The increase in its market capitalization of more than $100 billion is partly due to the fast growth of its life and health-insurance business but mostly it is Ping An’s herd of unicorns that has excited investors.
The $100 billion question for the world’s second-largest insurer: is it an insurance firm or is it a technology firm? Shares of China’s Ping An Insurance—the biggest insurer by market value after Warren Buffett’s Berkshire Hathaway—have more than doubled in the past year, far outpacing peers. The increase in its market capitalization—of more than $100 billion—is partly due to the fast growth of its life- and health-insurance business. The value of new business last year grew 33% from 2016.