In Brief: Ping An in China Health Mart

Published May 23, 2005, 1:00 a.m. EDT

Updated May 20, 2005, 2:36 p.m. EDT

1 Min Read

Ping An Insurance (Group) Co. of China Ltd. said Friday that it will enter mainland China's health insurance market by setting up a subsidiary, Ping An Health Insurance Co. of China Ltd.

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The second-largest mainland life insurer has already gotten approval from the China Insurance Regulatory Commission. The new unit will have registered capital of about $60 million. Initially, Ping An Health would sell medical and accident insurance.

Ping An Insurance is 19.9%-owned by HSBC Holdings PLC.

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