VisitCHN

HONG KONG (Dow Jones)–Ping An Insurance (Group) Co. of China Ltd. (2318.HK) has no plans to invest in other banks after its investment in Shenzhen Development Bank Co. (000001.SZ), company Chairman Peter Ma said Monday.

Ping An, China’s second-largest life insurer by premiums after China Life Insurance Co., said in June it plans to pay CNY22.1 billion to raise its stake in medium-sized Shenzhen Development Bank to 30% from 5%.

The company also plans to hold onto its shares in Fortis NV (FORSY), Ping An President Louis Cheung said.

Ping An posted a US$3 billion loss on its investment in former Dutch-Belgian financial group Fortis in the second half last year.

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