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FILE PHOTO: The logo of the company Ping An Insurance Group is presented at a press conference following the announcement by the company of its annual results in Hong Kong, China on March 16, 2016. REUTERS / Bobby Yip / File Photo
BEIJING (Reuters) – Chinese group Ping An Insurance Group said on Friday that it would invest in the iTutorGroup online training company, with the aim of developing its "smart education" business.
iTutorGroup will work with Ping An to promote the application of artificial intelligence (AI) technology in the education and development of the online education industry, said Ping An in a statement posted on his social media platform.
iTutorGroup, founded in 1998, offers customers online lessons on languages and mathematics. Between 2012 and 2018, the education platform lifted four rounds of funding. It was valued at about $ 1.6 billion before Ping An's investment.
Ping An, the country's largest insurer in terms of market value, did not reveal the amount of its investment, but said it would use its technologies to improve the individualization and intelligence of iTutorGroup's educational products.
Ping An recorded a 77% rise in net income in the first quarter thanks to strong investment returns driven by the recovery in financial markets.
Report by Yilei Sun and Norihiko Shirouzu in Beijing, Wang Jing in Shanghai; Edited by Jacqueline Wong
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