HONG KONG -- Share prices of China's Ping An Insurance slumped on Friday after the conglomerate reported a net loss of more than $2.5 billion in 2023 in its asset management business, swinging from profit the year before, as the sector is hit by volatility in the Hong Kong and Chinese stock markets.
The red ink sheds light into ongoing investor concerns as the major private insurer adjusts future investment return assumptions downward, citing the need for a more cautious approach.
