Continued to rank 1st in Multi-Line Insurance & Brokerage Industry in APAC
HONG KONG and SHANGHAI, Nov. 29, 2023 /PRNewswire/ — Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An“, the “Company” or the “Group”, HKEX: 2318 / 82318; SSE: 601318) announced that it has been rated A in the Morgan Stanley Capital Investment’s (MSCI) latest ESG Ratings, this is the second consecutive year for Ping An to be awarded an A rating, and continued to rank 1st in multi-line insurance & brokerage industry in APAC.
One of the most widely adopted benchmark indexes, the MSCI index is an important basis for investment decisions and data analyses by global asset managers. According to the MSCI ESG rating report, Ping An’s performance in the areas of “Privacy & Data Security”, “Access to Finance”, and “Financing Environmental Impact” exceeded industry average. Ping An was recognized by MSCI for its extensive data protection procedures, including certification to external information security management standards and robust compliance programs, as well as its management of environment risks in corporate financing activities.
Ping An has incorporated environmental, social, and corporate governance (ESG) philosophies and standards into its corporate management as part of its ongoing exploration and learning from world-class companies. Maintaining a focus on people and customer needs, Ping An has continued to expand its financial services capabilities and coverage. The Group focuses on the “integrated finance + healthcare” strategy driven by technology, continuously consolidating the strong synergies of integrated finance, advancing the development of healthcare and elderlycare, and enhancing digitization, to achieve long-term and sustainable high-quality development.
Leveraged Integrated Finance Advantages to Advance Green Finance Initiatives
Ping An actively responds to climate change challenges and opportunities, leveraging its integrated finance capabilities to promote green finance and help China to achieve its goals of “carbon peak and neutrality in 2030 and 2060 respectively”. In terms of responsible investment, Ping An implemented the principle of active ownership, integrated ESG factors into the research, analysis and investment decision-making process, supervised and participated in the ESG management of portfolio companies, and guided the healthy development of portfolio companies. By the end of June 2023, green investment in Ping An’s insurance assets had reached RMB140.929 billion. In terms of responsible banking, Ping An fully implemented green, social, and inclusive sustainable development concepts in its credit business and other financing businesses, and integrated ESG factors into its pre-loan, lending and post-loan processes. As of the end of June 2023, Ping An’s balance of green loans stood at RMB134.926 billion. Regarding sustainable insurance, Ping An continued to promote the development of green insurance products and services and focused on changes in demand for insurance products as a result of health and urbanization trends in China, and developed a wide range of social and inclusive insurance products to provide more comprehensive health and life protection to vulnerable groups and special care groups. During the first three quarters of 2023, the company’s green insurance policies generated original premium income of RMB26.276 billion.
Strengthened Personal Information Protection and Enhanced Data Security Management
Remaining customer-centric, Ping An improved its information security management system and strengthened the protection of personal information and consumer rights. To enhance the customer experience, the Company continuously improved customer profiling and gained insight into customers’ needs under the premise of strict compliance with the law. By the end of December 2022, 93% of Ping An‘ s operations had been certificated by ISO/IEC 27001 Information security management system. In 2022, Ping An conducted over 50 specialized information security training sessions and education campaigns for all employees and relevant third-parties, covering topics such as terminal security and data security.
Enhanced Financial Service Coverage and Fulfilled Corporate Social Responsibility
Ping An remained customer-demand oriented, and improved its service capabilities and coverage. In 2022, Ping An launched “Rural Areas Support” program which included insurance services, financial services and healthcare in rural areas to support rural development through multi-dimensional upgrading of rural and industrial revitalization. The programs sought to narrow urban-rural development gaps, foster innovations in financial inclusion, and empower SMEs development. Ping An has also committed a total of RMB103.241 billion to aid in rural industrial assistance through its Rural Communities Support programs since 2018.
Looking ahead, Ping An will continue to adhere to high corporate governance standards under its technology-driven “integrated finance + healthcare and elderlycare” strategy, providing “financial advisory, family doctor, and elderlycare concierge” services to nearly 230 million customers. In addition, the company will utilize its integrated finance strength to advance ESG governance and green finance initiatives, and implement a sustainability strategy to steadily create greater value for customers, employees, shareholders and society.
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