Ping An doubles foreign exposure, eyes 10% allocation

China’s Ping An Insurance doubled its foreign asset allocation to 4.2% in the first half of this year and aims to further raise it to as much as 10% of its current Rmb1.83 trillion ($276 billion) in assets under management in the next three to five years.  That means the firm, the second biggest mainland insurer, could invest $16 billion (or more, depending on overall AUM growth) overseas in that time. And it will seek external managers to help it do so, said chief investment offi…