Ping An Capital invests $121m in Singapore's Fullerton Healthcare

Ping An Capital, which has become Fullerton’s second-largest shareholder, will support the expansion of the platform into mainland China. There are plans to establish approximately 100 clinics in Beijing, Shanghai, and Guangzhou.

Founded in Singapore in 2011, the company claims to own more than 227 medical centers across seven markets. It is most active in Singapore, Indonesia, Australia, Hong Kong, and Malaysia. Fullerton provides one-stop corporate packages that cover occupational health services, executive health screening, primary care, medical benefits management, and certain specialty services.

China is in the midst of a wide-ranging healthcare reform program intended to build grassroots level capacity and ultimately improve efficiency. At the same time, there is growing demand for private healthcare services, at the personal and company level. According to Frost & Sullivan, China’s enterprise healthcare management market will be worth $21.1 billion in 2020, up from $5.7 billion in 2010.

“In addition to capital investment, Ping An Capital will leverage healthcare resources from Ping An of China, including Ping An health insurance, Ping An Good Doctor and Ping An Wanjia Healthcare to help boost Fullerton Health's business expansion in mainland China," said Liu Dong, a principal partner at Ping An Capital, in a statement.

Ping An’s health insurance business posted a 50.7% increase in premium income to RMB788 million in 2016, including RMB100 million from an online health insurance vertical that was built from scratch. For the first six months of 2017, written premiums and premium income came to RMB1.1 billion and RMB982 million, respectively, each representing a year-on-year gain of more than 200%.

Good Doctor is a platform through which users can book medical appointments, consult with doctors, and order certain medicines. As of June, it had a 1,000-strong full-time medical team, 60,000 contracted doctors providing follow-up advice, and was cooperating with 2,300 hospitals and 700 check-up centers. It has served more than 160 million users. Good Doctor closed a $500 million Series A round in May 2016 at a valuation of $3 billion.

Good Doctor and Wanjia – which is a network of more than 16,000 medical clinics that work with the Good Doctor platform – are part of a broader drive by Ping An to create a one-stop online financial supermarket for everything from insurance to payments. The healthcare businesses are intended to co-exist with financial technology platforms such as Lufax and Finance One Account.

Earlier this year, Ping An launched a $1 billion fund - the Ping An Global Voyager Fund - that will make financial technology and healthcare investments globally. The insurance giant also has a tech-oriented investment unit, having established Ping An Ventures in 2012.

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• Topics
• Greater China
• Southeast Asia
• Healthcare
• Expansion
• China
• Ping An
• Singapore