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Ping An has no plan to raise capital

By Hu Yang (chinadaily.com.cn)
Updated: 2010-03-05 11:26
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Ping An Insurance (Group) Co of China has no plans this year to raise capital, board chairman Ma Mingzhe told reporters, according to Friday's Guangzhou Daily.

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Ping An, China's second largest insurer, is waiting for approval to acquire Shenzhen Development Bank. The company has no plans to buy shares in other banks or real estate companies at present, Ma said on the sidelines of the annual Chinese People's Political Consultative Conference.

Analysts said that Ping An's solvency adequacy ratio is much higher than the standard required by China Insurance Regulatory Commission, China's watchdog on insurers, so there is no pressure to raise capital.

Ma also said Ping An has no overseas investment plan at the present time.
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