Ping An eyes overseas splurge

Ping An Insurance Group Co of China Ltd, the country's second-largest insurer, is aiming for a possible fivefold increase in overseas investments and has not been put off Britain by its vote to leave the European Union, its group chief financial officer said on Thursday.

Ping An plans to increase gradually its overseas investments to 5-10 percent of total insurance assets if it can find appropriate targets, CFO Jason Yao said.

It currently invests about 2 percent of its total assets abroad, well below the 15 percent cap imposed by China's insurance regulator, giving it ample room to increase.