China's Ping An plans to invest in UK despite Brexit result

China’s second biggest insurance company is not put off investing in the UK despite the Brexit result, as it makes plans to increase overseas spending.

Jason Yao, chief executive of Ping An Insurance Group Company of China, told Reuters the company planned to increase overseas investment by 5-10% in the UK, US and Europe in the next three to five years

China’s insurance regulator only allows companies to invest 15% of total assets abroad, and Ping An has so far only invested 2%.

Yao told Reuters: "There will be investment opportunities in the UK ... Britain's stock market and currency have gradually stabilised [since the EU referendum vote]. We've been watching that very closely".

Since the UK voted to leave the European Union in June, the government has continued to stress that the country was still open for business and for foreign investment.

In January 2015, Ping An bought Tower Place, an office property in London for £327m and in July 2013 the insurer bought the Lloyds Building in the City for £260m.

Yao said that the company could invest further in property, logistics-related real estate and private equity funds.

Ping An’s overseas expansion is the latest in a string of foreign investments by chinese firms as they seek to reduce their dependence on the chinese economy and sidestep the weak yuan. Anbang Insurance and Fosun International have also made overseas acquisitions.

Yao also said it would encourage its Ping An Securities company arm to be listed on the Hong Kong stock exchange by the end of the year.