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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) Company of China reported its Q1 2023 financial results, highlighting significant growth in various sectors. For the first quarter, operating profit attributable to shareholders reached RMB41,385 million, while net profit soared 48.9% to RMB38,352 million. The company’s New Business Value (NBV) in the life and health sector grew 8.8% year-on-year. Additionally, Ping An Life’s net profit skyrocketed 104.5% to RMB24,971 million, with premium income from life insurance rising 5.6% to RMB171,767 million. The Group maintained a strong retail customer base, reaching nearly 229 million by March 31, 2023. Overall, the results reflect Ping An’s commitment to integrating finance and healthcare services while focusing on high-quality development.
On March 23, 2023, Ping An Insurance (Group) Company of China announced that AM Best assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of 'a+' (Excellent) to Ping An Property & Casualty Insurance Company. These ratings reflect the company's very strong balance sheet strength, strong operating performance, and stable outlook. Ping An P&C, the second-largest non-life insurer in China, reported a consolidated capital and surplus of RMB114.35 billion (USD17.95 billion) as of 2021. The firm maintains a diverse investment portfolio and has shown consistent underwriting profitability with a five-year average return on equity of 18.6%. The company's market share stands around 20% as of 2021.
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