Ping An overtakes Allianz and launches $1bn fintech investment fund

China’s Ping An Insurance Group this week celebrated  overtaking Allianz as the world’s  most valuable insurance brand by launching a $1bn global fund to invest in financial and healthcare technology.
According to the UK’s Brand Finance consulting firm, Ping An’s brand value rose by 29% to $16bn over the course of 2016 while the German insurer’s  dropped  by 7% to $15bn. “Ping An has lofty ambitions, aiming to become the world’s leading provider of personal finance. Based on this evidence, in the long term it may not be an unrealistic goal,” said Brand Finance CEO David Haigh. By offering a limited number of free products and services to potential customers via its online platform, Brand Finance’s analysts note, the Chinese insurer has created a platform for cross selling to sell additional products or services to existing customers. This has helped generate goodwill and expand its user base.
Now, according to reports in today’s FT,  Ping An is setting its sights fixedly on the international stage with the launch of  a $1bn  financial and healthcare technology. Named Global Voyager, the new fund  will be headed by Jonathan Larsen, an 18-year veteran of Citigroup, who also becomes the Ping An group’s chief innovation officer. “Ping An is predominantly Chinese but they are at the point where they are interested in looking at expansion opportunities and this fund potentially provides a way of accessing these,” he told the Financial Times. “We think there’s a very substantial opportunity here.” Ping An’s new fund will begin with $1bn which Mr Larsen expects to have fully invested in between three and four years. Investments will range from early-stage start-ups to ventures ready to scale up, either from stand-alone financing or from being adopted by the insurer itself. 

Source: asiaasset