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PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.

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Ping An Insurance of China : China to tighten regulation over insurance giants in draft guideline

09/03/2021 | 06:09am EDT
FILE PHOTO: The Chinese national flag is seen in Beijing, China

BEIJING (Reuters) - China's banking and insurance watchdog issued a draft guideline on Friday aiming to improve its regulation over insurance group companies to prevent financial risks as the world's no.2 economy strives to recover from the impact of COVID-19.

China Banking and Insurance Regulatory Commission (CBIRC) is seeking public advice on the draft and the amendments it makes to a 2010 version of the rules regulating such companies.

The proposed changes include requiring insurance group companies to build a clear and transparent shareholding structure and set up mechanisms to alert potential contagious risks, according to a statement on the regulator's website.

It would also ask the insurance group companies to enhance oversight of their non-insurance subsidiaries and make disclosures accordingly.

The regulator would implement a "thorough, continuous and penetrating supervision" over insurance group companies to effectively prevent their operational risks with the draft rules, CBIRC said.

China has 12 insurance group companies including Ping An Insurance Group Co and Dajia Insurance Group Co., the revamped entity of embattled Anbang Insurance Group.

CBIRC is probing Ping An Insurance's investments in the property market, Reuters reported on Monday, citing two people with knowledge of the matter, after the firm took a big profit hit from a soured bet.

(Reporting by Ryan Woo, and Zhang Yan)


© Reuters 2021
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Financials
Sales 2021 761 B 119 B 119 B
Net income 2021 134 B 21 003 M 21 003 M
Net Debt 2021 - - -
P/E ratio 2021 7,06x
Yield 2021 4,70%
Capitalization 964 B 151 B 151 B
Capi. / Sales 2021 1,27x
Capi. / Sales 2022 1,22x
Nbr of Employees 362 035
Free-Float 83,7%
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Mean consensus BUY
Number of Analysts 26
Last Close Price 51,46 CNY
Average target price 78,68 CNY
Spread / Average Target 52,9%
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Managers and Directors
Bo Yao Co-CEO, CFO, Executive Director & Chief Actuary
Sin Ying Tan Co-CEO, COO, Executive Director & Executive VP
Yong Lin Xie President, Co-CEO & Executive Director
Ming Zhe Ma Chairman
Jian Yi Sun Chairman-Supervisory Board