Ping An targets Japan in bid to diversify outside of China

Tokyo

PING An Insurance (Group) Co plans to invest US$100 million a year in Japanese companies as it seeks to diversify its investments outside of China.

China's second-largest insurer will put money with private equity funds that invest in sectors including food, consumer products and services, medical and healthcare, said Takeshi Nakabayashi, president of Ping An Japan Investment, a Tokyo-based unit.

Separately, Ping An plans to raise its stake in Ascot Corp, a local residential de…