Ping An plans $15.8b fintech investment

Ping An Insurance, the largest insurer by market value in the Chinese mainland and second-largest life insurer in terms of premiums, is planning to invest 100 billion yuan ($15.8 billion) into financial technology in the next 10 years.

"Over the past 10 years, Ping An has continued to invest 1 percent of its annual revenue into financial technology. This translated into a total investment of 50 billion yuan and was not included in our regular research and development investment," Jessica Tan, chief operating officer and chief information officer of Ping An Insurance, said in Hong Kong on Wednesday. "For 2017 alone, such an investment amounted to 7 billion yuan."

The Shenzhen-based company booked a forecast-beating net profit of 89.09 billion yuan for the year ended December, representing a growth of 42.8 percent year-on-year.