Ping An Unit Looks to Beef Up Private Pension Business With Fresh Funds, Sources Say

What’s new: The pension-focused subsidiary of Chinese insurance giant Ping An Insurance (Group) Co. of China Ltd. is planning to boost its private pension business with part of the new capital it is raising, sources familiar with the company told Caixin.

Ping An Annuity Insurance Co. of China Ltd. announced Sunday that it is raising 10.5 billion yuan ($1.6 billion) from its parent to “to support business development,” without elaborating.