The Ping An Insurance Company, a leading life insurer in China, has agreed to pay 2.15 billion euros ($3.4 billion) for 50 percent of Fortis’s asset management business, the companies said. At the same time, Ping An raised its stake in Fortis, the Belgian-Dutch financial group, to 4.99 percent from 4.18 percent. Fortis will get needed cash for its capital base, which has been eroded by an ABN Amro deal and write-downs related to investments in subprime mortgages.
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China: Insurer Invests in Fortis Unit
