Ping An Insurance (Group) Co. of China Ltd will keep an open attitude on plans to restructure financial group Fortis and welcomes a better plan for shareholders, its president Louis Cheung said on Thursday.
Cheung told a news conference that Ping An’s risk of further losses on its investment in Fortis this year was very low.
Ping An on Wednesday posted a 1.34 billion yuan ($196 million) loss for October-December, hit by its investment in Fortis. Earnings for the full year, excluding the Fortis investment, came in largely in line with market expectations.
Ping An is the world’s second-biggest insurer by market value, and is part owned by HSBC Holdings Plc.
Ping An’s profit slumped 99 percent to 268 million yuan ($39.2 million) in 2008, after more than doubling in 2007.
(US$1=6.832 Yuan) (Reporting by Samuel Shen, Writing by Jacqueline Wong, Editing by Edmund Klamann)
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