This week in asset owner history: Ping An cuts stock holdings
In August 2018, Ping An Insurance stated it would lower its share of stocks in its portfolio as it aimed to adhere to IFRS 9. Its interim report released August 24 shows that the insurer has delivered on that promise.
On August 22 2018, Ping An Insurance became the first Chinese insurer to report interim results under new international accounting standards, revealing a greater degree of fluctuation in its numbers and a drop in its stock holdings.
“This (IFRS 9) has indeed increased the volatility of our investment income," Ren Huichuan, then-president of Ping An said in August 2018.
He then outlined Ping An's commitment to "continue to source quality and long-term equity investments to divers…
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