Insurance regulators in China have been sorting the good from the bad and the ugly this year. Ping An is the top gunslinger in the first posse. Members of this group distinguish themselves by their unwillingness to issue so-called “universal life” products with short durations and high yields of 5 to 6 per cent annually. Those, such as Anbang, more reliant on premium income from those products, are also more likely to engage in trophy offshore transactions. The authorities disapprove of both characteristics.

Ping An, with a $150bn market value between two listings in Shanghai and Hong Kong, was the second-largest life insurer in China in 2015, with a market share of 15 per cent of gross written premium, according to S&P Global. Earnings per share have grown 23 per cent annually over the past five years. This month the group increased its dividend by 1.5 times, thanks to a better capital position.

Not all of the insurer’s businesses are equally profitable. Life insurance contributes half of profits in the most recent quarter. The property and casualty line’s profitability ratio declined. Lufax, the peer-to-peer lender it controls, is valued at $18.5bn and only became profitable this year. The banking subsidiary’s net half-year profit after taxes rose a mere 2.1 per cent year on year.