Ping An value hits US$101bn in 2017January 9 2018 by InsuranceAsia News Staff
Shares in Ping An Insurance are soaring amid China’s bull market.
The insurer’s stock market capitalisation climbed to US$101 billion in 2017 on the back of investments in online services and bets on the rising demand for insurance.
Indeed, Ping An’s has stock managed to keep pace with some of the country’s highest-flying tech firms, reflecting investor confidence in the insurer’s investment in its digital transformation.
Indeed, the insurer, which is one of the biggest companies in China by market capitalisation, has seen the value of its stock rise by close to 100% during the past year.
According to Joshua Crabb, head of Asian equities at Old Mutual Global Investors in Hong Kong, Ping An’s phenomenal performance shows its emergence as a combination of a “boring old” life insurer and a leading internet company.
However, it is not only tech companies that are enjoying investor support in China’s bull market.
Companies involved in banking, consumer goods, autos and renewables have also seen significant growth.
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