In June 2010, Ma Mingzhe, chairman and CEO of Ping An Insurance (Group) Company of China ("ping" or "the Company"), sat down with Sun Jianyi, vice chief executive officer and executive vice president of Ping, to discuss the future direction of the company. They had to answer questions on the upcoming meeting of the shareholders of Ping financial diversification strategy in China and around the world. Ma Ping was founded in 1988 and has since grown into the second largest life insurer in China. While Ping has been successful in the past, insurance, it looked to expand its business in the future. Ping An aim was to become a global financial conglomerate, with the banking and investment and insurance operations. Ping An's recent efforts to globalize and diversify was a challenge. In a highly publicized transaction, Ping made out of time investment in Fortis, a major European bank, which failed during the global financial crisis in 2008. Ping An spent almost 24 billion Chinese yuan (RMB), or 3.4 billion U.S. dollars ($) by Fortis. In the period after the acquisition of Fortis, Ping stopped overseas expansion and concentrated on the possibility of homes in mainland China. "Hide
by Robert C. Pozen, Nina J. Yang Source: HBS 21 pages. Publication Date: June 7, 2011. Prod. #: 311133-PDF-ENG
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