Sigh of relief from many western insurers! Three messages in this article : -
- The Chinese Market has highest growth potential- where does that fit in your global strategy?
- Healthcare is a priority- after 10 years development Ping An does plan expansion in Asia Pacific with partners
- “Regulatory approval would be a big hurdle. We’ve seen a slowdown in overseas acquisitions by Chinese companies.
That does five western insurers a breathing space to plan and deploy the innovation and digital transformation to protect their customer base and core markets. But don't take too long.
McKinsey and Company show compelling evidence that only 2 leaders and 3/4 fast followers can expect to capture the lion's share of premiums and profits. The remainder will scrabble over a long tail of thin profits. See the full article "Time for insurance companies to face digital reality".
In particular- look at Exhibit Three- it is dynamite!
But Ping An founder Peter Ma said his company was focused on its domestic market. “As of now, we don’t have aspirations to make acquisitions overseas,” he said. “The Chinese market has the best growth prospects.” Ping An’s Chinese business is expected to grow rapidly over the coming years. Analysts at Macquarie expect profits at the group’s core banking and insurance operations to increase by 64 per cent between 2017 and 2020.