Ping An: Ranked 29th in Forbes' Global 2000 2024, 1st among China's Insurance Companies

Rhea-AI Summary

Ping An Insurance ranked 29th on the Forbes Global 2000 list for 2024, securing the top spot among Chinese insurance companies. The company reported revenues of $136.07 billion, a profit of $11.78 billion, assets worth $1,654.8 billion, and a market capitalization of $105.5 billion. Ping An's strategic focus on integrated finance, healthcare, and senior care has driven steady growth in revenue and operating profit. The company plans a final dividend of RMB1.5 per share for 2023, making the full year dividend RMB2.43 per share. Ping An is committed to ESG principles and has substantial investments in green finance. The company also supports inclusive finance and rural community development, providing significant financial services to small enterprises and investing in poverty alleviation initiatives.

Positive

• Ping An ranked 29th globally in Forbes Global 2000 2024.
• Top insurance company in China.
• Reported revenue of $136.07 billion and profit of $11.78 billion.
• Assets worth $1,654.8 billion and market cap of $105.5 billion.
• Final dividend of RMB1.5 per share for 2023, full year dividend RMB2.43 per share.
• Cash dividend payout ratio of 37.3%, with total dividend increasing for 12 consecutive years.
• Integrated ESG principles, maintaining an 'A' rating in MSCI ESG Ratings.
• Significant investments in green finance, with RMB1,285.68 billion in green insurance funds.
• Provided RMB572.1 billion in loans to small and micro-enterprises.
• Invested RMB117.882 billion in poverty alleviation and rural industrial development.

Negative

• High reliance on Chinese market, which may expose the company to regional economic risks.
• Heavy investment in green finance could be risky if the sector underperforms.
• High dividend payout ratio might limit reinvestment in business growth.

HONG KONG and SHANGHAI, June 14, 2024 /PRNewswire/ -- Forbes has published 2024 Forbes The Global 2000 ranking on 13 June 2024. With steady development of indicators including operating income, profit, asset scale and market value, Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An", the "Company" or the "Group", HKEX: 2318 / 82318; SSE: 601318) ranked 29^th among global enterprises. It is number 2 among global insurance companies, number 6 among Chinese companies and number 1 among China's insurance companies.

According to the 2024 ranking, the top six China companies are Industrial and Commercial Bank of China (ICBC), China Construction Bank, Agricultural Bank of China, Bank of China, PetroChina and Ping An. Ping An reported revenues of USD136.07 billion, profit of USD11.78 billion, assets of USD1,654.8 billion and market capitalization of USD105.5 billion.

Ping An continues to deepen its technology-driven "integrated finance + healthcare and senior care" strategy, remained customer needs-oriented and providing customers with "worry-free, time-saving, and money-saving" experience. It is empowering its core finance business to sustain steady business growth through digital operations. In 2023, the Group revenue was RMB913.789 billion and operating profit attributable to shareholders of the parent company was RMB140,913 million. The Company's total assets were recorded RMB11.58 trillion, with nearly 232 million retail customers.

Ping An is committed to create shareholder returns and continued to create value for shareholders and customers. For 2023, Ping An plans to pay a final dividend of RMB1.5 per share, making the full year dividend RMB2.43 per share. The cash dividend payout ratio based on operating profit attributable to shareholders of the parent company is 37.3%, with total dividend increasing for 12 consecutive years.

Ping An has fully integrated environmental, social and governance (ESG) core concepts and standards into corporate management. With its excellent performance in ESG management, Ping An maintained "A" in MSCI ESG Ratings in 2023, remaining No. 1 in the multi-line insurance and brokerage industry in the Asia-Pacific region. The Company is also upgrading its green finance initiative. As of the end of 2023, the responsible investment scale of Ping An Insurance funds was RMB7,252.56 billion, the investment scale of green insurance funds reached RMB1,285.68 billion, the original insurance premium income of green insurance reached RMB372.96 billion, and the scale of green banking business reached RMB1,463.45 billion.

In addition, Ping An continues to engage deeply in inclusive finance, providing convenient financial services for small and micro-enterprises. As of December 31, 2023, Ping An Bank has provided about RMB572.1 billion in loans to more than 1.0322 million loan customers of inclusive small and micro enterprises. Lufax Holding has provided services for 20.94 million customers, with a loan balance of RMB315.4 billion, of which unsecured loan services were provided for 151,000 small and micro-enterprises. Ping An P&C provided insurance coverage worth RMB200 trillion for 2.29 million small and micro -enterprises.

Ping An actively fulfills its corporate social responsibilities, leveraging the Company's "integrated finance + healthcare and senior care" advantages, and delivery of its "Ping An Rural Communities Support ". As of the end of 2023, Ping An had invested a total of RMB117.882 billion in poverty alleviation and support for rural industrial development, cumulatively increasing the income of 775,000 farmers by RMB9.3 billion. Ping An contributed to the construction of 119 Hope Primary Schools across China, recruited approximately 11,721 teaching volunteers, and provided over 438,000 hours of teaching services cumulatively.

Ping An remains steadfast in its foundational mission of serving the public through its financial expertise. The Company harnesses its strengths in finance, healthcare, and technology to wholeheartedly support the development of the real economy. The Company's commitment to corporate social responsibility is unwavering. By driving high-quality financial growth, the Company aims to contribute significantly to the construction of a prosperous nation and the grand undertaking of national rejuvenation.

About Ping An Group

Ping An Insurance (Group) Company of China, Ltd. (HKEx:2318 / 82318; SSE:601318) is one of the largest financial services companies in the world. It strives to become a world-leading provider of integrated finance, health and senior care services, Under the technology-driven "integrated finance + health and senior care" strategy, the Group provides professional "financial advisory, family doctor, and senior care concierge" services to its 234 million retail customers. Ping An advances intelligent digital transformation and employs technologies to improve financial businesses' quality and efficiency and enhance risk management. The Group is listed on the stock exchanges in Hong Kong and Shanghai. As of the end of 2023, Ping An had RMB11,583,417 million in total assets. The Group ranked 29^th in the Forbes Global 2000 list in 2024 and 33^rd in the Fortune Global 500 list in 2023.

For more information, please visit www.group.pingan.com and follow us on LinkedIn - PING AN.

View original content:https://www.prnewswire.com/news-releases/ping-an-ranked-29th-in-forbes-global-2000-2024-1st-among-chinas-insurance-companies-302173100.html

SOURCE Ping An Insurance (Group) Company of China, Ltd.

FAQ

What is Ping An Insurance's ranking in the Forbes Global 2000 for 2024?

Ping An Insurance ranked 29th in the Forbes Global 2000 list for 2024.

How did Ping An Insurance perform financially in 2023?

Ping An Insurance reported a revenue of $136.07 billion, a profit of $11.78 billion, and assets worth $1,654.8 billion in 2023.

What is Ping An Insurance's dividend for 2023?

Ping An Insurance plans to pay a final dividend of RMB1.5 per share for 2023, making the full year dividend RMB2.43 per share.

What are Ping An Insurance's investments in green finance?

Ping An Insurance has invested RMB1,285.68 billion in green insurance funds and RMB7,252.56 billion in responsible investment funds.

How is Ping An Insurance supporting small and micro-enterprises?

Ping An Insurance provided RMB572.1 billion in loans to small and micro-enterprises as of December 31, 2023.

What ESG rating did Ping An Insurance receive in 2023?

Ping An Insurance received an 'A' rating in MSCI ESG Ratings in 2023.