Ping An Insurance Group of China has channelled over RMB5 trillion (US$776.4 billion) into China’s real economy in 2020.
The world’s most valuable insurance brand contributed the amount mostly through insurance fund investment and bank credit, according to a report by Xinhua. The company extended over RMB14 billion in poverty alleviation loans, targeting to uplift rural industries.
Ping An’s insurance fund portfolio was at RMB3.74 trillion by the end of 2020, up 16.6% from the previous year. Around half (50.2%) of the total investment was in bonds, while 8.4%, or RMB315.1 billion, was in stocks.
The insurer announced that net