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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 has been named the Best Overall Outstanding Company and the Most Outstanding Company in China – Insurance Sector in the Asia's Outstanding Companies Poll 2020 by Asiamoney. This marks the third consecutive year for this recognition. The poll encompassed over 880 financial experts across the Asia Pacific region. In the first half of 2020, operating profit increased by 1.2% to RMB74,310 million and technology revenue rose by 11.2% to RMB42,732 million. An interim dividend of RMB0.80 per share was declared, reflecting a 6.7% increase year-on-year.
Ping An Insurance Overseas (Holdings) Limited has successfully closed two funds, the Ping An Global Equity Selection Fund and the Ping An Global Equity Fund, securing a total of USD 875 million from global investors, including GIC and Montana Capital Partners. This marks Ping An's strategic transition towards an asset management franchise catering to third-party investors. The funds will focus on overseas private equity, investing in top-tier managers in North America and Europe. Executives highlighted the importance of these funds in enhancing investment capabilities and meeting diverse investor needs.
Ping An Insurance (Group) Company of China announced a report revealing that Chinese companies in the CSI 300 significantly lag behind their US counterparts in climate risk disclosures. The report, created with Imperial College London, analyzed 277 documents from 182 companies, highlighting that only 3% of CSI 300 companies discuss climate risks. Major findings include the need for improved links between climate disclosures and financial performance, with calls for more transparent and forward-looking disclosures. The report emphasizes the global gap in adoption of climate disclosure frameworks, urging Chinese companies to enhance their practices.
On September 23, 2020, Ping An Insurance unveiled its healthcare ecosystem strategy at an Investor Day in Shenzhen. Co-CEO Jessica Tan highlighted the potential of China's healthcare market, projected to grow from RMB6 trillion in 2019 to RMB16 trillion by 2030. The strategy aims to create a closed-loop ecosystem integrating various healthcare services and stakeholders, enhancing operational efficiency. Notably, 'Ping An Doctor Home' was launched to strengthen doctor-patient interactions. Ping An Good Doctor reported a 21% year-on-year income increase, with online healthcare revenue surging by 107%.
On September 21, 2020, Ping An Insurance Group announced the launch of its first UCITS umbrella fund through its offshore investment platform, Ping An of China Asset Management (Hong Kong). This Fund, based in Luxembourg, aims to attract global investors interested in China's equity and fixed income markets, leveraging over 20 years of investment experience. The Fund consists of four sub-funds with distinct strategies, including AI-enhanced stock selection and green bond investments, aiming for stability and absolute returns.
Ping An Insurance showcased digital innovations at the Institute of International Finance, highlighting how COVID-19 accelerated its digitization strategy. As of June 30, 2020, it serves over 210 million retail customers and 560 million internet users. The company's telemedicine platform, Ping An Good Doctor, saw a 26.7% increase in consultations, averaging 831,000 daily. Ping An's AI technologies enabled remote working for its staff and financial institutions. Additionally, the group is leading in technology patent applications, with a total of 26,008.
Ping An Bank, a subsidiary of Ping An Insurance (Group) Company of China, has been awarded the title of World's Best Digital Bank at the Euromoney Global Awards for Excellence 2020, becoming the first Chinese bank to receive this honor. The bank's revenue grew by 15.5% year-on-year to RMB78,328 million in the first half of 2020, with retail assets under management exceeding RMB2.3 trillion. Ping An Group has committed to invest an additional RMB100 billion in technology over the next five years to enhance its digital services.
Ping An Insurance (Group) Company of China announced that its life insurance arm, Ping An Life, is implementing a significant transformation focusing on four areas: growth model, marketing, product strategy, and channel integration. The company experienced a 1.2% increase in the number of agents as of June 2020, shifting towards data-driven operations. In the first half of 2020, operating profits attributable to shareholders reached RMB74,310 million, marking a 1.2% year-on-year increase. The reform aims to strengthen the company’s foundation for future growth, emphasizing quality over quantity.
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