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Shares in Ping An plummeted 30% in the first quarter of 2020, as the coronavirus prompted massive payouts across the health-insurance industry. Still, as of July, Ping An remained China’s most valuable insurer, with a market cap of around $210 billion. This year, stewardship of the 30-year-old company passed from co-founder Peter Ma to a trio of co-CEOs—Jason Bo, Xie Yonglin, and Jessica Tan. Ping An says the new management structure fits its twin-engine strategy of leveraging financial products and tech advances to drive revenue growth. Ping An’s real ambition, it seems, is to become a fintech behemoth.
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