Ping An Insurance Group, China’s second largest insurer, looks to invest US$100 million in Japan as part of its efforts to diversify its investments outside of its home market.
The company will invest in private equity funds involved in sectors such as food, consumer products and services, and medical/healthcare, according to Takeshi Nakabayashi, president of Tokyo-based Ping An Japan Investment. In addition, Ping An is also planning to invest ¥9 billion (US$81.7 million) to increase its stake in Japanese residential developer Ascot Corp. to 73% as part of a plan to increase its investments in Tokyo’s real estate market.
According to Nakabayashi, Ping An is now looking for “investment opportunities more intensively outside of China” alongside increased insurance revenue.
