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China tech

China's Ping An Insurance finds success with focus on tech

Aggressive R&D begins to pay off and complement main business

The Ping An Good Doctor app lets people consult a doctor online.   © Reuters

HONG KONG -- Ping An Insurance Group's focus on technology has begun to bear fruit in the group's efforts to capture China's more than 500 million internet users.

China's top insurer by market capitalization has spent 1% of its annual revenue on research and development. Operating profit in its internet service segments grew by 25% last year to 6.7 billion yuan ($1 billion).

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