Ping An Insurance known also as Ping An of China (), full name Ping An Insurance (Group) Company of China, Ltd. is a Chinese holding conglomerate whose subsidiaries provide

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

banking A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

asset management Asset management is a systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings ...

financial Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fina ...

healthcare Health care or healthcare is the improvement of health via the prevention, diagnosis, treatment, amelioration or cure of disease, illness, injury, and other physical and mental impairments in people. Health care is delivered by health profe ...

services. The company was founded in 1988 and is headquartered in

Shenzhen Shenzhen (; ; ; ), also historically known as Sham Chun, is a major sub-provincial city and one of the special economic zones of China. The city is located on the east bank of the Pearl River estuary on the central coast of southern province ...

. "Ping An" literally means "safe and well". In 2022, Ping An ranked 17th on the Forbes Global 2000 list and 25th on the

Fortune Global 500 The ''Fortune'' Global 500, also known as Global 500, is an annual ranking of the top 500 corporations worldwide as measured by revenue. The list is compiled and published annually by ''Fortune'' magazine. Methodology Until 1989, it listed onl ...

list. Ping An ranked 21st among the World’s top 500 Most Valuable Brands and fourth among global financial enterprises in the Global 500 2022 Report by Brand Finance. The company is considered to be the world's largest insurer, with US$121.7 billion net premiums written in 2020. Its

market capitalization Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders. Market capitalization is equal to the market price per common share multiplied by t ...

was US$136 billion in March 2021, making it the largest insurer in the Asia-Pacific region. Ping An Insurance is one of the top 50 companies in the Shanghai Stock Exchange. It is also a constituent stock of Hang Seng Index, an index of the top 50 companies in the Hong Kong Stock Exchange. Ping An Insurance was also included in the pan-China stock indices CSI 300 Index, FTSE China A50 Index and Hang Seng China 50 Index. Ping An is a signatory of the United Nations-supported Principles for Responsible Investment (PRI), and was the first asset owner in mainland China to join.

Business

Ping An Insurance Group started off in 1988 as a property and casualty insurance company, later diversifying into insurance, banking, asset management, financial services and healthcare services. Ping An has licenses to offer financial services, including insurance, banking, trusts, securities, futures and financial leasing. Since the mid-1990s, Ping An has been subsequently taken investments from overseas firms such as

Morgan Stanley Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the fir ...

and

Goldman Sachs Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...

in 1994. In 2002

HSBC HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tri ...

took a large equity interest in Ping An. In early 2008, Ping An agreed to take a 50% share in Fortis Investments, a subsidiary of Fortis, which had taken over ABN AMRO Asset Management as a result of the split up of

ABN AMRO ABN or abn may refer to: Companies * ABN AMRO Group, a Dutch bank group * ABN AMRO, sometimes referred to as "ABN" in shorthand, is a Dutch state-owned bank * Algemene Bank Nederland, a now-defunct Dutch bank Radio, news and television organizat ...

in late 2007; the deal was canceled in October 2008. In June 2009, Ping An became a strategic investor in

Shenzhen Development Bank Shenzhen Development Bank Co., Ltd. was a bank based in Shenzhen, Guangdong, China, listed on the Shenzhen Stock Exchange. Ping An Insurance bought the controlling stake in Shenzhen Development Bank in 2011, from Newbridge Capital (16.76%) and f ...

, (now part of

Ping An Bank Ping An Bank Co., Ltd. is a Chinese joint-stock commercial bank with its headquarters in Shenzhen. It primarily operates in Mainland China with a representative branch in Hong Kong. The bank offers services in retail and corporate banking, includi ...

). In 2016, Ping An Healthcare and Technology (Ping An Good Doctor) completed a Series A funding round of a total of US$500 million, making its valuation hit US$3 billion. Ping An also bought a 48% stake in Chinese car website Autohome Inc. from Telstra Corp. for $1.6 billion. In February 2018, three technology subsidiaries of Ping An completed private placement financing, which received positive responses particularly from international institutional investors. They were Ping An Healthcare and Technology Company Limited, Ping An Medical and Healthcare Management Co., Ltd and

OneConnect Financial Technology OneConnect Financial Technology Co., Ltd. (OneConnect; zh, 金融壹账通; pinyin: Jinróng yīzhàngtōng) is a technology-as-a-service platform for financial institutions. The Company was listed on the New York Stock Exchange in 2019 (). OneC ...

Co., LTD. In May 2018, Ping An Good Doctor was listed on the Hong Kong Stock Exchange. In June 2019, Ping An One Connect Bank officially commenced operation after receiving a virtual banking license from the

Hong Kong Monetary Authority The Hong Kong Monetary Authority (HKMA) is Hong Kong's central bank, central banking institution. It is a government authority founded on 1 April 1993 when the Office of the Exchange Fund and the Office of the Commissioner of Banking merged. Th ...

in May 2019. In December 2019, OneConnect Financial Technology was listed on the New York Stock Exchange. In October 2020,

Lufax Lufax (), full name Shanghai Lujiazui International Financial Asset Exchange Co., Ltd., is an online Internet finance marketplace headquartered in Lujiazui, Shanghai. Founded in 2011, it is an associate of China Ping An Group. The company was f ...

, one of China's leading online wealth management platform, listed on the New York Stock Exchange. Over the years, Ping An has launched fintech and healthcare businesses such as Lufax Holding, OneConnect, Ping An Good Doctor (1833.HK), and Ping An HealthKonnect. Brand Finance ranked Ping An Insurance as one of the top global insurance brands, and as of 2021, the most valuable global financial brand in the world. In January 2022, Ping An Life received approval from the CBIRC for its investment in New Founder Group. In March 2022, Ping An Life launched a home care service for the elderly.

Technology-Powered Business Transformation

Ping An invests 1% of its revenues into R&D (which itself consists of 10% of its annual profits), specifically, on new technologies of AI, Blockchain and Cloud Computing for ten years to transform its financial services and support the building of its five ecosystems: financial services, healthcare, auto services, real estate services, and smart city services. More than 598 million users are connected to at least one of those ecosystems. Over the years, Ping An has successfully launched fintech and healthtech businesses such as Lufax Holding, OneConnect, Ping An Good Doctor (1833.HK), and Ping An HealthKonnect. Ping An's AskBob Doctor has ranked first in one of the three tasks in MEDIQA 2021, an AI healthcare questionand- answer contest hosted by the Association for Computational Linguistics. In 2021, AskBob Doctor scored an average 92.4 points while the six endocrinologists human team scored 89.5 points in an International Human-Machine Competition on Diabetes Management. In August 2022, Ping An launched an earth observation optical remote sensing satellite, PinAn-3 which also called Taijing-1 01.

Ownership

Ping An is a publicly listed company. As of 31 December 2021,

Charoen Pokphand Group The Charoen Pokphand Group Company, Ltd. (CP) (; ) is a Thai conglomerate based in Bangkok. It is Thailand's largest private company and the largest privately held Royal Warrant holder of the Thai Royal Family. The company describes itself as havi ...

is the single shareholder in Ping An, holding a 6.8% stake. The

government, via Shenzhen Investment Holdings, owns a 5.27% stake as the second largest shareholder. Ping An has the classification of a civilian-run enterprise.

Richard McGregor Richard McGregor (born 1958) is an Australian journalist, writer, and author. He is currently working as a Senior Fellow at the Lowey Insititute based in Sydney, Australia. He previously was based in Japan and also other locations such as Shangh ...

, author of '' The Party: The Secret World of China's Communist Rulers'', said that "the true ownership of large chunks of its shares remains unclear" and that the ownership of Ping An is a "murky structure".

McGregor McGregor may refer to: People * McGregor (surname) * Clan MacGregor, a Scottish highland clan * McGregor W. Scott (born 1962), U.S. attorney Characters * Mr. McGregor, a fictional character from Peter Rabbit Places in Canada: * McGregor Lake ...

p. 204
-205. In October 2012, ''

The New York Times ''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...

'' reported that relatives and associates of Chinese

Premier Premier is a title for the head of government in central governments, state governments and local governments of some countries. A second in command to a premier is designated as a deputy premier. A premier will normally be a head of governm ...

Wen Jiabao Wen Jiabao (born 15 September 1942) is a retired Chinese politician who served as the Premier of the State Council from 2003 to 2013. In his capacity as head of government, Wen was regarded as the leading figure behind China's economic policy ...

controlled stakes in Ping An worth at least US$2.2 billion in 2007.

acquired 48.22% of H shares by means of different HSBC subsidiaries (

H shares H shares () refer to the shares of companies incorporated in mainland China that are traded on the Hong Kong Stock Exchange. Many companies float their shares simultaneously on the Hong Kong market and one of the two mainland Chinese stock exc ...

accounted for 34.83% of the share capital as at 31 December 2009, which was later increased to 41.88% in 2015). HSBC holds 16.80% of total shares of Ping An, making it the biggest shareholder as of 31 December 2009.

Markets

Since 24 June 2004 Ping An has been listed on the Stock Exchange of Hong Kong (subsidiary of Hong Kong Exchanges and Clearing) a
SEHK: 2318
Since 1 March 2007, it has a listing on the Shanghai Stock Exchange a
SSE: 601318
Ping An replaced Anhui Expressway in the

Hang Seng China Enterprises Index Hang Seng China Enterprises Index is a stock market index of The Stock Exchange of Hong Kong for H share, red chip, and P chip. H share is a class of ordinary share of the mainland China incorporated company that only traded outside the mainlan ...

(HSCEI) in 2004. The Hang Seng Index Services Company announced on 11 May 2007, that Ping An would join as

Hang Seng Index Constituent Stock The Hang Seng Index (HSI) is a freefloat-adjusted market- capitalization-weighted stock-market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator ...

effective on 4 June 2007.

Operations

Ping An has operations across all of the People's Republic of China, and in Hong Kong and Macau through Ping An Insurance Overseas. Lufax, OneConnect and Ping An Good Doctor have now expanded overseas. OneConnect served 100+ customers in 20 countries and regions mainly in Southeast Asia.

ESG

The financial group is the first Chinese asset owner to have signed Climate Action 100+ and the United Nations’ Principle of Responsible Investment (UNPRI). PRI chief Reynolds called Ping An's decision "a milestone on China's road toward the full embrace of

ESG ESG may refer to : Groups * Election Support Group, an internationally sponsored organization analyzing and supporting the electoral process in Pakistan * ES Guelma, an Algerian football club based in Guelma * Escuela Superior de Guerra (Argenti ...

". Ping An has invested more than USD$140 billion in clean energy and affordable healthcare. It has extended credit lines of more than USD$8.5 billion towards companies with green initiatives, with a balance of loans at the end of 2019 exceeding USD$3.4 billion. It was the first Chinese company to join UN Principles for Sustainable Insurance. It was the first insurance company from mainland China to be selected for the 2019 Dow Jones Sustainability Emerging Markets Index (DJSI). Ping An was named ESG Investor of the Year for Insurers, China at The Triple A Sustainable Investing Awards for Institutional Investor, ETF, and Asset Servicing Providers by The Asset Magazine. Ping An Insurance (Group) Co. of China Ltd. target to achieve operational carbon neutrality in 2030. And promised to support China's goal of achieving carbon neutrality by 2060, on the 52nd annual Earth Day. Ping An Insurance Group published its green finance strategy in their 2020 Climate Risk Management Report. In July 2022, Ping An shown to support the floods in Henan by launching contingency measures after the unrivalled rainstorm hit Central China's Henan province. In 2022, The China Enterprise Reform and Development Society released the first China-focused ESG disclosure standard which collaborated with Ping An and dozens of other companies in China. Ping An drafted the standard by incorporating the insurer’s in-house CN-ESG evaluation system framework to provide a standardised scientific approach for corporate ESG information disclosure. Ping An Insurance Group published its green finance strategy in their 2020 Climate Risk Management Report. A global leading ESG rating firm, Sustainalytics, rated Ping An as low ESG risk and score of 18.3. This was the best score among 290 Mainland China's insurance companies. Ping An was recognized in The S&P Global Sustainability Yearbook 2022 , the world’s most comprehensive publication of its kind, for its commitment to progress in sustainability by scoring within the top 15% of the insurance industry and achieving an S&P Global ESG Score within 30% of the industry’s top-performing company.

Notes

External links

*
News website about Ping An systems upgrade
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