the likes of HSBC and Citigroup, with banking and investment income each contributing around a third of total profit each within 10 to 15 years. The move will put Ping An head to head with banks such as Industrial and Commercial Bank of China, which is looking into providing insurance.