HONG KONG and SHANGHAI, Aug. 6, 2024 /PRNewswire/ — Ping An Insurance (Group) Company of China, Ltd. (“Ping An“, the “Company” or the “Group”, HKEX: 2318 / 82318; SSE: 601318) is 53rd on the Fortune 500 list for 2024. With revenue of USD14.58 billion, the Group ranked 9th among global financial enterprises and 5th among Chinese financial enterprises.
A total of 133 Chinese companies are on this year’s list, with combined revenue of approximately US$11 trillion in 2023 and an average US$83 billion in sales. This is the 15th consecutive year Ping An has been included in the Fortune Global 500 list. The company maintains a commitment to high-quality business development to support national strategies including “Digital China” and “Healthy China”, by leveraging digital operations to enhance the quality and efficiency of its financial services. It continues to develop technology finance, green finance, inclusive finance, pension finance, and digital finance.
An integrated finance strategy for a “worry-free, time-saving and money-saving“ experience for customers
In 2023, Ping An achieved operating profit attributable to shareholders of the parent company of RMB117.99 billion, with total assets exceeding RMB11.58 trillion. The Group’s three core businesses – life and health insurance, property and casualty insurance, and banking – remained stable, with a combined operating profit attributable to shareholders of the parent company of RMB140.91 billion. The company provided nearly 232 million retail customers nationwide with a “worry-free, time-saving, and money-saving” financial service experience in 2023, growing its retail customer base by 2.2% year-on-year (YoY). Deepening its technology-driven “integrated finance + healthcare and senior care” strategy, Ping An drives retail cross-selling, with 22.42 million customer migrations within the Group in 2023. More than a quarter of all retail customers, 25.3%, held four or more contracts within the Group, with a 97.7% retention rate. Benefits include declining customer acquisition expenses, economies of scale in terms of service costs, more contracts per customer, and higher customer retention.
Reform and innovation for stable core businesses growth
The transformation of Ping An’s life and health insurance businesses are showing positive results. The life insurance business has resumed an upward trend. In 2023, the new business value (NBV) in life and health insurance increased by 36.2% YoY on a comparable basis, and the NBV through agents increased by 40.3%. Ping An P&C achieved insurance revenue of RMB313.46 billion, a YoY increase of 6.5%. Ping An Bank achieved a net profit of RMB46.46 billion, representing a YoY increase of 2.1%, and the retail deposit balance reached RMB1.21 trillion, an increase of 16.7% from the beginning of 2023.
Healthcare and senior care ecosystem for a second growth curve, empowering core businesses
Ping An’s healthcare and senior care ecosystem is empowering its core financial businesses through differentiated “Product + Service” offerings. Ping An partnered with all top 100 hospitals and 3A hospitals in China in 2023, and accumulated about 50,000 in-house doctors and contracted external doctors. Ping An also partnered with approximately 230,000 pharmacies by the end of 2023, up by nearly 6,000 from the beginning of the year. Customers entitled to service benefits in the healthcare and senior care ecosystem accounted for over 73% of Ping An Life’s NBV in 2023. Nearly 64% of Ping An’s 232 million retail customers used services from the healthcare and senior care ecosystem in 2023. Retail customers who used services from the ecosystem held approximately 3.37 contracts with Ping An and RMB55,900 in assets under management (AUM) per capita. That is 1.6 times the number of contracts and 3.5 times the AUM held by non-users of these services.
A “people-centered” approach and corporate social responsibility for society
As of the end of 2023, Ping An cumulatively invested over RMB8.77 trillion to bolster the real economy. Green investment of insurance funds and the loan balance totaled RMB128.57 billion and RMB146.35 billion respectively as of December 31, 2023. Green insurance premium income amounted to RMB37.30 billion in 2023. Since the launch of the Ping An Rural Communities Support programs in 2018, Ping An has provided RMB117.88 billion for poverty alleviation and industrial vitalization.
Ping An maintains a vision and mission of meeting people’s aspiration for a better life and contributing to China’s health and prosperity. The company will continue to follow a high-quality, people-centered development path with Chinese characteristics. Ping An will give full play to its advantages in finance, healthcare, and technology, support the development of the real economy, fulfill its corporate social responsibilities, and strive to maximize value for customers, shareholders, employees and society.
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 29th in the Forbes Global 2000 list in 2024 and 53rd in the Fortune Global 500 list in 2024.
For more information, please visit www.group.pingan.com and follow us on LinkedIn – PING AN.
SOURCE Ping An Insurance (Group) Company of China, Ltd.
