Ping An co-CEO defends HSBC spinoff call, says it's not an activist investor

HONG KONG :Ping An Insurance Group defended its call to spin off HSBC's Asia business, citing its large holdings in the bank that affects its investment returns. "It is a significant investment and we've invested in it for seven years," Jessica Tan, Ping An's co-CEO, told Reuters on Wednesday, when asked about the drivers behind urging Europe's largest bank to consider a spin-off.

"We care much about long-term returns," Tan said in remarks that were among the first official comments by the insurer's senior management on the saga with HSBC.Europe's biggest lender, which makes the bulk of its sales and profit in Asia, came under pressure from Ping An in April to explore options including listing its mainstay Asia business to increase shareholder returns.

Ping An is HSBC's largest shareholder with an 8.3 per cent stake worth around $10.3 billion, according to Refinitiv data. Tan was speaking a day after Ping An reported a 3.9 per cent rise in first-half net profit, the first increase for the period in three years.

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Ping An Insurance profit rises 3.9% in first halfBEIJING/SHANGHAI :Ping An Insurance Group Co of China, China's largest insurer by market value, reported a 3.9 per cent rise in first half net profit, the first increase over this period in three years, a filing with the Hong Kong stock exchange showed on Tuesday.The group posted a net profit of 60.3 billion
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Ping An Insurance profit rises 3.9% in first halfBEIJING/SHANGHAI: Ping An Insurance Group of China, China's largest insurer by market value, reported a 3.9 per cent rise in first half net profit, the first increase over this period in three years, a filing with the Hong Kong stock exchange showed on Tuesday (Aug 23). The group posted a net profit of 60.
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