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Ping An Insurance (Group) Company of China, Ltd. (PNGAY) is a leading provider of integrated finance and healthcare services, with nearly 230 million retail customers globally. The company, listed on HKEX: 2318 and SSE: 601318, focuses on providing professional financial advisory, family doctor, and elderly care services under the technology-driven 'integrated finance + healthcare' strategy. Ping An has showcased remarkable growth in its core businesses, such as life & health insurance, property & casualty insurance, and banking, with a strategic emphasis on sustainable development and corporate governance.
With a robust framework guided by exceptional corporate governance practices, Ping An emphasizes long-term strategic planning, talent management, and ESG investment philosophies. The company has positioned itself as a pioneer in green finance initiatives, rural industrial assistance, and digital transformation, demonstrating a strong commitment to sustainable growth and social responsibility. By leveraging innovative technologies and strategic partnerships, Ping An continues to drive high-quality development, provide lasting value to its stakeholders, and solidify its position as a global financial powerhouse.
Ping An Insurance Group has achieved an upgrade to AA in its MSCI ESG rating, maintaining its position as the top-ranked Multi-Line Insurance & Brokerage company in Asia-Pacific for the third consecutive year. The upgrade reflects the company's excellence in talent management, inclusive finance, and data protection.
The company outperforms industry averages in five key areas: human capital development, privacy & data security, financing environmental impact, responsible investment, and climate change vulnerability. Ping An's strategy focuses on technology-driven integrated finance plus healthcare and senior care services, serving 240 million retail customers with total assets exceeding RMB12 trillion as of September 2024.
The company maintains a strong commitment to sustainable development, incorporating ESG principles into its corporate strategy through a scientific sustainability management system and transparent governance structure.
Ping An Insurance Group has received both the Director of the Year Award and the inaugural Climate Governance Award for 2024 from the Hong Kong Institute of Directors. This marks the sixth Director of the Year Award for Ping An's Board, which consists of 15 directors with diverse expertise in insurance, banking, investment, and other fields. The company reported strong financial performance with operating profit reaching RMB113.82 billion in the first three quarters of 2024, up 5.5% year-on-year. Ping An's retail customer base grew to 240 million, with improved retention rates and cross-selling success. The company has also demonstrated leadership in ESG initiatives, pledging carbon neutrality by 2030 and maintaining high ratings in sustainability assessments.
Ping An Insurance co-hosted a Fintech Forum at the 2024 World Internet Conference Wuzhen Summit, focusing on fintech development in the digital era. The company showcased its technological achievements, including AI-powered services that have improved operational efficiency. Notable implementations include micro-expression technology enabling 30-minute loan decisions, the '1-1-1 Superfast Claim' service processing claims in as fast as 10 seconds, and AI systems achieving over 95% accuracy in vehicle analysis and 90% in medical imaging. The company serves 240 million retail customers and manages over RMB12 trillion in total assets, ranking 29th in Forbes Global 2000 and 53rd in Fortune Global 500 for 2024.
Ping An Insurance has been ranked #1 in insurtech in Fortune's inaugural Fintech Innovators Asia list. The company serves about 240 million retail consumers across China with AI-driven services including 'Smart Verification' and 'Smart Fast Claim'. In the first three quarters of 2024, Ping An's AI service representatives handled about 1,340 million customer interactions, representing 80% of total customer service volume. The company's technology achievements include 93% of policies underwritten within seconds and claims processing averaging 7.4 minutes. With over 21,000 technology developers and 53,521 patents, Ping An leads in technological innovation among financial institutions, ranking second globally in generative AI patent applications.
Ping An Insurance Group has climbed 29 spots to rank 318th on Forbes World's Best Employers 2024 list, securing the second position among China's financial companies. With over 635,000 employees and agents, Ping An implements an innovative 8Q+TEL competence assessment model and provides comprehensive benefits including commercial insurance and stock ownership plans. In 2023, employees received an average of 45.1 hours of training, and the company achieved an employee satisfaction score of 87/100.
The company emphasizes fair compensation, employee rights protection, and professional development opportunities through its proprietary learning system and newly implemented 'learning credit' system. Over 103,000 employees participated in key employee stock ownership and long-term service plans in 2023, representing 36% of the workforce.
Ping An Insurance (Group) Company of China, reported steady growth in the first nine months of 2024, with operating profit rising 5.5% to RMB113,818 million and net profit increasing 36.1% to RMB119,182 million year on year. The company's revenue grew 8.7% to RMB861,817 million. Notably, Ping An's Life & Health new business value (NBV) surged 34.1% to RMB35,160 million.
The company's success was attributed to its focus on core financial businesses and strengthening its 'integrated finance + health and senior care' strategy. Ping An Life improved channel capabilities and product portfolio, resulting in significant NBV growth across various channels. The company also made progress in developing health management and medical service networks, serving 240 million retail customers, of which 63% used services from the health and senior care ecosystem.
Ping An Insurance (HKEX: 2318, SSE: 601318) has been included in the Hang Seng Corporate Sustainability Index Series for the 14th consecutive year, highlighting its strong ESG performance. The company serves 236 million retail customers with integrated finance, health, and senior care services. Key achievements include:
- Green investments of RMB124.88 billion and green loans of RMB164.63 billion
- 14% year-on-year reduction in greenhouse gas emissions in 2023
- 51% of employees are women, with 42% in senior management
- Construction of 119 Hope Primary Schools across China
- RMB2.9 billion paid in disaster insurance claims in 2023
Ping An aims to become a world-leading integrated financial, health, and senior care services group, focusing on high-quality development and sustainable growth.
Ping An Insurance (Group) Company of China, (HKEX: 2318; SSE: 601318) reported stable operating profit and a 6.8% year-on-year increase in net profit for the first half of 2024. Key highlights include:
1. Operating profit attributable to shareholders reached RMB78,482 million
2. Net profit attributable to shareholders rose to RMB74,619 million
3. Life & Health new business value (NBV) grew 11.0% year-on-year to RMB22,320 million
4. Total assets grew to nearly RMB12.23 trillion
5. Interim dividend of RMB0.93 per share in cash
6. Retail customers increased to 236 million
7. Annualized operating ROE of 16.4%
8. Insurance funds investment portfolio achieved an annualized comprehensive yield of 4.2%
The company maintained stable growth across its core businesses while focusing on high-quality development and improving business efficiency.
Ping An Insurance (Group) Company of China, (HKEX: 2318; SSE: 601318) has released a report on Climate Change Adaptation and Disaster Risk Management in collaboration with several institutions. The report addresses the challenges faced by the insurance industry due to climate change and outlines strategies for response.
Key highlights:
- Ping An's green insurance premium income reached RMB37.3 billion in 2023, up 49% YoY
- Green loan balance increased to RMB146.3 billion, up 25.7% YoY
- Green investment of insurance funds amounted to RMB128.6 billion, up 19% YoY
- 100% of insurance fund investments covered by ESG integration requirements
Ping An aims to support China's climate change strategy through the development of green insurance and climate risk insurance products, collaborating with various stakeholders to enhance society's resilience to climate risks.
Ping An Insurance (Group) Company of China, (HKEX: 2318; SSE: 601318) has been ranked 53rd on the Fortune Global 500 list for 2024, marking its 15th consecutive year on the list. The company reported revenue of USD14.58 billion, ranking 9th among global financial enterprises and 5th among Chinese financial enterprises. In 2023, Ping An achieved an operating profit attributable to shareholders of RMB117.99 billion, with total assets exceeding RMB11.58 trillion. The company's three core businesses - life and health insurance, property and casualty insurance, and banking - remained stable, with a combined operating profit of RMB140.91 billion. Ping An's retail customer base grew by 2.2% year-on-year to nearly 232 million, with 25.3% of customers holding four or more contracts within the Group.
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