Ping An Ins Group Co China Ltd - PNGAY STOCK NEWS

Jessica Tan, Co-CEO of Ping An, emphasized Hong Kong's pivotal role in the Greater Bay Area (GBA) during Hong Kong Fintech Week. She identified three main challenges: navigating multiple regulations, supporting SMEs, and facilitating skill flow. Ping An OneConnect initiatives have benefitted over one million SMEs by providing easier access to RMB 68 billion in loans. The company is also investing in cross-border talent development through internships and its Gamma O platform, which supports fintech innovation.

Ping An Insurance (Group) Company of China received two Directors of The Year Awards from the Hong Kong Institute of Directors. Dr. Ma Mingzhe, Chairman, won the individual award, showcasing his leadership in corporate governance. This marks Dr. Ma's third recognition and the Board's fifth win. The Group reported a 9.2% year-on-year increase in operating profit to RMB118,737 million, with retail customers rising to over 225 million. Ping An’s technology revenue also saw a 12.6% increase, reflecting its strategic focus on digital transformation and healthcare innovation.

Ping An Insurance has announced its commitment to achieve operational carbon neutrality by 2030, aimed at supporting China's emissions targets. The announcement coincided with the opening of the Nujiang – Gaoligong Mountain Exhibition Center. As part of its Green Finance+ initiative, the company set ambitious targets for green investments and credit, with planned growth rates of at least 20% for investments and 70% for insurance premiums by 2025. By Q3 2021, Ping An had achieved RMB208.89 billion in green investments.

Ping An Insurance (Group) reported a 9.2% increase in operating profit attributable to shareholders, totaling RMB118.74 billion for the nine months ending September 30, 2021. However, net profit dropped 20.8% to RMB81.64 billion. The Group's assets rose to RMB10.08 trillion, and retail customers increased by 3.1% to over 225 million. Ping An Life faced challenges with a 2.3% decrease in operating profit and 17.8% drop in new business value. Ping An Bank reported a 30.1% rise in net profit to RMB29.14 billion, supported by stable asset quality.

Ping An Insurance announced that its subsidiary, Ping An Bank, launched services under the Cross-boundary Wealth Management Connect pilot scheme on October 19. This initiative enhances financial integration between Guangdong, Hong Kong, and Macao, enabling residents to invest in wealth management products offered by banks in these areas. The bank is among the first participants, with approvals from regulatory authorities. Users can manage investments via the Ping An Pocket Bank app, facilitating online transactions without visiting a branch. Ping An Bank has over 200 branches in the Greater Bay Area.

Ping An Insurance has been recognized as the Most Outstanding Company in China's Insurance Sector by Asiamoney for the fourth consecutive year. The 2021 poll, surveying over 1,070 financial professionals, emphasized Ping An's financial performance and corporate governance. In the first half of 2021, the company reported a 21.0% operating ROE and a 10.1% increase in operating profit to RMB81,836 million. The Group is committed to enhancing corporate governance, environmental initiatives, and social responsibility, pledging to achieve carbon neutrality by 2030.

Ping An Life has upgraded its Zhen Xiang RUN Health Services Plan with new critical illness insurance products, enhancing customer care through dedicated family doctors and efficient health management. The upgraded plan integrates services from 38,000 doctors, including specialists from top Chinese and global hospitals, providing 24/7 consultations and offline services. It aims to reduce medical costs through early disease detection and management, covering over 190 conditions. The initiative reflects Ping An's commitment to customer health and the integration of insurance with health management.

Ping An Insurance (Group) Company of China, Ltd. has moved up to #8 in the FutureBrand Index 2021, significantly rising seven places from the previous year. The FutureBrand Index assesses brand perception among prominent companies based on various indicators. Despite challenges in the first half of 2021, Ping An reported a 21.0% annualized ROE and a 10.1% year-on-year increase in operating profit to RMB81,836 million. The company's retail customers surpassed 223 million, and its technology business revenue grew by 14.2% to RMB48,809 million. Ping An continues to integrate sustainable practices into its corporate strategy.