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Ping An denies PE unit plan

Published: 19 Mar 2009 00:57:39 PST

Mar. 19, 2009 (China Knowledge) - Ping An Insurance (Group) Co<601318><2318>, the second biggest insurance company in China, currently has no plan to set up a private equity (PE) subsidiary in 2009, said Ping An's spokesman Sheng Ruisheng on Tuesday.

The remarks were made in response to earlier media reports which said the insurer would launch a PE arm with an initial capital of RMB 20 billion (US$2.93 billion) to invest in unlisted firms, corporate bonds, infrastructure projects such as bridges and ports, and real estate projects.

Last month, the China Insurance Regulatory Commission, the insurance regulator in the country, said it would expand investment channels for insurance companies and allow them to invest in unlisted firms. However, the detailed rules for insurers investing in PE fund have not come out yet.

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