P I N G A N B R I N G S M O D E R N F I N A N C E TO C H I N A 183 1,000 branch offices throughout China. Individual life insurance premium income reached more than $600 million in 1999. Only five years earlier, it had been nonexistent. Internationalization As the life insurance business developed, Ping An began to establish international connections. Three significant events marked its gradual transformation--foreign investment, the hiring of McKinsey & Company, and international recruitment. FOREIGN INVESTMENT In 1994, Ping An brought in Morgan Stanley and Goldman Sachs as strategic investors to help provide the capital it needed to maintain the regulatory reserve limit. The deal made Ping An the first Chinese insurer with foreign shareholders, and it marked one of the