Ping An Ins Group Co China Ltd - PNGAY STOCK NEWS

Ping An Insurance has announced a significant breakthrough in drug discovery through a deep learning framework developed with Tsinghua University. The research focuses on AI-driven pharmaceutical advancements, enabling faster and cheaper drug discovery processes. This innovative framework, MPG, can learn molecular representations from large datasets, achieving state-of-the-art performance in various drug-related tasks. The technology is being utilized by Ping An Shionogi for new drug development, enhancing the efficiency of pharmaceutical research.

Ping An Life is undergoing a transformative reform focusing on digital empowerment and customer-centric services, as highlighted by Chairman Peter Ma during the 25th Ping An Life Insurance Summit. The company is transitioning through three growth stages, with the latest termed 'Chinization', reflecting a domestically tailored approach to meet rising customer expectations. With over RMB15 billion in premiums generated via its smart insurance tools, Ping An is enhancing its digital platform while expanding its services beyond claims to comprehensive health care. The company's extensive technology investments position it as a leader in financial and medical technologies.

On May 24, 2021, Ping An Insurance announced a new poverty alleviation initiative in Cambodia, focusing on women’s handicraft skills under the Mother's Needlework program. This initiative aims to promote local employment through technical training and handicrafts production. Building on a successful similar project in China, which increased participants' income significantly, Ping An hopes to enhance socio-economic development in Cambodian communities. The program is part of Ping An's broader commitment to poverty alleviation and sustainable development within the Lancang-Mekong Cooperation framework.

Ping An Insurance (Group) Company of China has been ranked 6th in the Forbes Global 2000, moving up one position from the previous year. The company reported USD169.1 billion in revenues and USD20.8 billion in profits for the year. It remains the top global diversified insurance company and ranks 5th among global financial institutions. Ping An continues to enhance its 'finance + technology' and 'finance + ecosystem' strategies while committing to shareholder value and social development.

Ping An Insurance announced the initial close of Ping An Voyager Partners, LP, a growth-stage venture fund that aims to invest in fintech and healthtech sectors globally. The fund has secured approximately US$200 million in commitments towards its target of US$475 million. Managed by Global Voyager Fund, a Ping An subsidiary, the fund will typically invest between US$15 million and US$35 million in established businesses exhibiting viable unit economics. Final closing is expected in Q3 2021.

Ping An Insurance (Group) Company of China is implementing a comprehensive digital healthcare strategy to tackle the challenges posed by China's aging population and rising healthcare costs. With digital healthcare spending at 7% of total healthcare expenditure, the company anticipates this could rise to 20-25% as online services gain traction. The healthcare market is projected to expand from RMB6 trillion in 2019 to RMB16 trillion by 2030. Ping An Good Doctor leads in online healthcare services, boasting 373 million users. The ecosystem significantly contributes to acquiring new financial customers, averaging RMB39,100 in AUM per capita.

Ping An Insurance (Group) Company announced it remains the world's most valuable insurance brand, with a brand value of USD44.8 billion, according to Brand Finance's Insurance 100 2021 Ranking. This marks the fifth consecutive year at the top. The company recorded an 8.9% increase in operating profit, totaling RMB39,120 million, and a 15.4% rise in new business value for its life and health insurance division. With over 220 million retail customers, Ping An continues to strengthen its tech capabilities, enhancing product offerings amid the ongoing pandemic.

Ping An Insurance (Group) Company of China reported Q1 2021 financial results, with a 4.5% year-on-year net profit increase to RMB27,223 million and an 8.9% rise in operating profit to RMB39,120 million. Despite a recovering economy, the long-term protection business remains depressed. Retail customers grew by 1% to over 220 million. The company's healthcare strategy advanced, empowering over 37,000 medical institutions. The '2021 Long-term Service Plan' involved 90,960 employees. Overall, technology revenue rose 20.1% to RMB23,824 million, reflecting its focus on fintech and healthcare ecosystems.