China’s Ping An Insurance is to report a Rmb15.7bn ($2.29bn) loss in the third quarter on its investment in Fortis, in effect wiping out the company’s profits for the first nine months and halting its overseas expansion plans.

Ping An’s short-lived foray into global markets appears to have ended in ignominy after Fortis collapsed and was partly nationalised before the remainder was bought by French rival BNP Paribas over the weekend.