Exclusive | Ping An eyes life insurance expansion in Hong Kong for retirement services: CEO
The insurer is weighing different entry strategies that include applying for a new licence, partnerships and acquisitions
“Ping An has a wide range of businesses in Hong Kong, ranging from property and casualty insurance, asset management, securities and banking,” he said in an interview on Thursday. “Life insurance is the last missing piece of the puzzle.”
The insurer is considering different entry strategies, including applying for a new license, forming partnerships with other organisations and pursuing mergers and acquisitions. The company would consider all its options and seek one that delivers the “the most, the quickest” route to its target, he added.
Around 88,000 Hong Kong residents aged 65 or above were living in Guangdong at the end of 2022, an increase of about 11 per cent compared with five years earlier, according to Hong Kong government statistics. Ping An already provides high-quality medical and elderly care home services in the region, Guo said.