Ping An cuts stock holdings as it adopts IFRS 9
China's second-largest lifer showed a higher degree of fluctuation in its income statement and remains the only Chinese insurer to have adopted the new accounting standard.
Ping An on Wednesday became the first Chinese insurer to report interim results under new international accounting standards, revealing a greater degree of fluctuation in its numbers and a drop in its stock holdings.
Financial institutions globally have been required to follow International Financial Reporting Standards 9 (IFRS 9) since the start of this year but insurers can choose to adopt them no later than 2021 and Ping An remains the only Chinese institution to have braved th…
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