Ping An may lose 2b yuan on Fortis investment

Ping An Insurance (Group) Company's plan to make provisions for impairment in its investment in beleaguered Belgian financial services company Fortis will probably result in a 2 billion yuan loss on the company's third quarter report, industry analysts have said.

"The insurer's whole year performance is likely to hover around the break-even point," said Wang Xiaogang, a senior analyst with Shanghai-based Orient Securities.

Fortis-related investment losses hit 15.7 billion yuan in book value as of the end of September, and the loss will be reflected in its third quarter report, Ping An said in a statement on Sunday.