Chinese insurer Ping An Insurance (Group) Company of China, Ltd, said on Thursday that it is exploring the possibility of rolling out medical care and life insurance services in Hong Kong as the city’s greying population creates greater demand for such services.
As integration in the Guangdong-Hong Kong-Macao Greater Bay Area accelerates and personnel flow in the region increases, demand for medical and elderly care services grows, said Guo Xiaotao, co-CEO and vice-president of the Shenzhen-based company.
As one of the leading insurers in the Greater Bay Area, Ping An Insurance has launched such services in Shenzhen, Guangzhou and Foshan, including high-end senior care institutions and health testing centers, which can meet the medical, elderly care and financial needs of senior people, he said during the company’s 2024 annual results announcement.
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“In the future, we will actively explore expanding these services to the Hong Kong market,” Guo said.
Ping An Insurance reported 1.03 trillion yuan ($142.24 billion) in operating revenue in 2024, up 12.6 percent year-on-year. Net profit surged 47.8 percent on a yearly basis to 126.61 billion yuan.
Chinese mainland financial authorities unveiled a plan in January to encourage medium- and long-term funds into the capital market in a move to shore up the A-share market. The document, jointly released by the office of the Central Financial Work Commission, as well as five government departments, stated the need to attract funds from commercial insurance, national social security and basic pension funds.
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Annuity funds, public funds, and other medium- to long-term capital funds are also expected to increase their stock market investments, according to the plan.
Fu Xin, chief financial officer of Ping An Insurance, said the company has responded to the policy and has applied to the National Financial Regulatory Administration to participate in the long-term equity investment pilot program.
The company is optimistic about the Chinese capital market in the long run and has strong confidence in the country’s economic growth and high-quality development, she added.
