Ping An is an insurance company, and the insurance industry is heavily regulated in the United States and Canada, there seems to be a lot complex laws for insurance companies to operate in.It may be the case for Ping An, that it is not worth the hassle. They probably make all their money in China, how much more can they squeeze from foreign markets?
Something like life insurance, reputation and established history counts. Ping An trying to break into Western markets will be very difficult because they will be competing against companies that are 100 years old and have that history behind of reliability, compared to this new and unknown player.
It can work for Ping An in China, since that is a new industry for the masses, and they were there at the right place at the right time.
In the article posted, I only realized later, that China will be the biggest source of income for the largest life insurance company in Canada. A Canadian life insurance company will make more money in China, than anywhere else. So it seems that the China market is the most important market for a few industries, and growing.
In the long run, that Canada's largest and most famous life insurance company would need China to keep growing, that creates leverage for the Chinese side. Keep quiet and go make your money or we will take your license away to operate in China. That would be the CCP we all know. Heh.
