A logo of Ping An Insurance is seen outside its building in Shenzhen in this February 5, 2013 file photo. REUTERS/Tyrone Siu/File photo Ping An Insurance (Group) Co. plans to invest $100 million a year in Japanese companies as it seeks to diversify its investments outside of China.
China's second-largest insurer, Ping An, is to increase and broaden its interests in Japan, investing up to $100m a year in sectors including food, consumer products and services, medical and healthcare through private equity funds. The company also plans to spend $80m to increase its stake in property developer Ascot Corp to 73% as it looks to boost its real estate business in the nation. The move comes even as Japanese authorities clamp down on takeovers by the nation's insurers. Ping An said it is looking to overseas investments to spread its currency risk as the yuan declines.