Ping An Enters the Health Insurance Market

Ping An Enters Asset Management Market
Company becomes one of the largest institutional investors in China
Shenzhen, People s Republic of China, 1 June, 2005 Ping An Insurance (Group) Company of China, Ltd. (HKEX: 2318) ( Ping An or the Company ) today announced that the Company s asset management division, Ping An Asset Management Company Limited ( Ping An Asset Management ), has completed the necessary business registration procedures and has been allowed to begin operation.
Based in Shanghai, Ping An Asset Management is established with the approval by China s Insurance Regulatory Commission (CIRC) with a registered capital of RMB 200 million. Ping An Asset Management builds on the expertise accumulated through years of operation as Asset Operation Centre in Ping An Group. Ping An Asset Management has an internationalzed professional investment team of over 80 people, all with solid skills and experience in asset management. Ping An Asset Management is one of the largest institutional investors in China s debt, bank deposit, and investment fund markets. Ping An Asset Management has RMB 230 billion of assets under management., and is one of the underwriters of Chinese Government Bonds and Financial Debt of the Chinese Development Bank.
The establishment of an asset management company will further enhance the professional standard under which the comapny manages funds from its premium income, which should also help reduce investment return risk. By more efficiently investing our premium funds, and by enhancing product innovation and service standards, Ping An has accomplished another important step in becoming a leading international financial holdings group. Said Mr. Philip Young, Chairman of Ping An Asset Management and Chief Investment Officer of Ping An Group.
Providing top-quality professional service is the core mission of Ping An Asset Management. The Company will keep improving its professionalism, service standards and competitiveness through the promotion of specialization in operations, decision-making, management and human resources. Regarding investment management, the Company has established an investment policy, based on ALM, risk selection, return optimization, and tight operational control . We are confident that the Company will in the long term maximize customer returns by rigidly controlling risk. Mr. Young continued.
Ping An Asset Management also has an integrated IT system which can be applied to areas such as research, risk management, investment dealings, daily financial operations and reporting. With rigorious quatitative data base, the system helps enhance management standards and efficiency.