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| name = Ping An Insurance | | name = Ping An Insurance | ||
| native_name = 中國平安保險 | | native_name = 中國平安保險 | ||
| logo = Ping An |
| logo = Ping An English logo 2022.png | ||
| logo_size = | | logo_size = 175px | ||
| image = Pingan International Finance Center2020.jpg | | image = Pingan International Finance Center2020.jpg | ||
| image_caption = Headquarters at ] | | image_caption = Headquarters at ] | ||
Line 21: | Line 21: | ||
| location_country = China | | location_country = China | ||
| origins = | | origins = | ||
| key_people = ] (]), ] (] & ]), ] (]) | | key_people = ] (]), ] (] & ]), ] (]) | ||
| area_served = Worldwide | | area_served = Worldwide | ||
| industry = ] | | industry = ] | ||
| services = {{ubl|] |] |] |] |] |] |] |]s |
| services = {{ubl|] |] |] |] |] |] |] |] }} | ||
| products = | | products = | ||
| revenue = {{increase}} {{CNY| |
| revenue = {{increase}} {{CNY|554,097 Million}} | ||
| revenue_year = |
| revenue_year = 1H2024 | ||
| operating_income = {{ |
| operating_income = {{decrease}} {{CNY|78,482 Million}} | ||
| income_year = |
| income_year = 1H2024 | ||
| net_income = {{increase}} {{CNY| |
| net_income = {{increase}} {{CNY|74,619 Million}} | ||
| net_income_year = |
| net_income_year = 1H2024 | ||
| assets = {{increase}} {{CNY| |
| assets = {{increase}} {{CNY|12,226,666 Million}} | ||
| assets_year = |
| assets_year = 1H2024 | ||
| equity = {{increase}} {{CNY|1, |
| equity = {{increase}} {{CNY|1,264,950 Million}} | ||
| equity_year = |
| equity_year = 1H2024 | ||
| num_employees = Approx. |
| num_employees = Approx. 288,751 <ref>{{cite web |title=Ping An 2023 Annual Results |url=https://group.pingan.com/resource/pingan/IR-Docs/2024/pingan-ar23-report.pdf |website=Ping An |access-date=22 March 2024}}</ref> | ||
| divisions = | | divisions = | ||
| owners = {{bulleted list |CP Group Ltd. ( |
| owners = {{bulleted list |CP Group Ltd. (5.30%) |Shenzhen Investment Holdings Co., Ltd.(5.29%) }}{{ubl|(as of 30 June 2024) }} | ||
| rating = | | rating = | ||
| homepage = | | homepage = | ||
| footnotes = in a consolidated basis<ref name=Pingan2018AR>{{cite web|url=https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0223/2021022300744.pdf|title=2018 Audited Results|date=12 March 2021|access-date=9 April 2021|work=Ping An Insurance|publisher=Hong Kong Stock Exchange|archive-url=https://web.archive.org/web/20161021010126/https://group.pingan.com/dam/jcr:c3e0cff6-b459-4abe-9b0b-ea9d9f4a723f/pingan-ar20-report.pdf|archive-date=21 October 2016|url-status=live}}</ref> | | footnotes = in a consolidated basis<ref name=Pingan2018AR>{{cite web|url=https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0223/2021022300744.pdf|title=2018 Audited Results|date=12 March 2021|access-date=9 April 2021|work=Ping An Insurance|publisher=Hong Kong Stock Exchange|archive-url=https://web.archive.org/web/20161021010126/https://group.pingan.com/dam/jcr:c3e0cff6-b459-4abe-9b0b-ea9d9f4a723f/pingan-ar20-report.pdf|archive-date=21 October 2016|url-status=live}}</ref> | ||
}} | }} | ||
'''Ping An Insurance''' known also as '''Ping An of China''' ({{zh|s=中国平安|t=中國平安|p=Zhōngguó Píng Ān}}), full name '''Ping An Insurance (Group) Company of China, Ltd.''' is a Chinese ] ] whose subsidiaries provide ], ], ], ] services. The company was founded in 1988 and is headquartered in ]. "Ping An" literally means "safe and well". It is ranked as ]. | '''Ping An Insurance''' known also as '''Ping An of China''' ({{zh|s=中国平安|t=中國平安|p=Zhōngguó Píng Ān}}), full name '''Ping An Insurance (Group) Company of China, Ltd.''' is a Chinese ] ] whose subsidiaries provide ], ], ], ] services. The company was founded in 1988 and is headquartered in ]. "Ping An" literally means "safe and well". It is ranked as ]. | ||
In |
In 2024, Ping An ranked 29th on the Forbes Global 2000 list and 53rd on the ] list.<ref>{{cite web |url=https://www.forbes.com/lists/global2000/ |title=The Global 2000|website=]}}</ref> Ping An has been ranked by Brand Finance as the world's most valuable insurance brand for six years running.<ref>{{cite web |title=World’s top 5 most valuable insurance brands retain their ranks through innovation and adaptability strategies: Brand Finance Insurance 100 2024 report |url=https://brandfinance.com/press-releases/worlds-top-5-most-valuable-insurance-brands-retain-their-ranks-through-innovation-and-adaptability-strategies-brand-finance-insurance-100-2024-report |website=Brand Finance |access-date=19 March 2024}}</ref> | ||
⚫ | 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 companies in the Hong Kong Stock Exchange. Ping An Insurance was also included in the pan-China stock indices CSI 300 Index,<ref>{{cite web |title=CSI 300 |url=https://csi-web-dev.oss-cn-shanghai-finance-1-pub.aliyuncs.com/static/html/csindex/public/uploads/indices/detail/files/en/000300factsheeten.pdf |website=China Securities Index}}</ref> FTSE China A50 Index<ref>{{cite web |title=FTSE China Indexes |url=https://www.ftserussell.com/products/indices/china |website=FTSE Russell|date=18 August 2024 }}</ref> and Hang Seng China 50 Index.<ref>{{cite web |title=Hang Seng China 50 Index |url=https://www.hsi.com.hk/eng/indexes/all-indexes/china50}}</ref> | ||
The company is considered to be the world's largest insurer, with US$121.7 billion net premiums written in 2020.<ref>{{cite web |title=The world's largest insurers |url=https://www.reinsurancene.ws/worlds-largest-insurance-companies}}</ref> Its ] was US$136 billion in March 2021, making it the largest insurer in the Asia-Pacific region.<ref>{{cite web |title=Largest insurance companies worldwide as of July 2019, by market capitalization |url=https://www.reinsurancene.ws/worlds-largest-insurance-companies}}</ref> | |||
⚫ | 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 |
||
==Business== | ==Business== | ||
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Ping An has licenses to offer financial services, including insurance, banking, trusts, securities, futures and financial leasing.<ref>{{cite web |title=China's Ping An Insurance aims to join Alibaba, Tencent ranks as tech behemoth |url=https://asia.nikkei.com/Business/China-s-Ping-An-Insurance-aims-to-join-Alibaba-Tencent-ranks-as-tech-behemoth }}</ref> | Ping An has licenses to offer financial services, including insurance, banking, trusts, securities, futures and financial leasing.<ref>{{cite web |title=China's Ping An Insurance aims to join Alibaba, Tencent ranks as tech behemoth |url=https://asia.nikkei.com/Business/China-s-Ping-An-Insurance-aims-to-join-Alibaba-Tencent-ranks-as-tech-behemoth }}</ref> | ||
Ping An has also adopted an integrated financial model on a mix of business lines, including life insurance, P&C insurance, banking and securities. <ref>{{cite web |title=Ping An Insurance - Integrated Finance ecosystem to gauge long-term growth |url=https://www.dbs.com.hk/treasures/aics/templatedata/article/recentdevelopment/data/en/DBSV/112023/2318_HK_11072023.xml |website=DBS |access-date=7 November 2023}}</ref> The company invests 1% of its revenues into R&D each year to branch out its businesses, adopt technology and support the building of its healthcare and senior care ecosystem. <ref>{{cite web |title=In the field with Ping An |url=https://www.imd.org/research-knowledge/digital/articles/in-the-field-with-ping-an/#:~:text=Harness%20technology%20capability%3A%20For%20almost,for%20partners%20unleashes%20new%20opportunities |website=IMD |access-date=1 November 2020}}</ref> | |||
Since the mid-1990s, Ping An has been subsequently taken investments from overseas firms such as ] and ] in 1994. In 2002 ] took a large equity interest in Ping An.<ref>{{Cite web|url=https://www.internationalinvestment.net/internationalinvestment/news/3505920/china-8217-ping-overtakes-blackrock-hsbc-8217-biggest-shareholder|title=China's Ping An overtakes BlackRock to become HSBC's biggest shareholder|date=7 November 2018|website=www.internationalinvestment.net|language=en|access-date=7 April 2020}}</ref> In early 2008, Ping An agreed to take a 50% share in Fortis Investments, a subsidiary of ],<ref> {{Webarchive|url=https://web.archive.org/web/20110721182614/http://english.caijing.com.cn/2008-04-03/100055137.html |date=21 July 2011 }}, Caijing Magazine, 3 April 2008</ref> which had taken over ABN AMRO Asset Management as a result of the split up of ] in late 2007; the deal was canceled in October 2008.<ref>{{cite web |title=China's Ping An to take $2.3 bln loss on Fortis |url=https://www.reuters.com/article/us-pingan-fortis-idUKTRE4941I220081005 |website=Reuters |date=5 October 2008}}</ref> | Since the mid-1990s, Ping An has been subsequently taken investments from overseas firms such as ] and ] in 1994. In 2002 ] took a large equity interest in Ping An.<ref>{{Cite web|url=https://www.internationalinvestment.net/internationalinvestment/news/3505920/china-8217-ping-overtakes-blackrock-hsbc-8217-biggest-shareholder|title=China's Ping An overtakes BlackRock to become HSBC's biggest shareholder|date=7 November 2018|website=www.internationalinvestment.net|language=en|access-date=7 April 2020}}</ref> In early 2008, Ping An agreed to take a 50% share in Fortis Investments, a subsidiary of ],<ref> {{Webarchive|url=https://web.archive.org/web/20110721182614/http://english.caijing.com.cn/2008-04-03/100055137.html |date=21 July 2011 }}, Caijing Magazine, 3 April 2008</ref> which had taken over ABN AMRO Asset Management as a result of the split up of ] in late 2007; the deal was canceled in October 2008.<ref>{{cite web |title=China's Ping An to take $2.3 bln loss on Fortis |url=https://www.reuters.com/article/us-pingan-fortis-idUKTRE4941I220081005 |website=Reuters |date=5 October 2008}}</ref> | ||
In June 2009, Ping An became a strategic investor in ] |
In June 2009, Ping An became a strategic investor in ]<ref>{{cite web |title=Ping An to invest in Shenzhen Development Bank |url=https://www.bloomberg.com/news/articles/2009-06-14/ping-an-to-invest-in-shenzhen-development-bank?sref=eqXLSGG7 |website=Bloomberg |date=15 June 2009}}</ref> (now part of ]). | ||
In 2012, the company created Ping An Ventures, a $150M VC fund which invested in over 100 companies, such as ], ], ], ], ], ], and others.<ref>{{Cite news |date=7 February 2018 |title=China's Ping An Ventures to raise up to $1.3 bln for healthcare investments: source |language=en |work=Reuters |url=https://www.reuters.com/article/us-pinganventures-fundraising-idUSKBN1FR0JO |access-date=20 August 2023}}</ref><ref>{{Cite news |last1=Irrera |first1=Anna |last2=Hirschauge |first2=Orr |date=20 November 2014 |title=Chinese, Russian Lenders to Back Israel's eToro |language=en-US |work=Wall Street Journal |url=http://online.wsj.com/articles/chinese-russian-lenders-to-back-israels-etoro-1416476018 |access-date=20 August 2023 |issn=0099-9660}}</ref> In 2014, together with SBT Venture Capital Ping An led a $27M funding round for ].<ref>{{Cite web |date=10 December 2014 |title=eToro Confirms $27 Million Funding Round with Ping An Ventures and SBT Venture Capital |url=https://www.financemagnates.com/forex/brokers/etoro-confirms-27-million-funding-round-ping-ventures-sbt-venture-capital/ |access-date=20 August 2023 |website=Financial and Business News |language=en}}</ref> | In 2012, the company created Ping An Ventures, a $150M VC fund which invested in over 100 companies, such as ], ], ], ], ], ], and others.<ref>{{Cite news |date=7 February 2018 |title=China's Ping An Ventures to raise up to $1.3 bln for healthcare investments: source |language=en |work=Reuters |url=https://www.reuters.com/article/us-pinganventures-fundraising-idUSKBN1FR0JO |access-date=20 August 2023}}</ref><ref>{{Cite news |last1=Irrera |first1=Anna |last2=Hirschauge |first2=Orr |date=20 November 2014 |title=Chinese, Russian Lenders to Back Israel's eToro |language=en-US |work=Wall Street Journal |url=http://online.wsj.com/articles/chinese-russian-lenders-to-back-israels-etoro-1416476018 |access-date=20 August 2023 |issn=0099-9660}}</ref> In 2014, together with SBT Venture Capital Ping An led a $27M funding round for ].<ref>{{Cite web |date=10 December 2014 |title=eToro Confirms $27 Million Funding Round with Ping An Ventures and SBT Venture Capital |url=https://www.financemagnates.com/forex/brokers/etoro-confirms-27-million-funding-round-ping-ventures-sbt-venture-capital/ |access-date=20 August 2023 |website=Financial and Business News |language=en}}</ref> | ||
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In June 2019, Ping An One Connect Bank officially commenced operation after receiving a virtual banking license from the ] in May 2019. In December 2019, OneConnect Financial Technology was listed on the New York Stock Exchange.<ref>{{citation |title=pingan's oneconnect flat in debut after $312 millionipo|newspaper=Bloomberg.com|date=13 December 2019|url=https://www.bloomberg.com/news/articles/2019-12-13/ping-an-s-oneconnect-edges-up-in-debut-after-312-million-ipo}}</ref> | In June 2019, Ping An One Connect Bank officially commenced operation after receiving a virtual banking license from the ] in May 2019. In December 2019, OneConnect Financial Technology was listed on the New York Stock Exchange.<ref>{{citation |title=pingan's oneconnect flat in debut after $312 millionipo|newspaper=Bloomberg.com|date=13 December 2019|url=https://www.bloomberg.com/news/articles/2019-12-13/ping-an-s-oneconnect-edges-up-in-debut-after-312-million-ipo}}</ref> | ||
In 2019, Ping An became the first insurance company from mainland China to be selected for the Dow Jones Sustainability Emerging Markets Index (DJSI). <ref>{{cite web |title=Ping An named to Dow Jones Sustainability Index |url=https://www.insurancebusinessmag.com/asia/news/breaking-news/ping-an-named-to-dow-jones-sustainability-index-178905.aspx |website=Insurance Business Asia |access-date=26 September 2019}}</ref> | |||
In October 2020, ], one of China's leading online wealth management platform, listed on the New York Stock Exchange.<ref>{{cite web |title=Chinese Lender Lufax Raises $2.36 Billion in IPO. Why It's a Broken Deal. |url=https://www.barrons.com/articles/chinese-lender-lufax-raises-2-36-billion-in-ipo-51604085703}}</ref> | In October 2020, ], one of China's leading online wealth management platform, listed on the New York Stock Exchange.<ref>{{cite web |title=Chinese Lender Lufax Raises $2.36 Billion in IPO. Why It's a Broken Deal. |url=https://www.barrons.com/articles/chinese-lender-lufax-raises-2-36-billion-in-ipo-51604085703}}</ref> | ||
In May 2021, Ping An released the Ping An Zhen Yi Nian healthcare brand. The product line was mainly targeted at supporting urban elderly care communities, and integrates corporate finance, medical care and health technology.<ref>{{cite web |title=Ping An launches elderly care brand Ping An Zhen Yi Nia |url=https://coverager.com/ping-an-launches-elderly-care-brand/ |website=Coverager}}</ref> | In May 2021, Ping An released the Ping An Zhen Yi Nian healthcare brand. The product line was mainly targeted at supporting urban elderly care communities, and integrates corporate finance, medical care and health technology.<ref>{{cite web |title=Ping An launches elderly care brand Ping An Zhen Yi Nia |url=https://coverager.com/ping-an-launches-elderly-care-brand/ |website=Coverager|date=27 June 2021 }}</ref> | ||
In July 2021, Ping An and Shionogi signed agreements to launch joint ventures in Shanghai and Hong Kong. Ping An-Shionogi is a Healthcare as a Service (HaaS) enterprise, an integrated medical and healthcare platform for public health and patients. The joint venture is a collaboration between the Ping An and Shionogi on drug research, development, production and sales.<ref>{{cite web |title=Insight Weekly: Bank mergers of equals return; energy tops S&P 500; green bond sales to rise |url=https://www.spglobal.com/marketintelligence/en/news-insights/blog/insight-weekly-september-12-2023 |website=S&P}}</ref> | In July 2021, Ping An and Shionogi signed agreements to launch joint ventures in Shanghai and Hong Kong. Ping An-Shionogi is a Healthcare as a Service (HaaS) enterprise, an integrated medical and healthcare platform for public health and patients. The joint venture is a collaboration between the Ping An and Shionogi on drug research, development, production and sales.<ref>{{cite web |title=Insight Weekly: Bank mergers of equals return; energy tops S&P 500; green bond sales to rise |url=https://www.spglobal.com/marketintelligence/en/news-insights/blog/insight-weekly-september-12-2023 |website=S&P}}</ref> | ||
In October 2021, Ping An Bank rolled out services under the Cross-boundary Wealth Management Connect pilot scheme.<ref>{{cite web |title=Ping An Bank unveils cross-border wealth offering in Greater Bay Area |url=https://www.privatebankerinternational.com/news/ping-an-bank-unveils-cross-border-wealth-offering-in-greater-bay-area/ |website=Private Banker International}}</ref> | In October 2021, Ping An Bank rolled out services under the Cross-boundary Wealth Management Connect pilot scheme.<ref>{{cite web |title=Ping An Bank unveils cross-border wealth offering in Greater Bay Area |url=https://www.privatebankerinternational.com/news/ping-an-bank-unveils-cross-border-wealth-offering-in-greater-bay-area/ |website=Private Banker International|date=26 October 2021 }}</ref> | ||
In January 2022, Ping An Life (a subsidiary of Ping An) received approval from the CBIRC for its investment in New Founder Group.<ref>{{Cite web |date=22 February 2022 |title=China:Ping An clinches go-ahead for investment in troubled business arm of Peking University |url=https://www.asiainsurancereview.com/News/View-NewsLetter-Article/id/79224/type/eDaily/China-Ping-An-clinches-go-ahead-for-investment-in-troubled-business-arm-of-Peking-University}}</ref> | In January 2022, Ping An Life (a subsidiary of Ping An) received approval from the CBIRC for its investment in New Founder Group.<ref>{{Cite web |date=22 February 2022 |title=China:Ping An clinches go-ahead for investment in troubled business arm of Peking University |url=https://www.asiainsurancereview.com/News/View-NewsLetter-Article/id/79224/type/eDaily/China-Ping-An-clinches-go-ahead-for-investment-in-troubled-business-arm-of-Peking-University}}</ref> | ||
In July 2022, OneConnect (Ping An's fintech subsidiary) listed on the main board of the Hong Kong Stock Exchange by way of introduction and dual-primary listing.<ref>{{cite web |title=OneConnect debuts on HKEX in dual primary listing |url=https://law.asia/oneconnect-debuts-on-hkex/ |website=China Business Law Journal}}</ref> | In July 2022, OneConnect (Ping An's fintech subsidiary) listed on the main board of the Hong Kong Stock Exchange by way of introduction and dual-primary listing.<ref>{{cite web |title=OneConnect debuts on HKEX in dual primary listing |url=https://law.asia/oneconnect-debuts-on-hkex/ |website=China Business Law Journal|date=13 July 2022 }}</ref> | ||
In February 2023, Ping An Bank Hong Kong Branch was granted an insurance agency license by the Hong Kong Insurance Authority.<ref>{{cite web |title=Ping An Bank Hong Kong branch granted insurance agency license |url=https://insuranceasia.com/insurance/news/ping-bank-hong-kong-branch-granted-insurance-agency-license |website=Insurance Asia}}</ref> | In February 2023, Ping An Bank Hong Kong Branch was granted an insurance agency license by the Hong Kong Insurance Authority.<ref>{{cite web |title=Ping An Bank Hong Kong branch granted insurance agency license |url=https://insuranceasia.com/insurance/news/ping-bank-hong-kong-branch-granted-insurance-agency-license |website=Insurance Asia|date=28 February 2023 }}</ref> | ||
In November 2023 it was entered into the ].<ref>https://group.pingan.com/media/news/2023/pingan-awarded-a-in-msci-esg-ratings-for-two-consecutive-years.html</ref> | In November 2023 it was entered into the ].<ref>https://group.pingan.com/media/news/2023/pingan-awarded-a-in-msci-esg-ratings-for-two-consecutive-years.html {{Bare URL inline|date=August 2024}}</ref> | ||
As of 30 June 2024, Ping An has grown its health ecosystem in China by partnering with the country’s top 100 hospitals and 3A hospitals, 50,000 in-house and contracted external doctors and 233,000 pharmacies. <ref>{{cite web |title=Ping An 2023 Annual Results |url=https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0321/2024032100704.pdf |website=HKEX}}</ref> Ping An's home-based senior care services covered 64 cities across China with over 120,000 customers entitled to the benefits. <ref>{{cite web |title=Ping An to Be China’s Main Provider of At-Home Elderly Care, Insurer's Co-CEO Says |url=https://www.yicaiglobal.com/news/ping-an-to-become-chinas-largest-at-home-elderly-care-service-provider-co-ceo-says |website=Yicai Global |access-date=28 August 2024}}</ref> Customer's entitled to service benefits in the healthcare and elderlycare ecosystem accounted for over 68% of Ping An Life's new business value in 2024. <ref>{{cite web |title=Ping An advances green insurance, increases premiums in FY23 |url=https://insuranceasia.com/insurance/news/ping-advances-green-insurance-increases-premiums-in-fy23#:~:text=Green%20Development%20and%20Insurance%3A,economic%20development%20and%20environmental%20improvement. |website=Insurance Asia | date=16 April 2024 |access-date=18 April 2024}}</ref> | |||
==Ownership== | ==Ownership== | ||
Ping An is a publicly listed company.<ref>{{cite news |title=Chinese Giant Ping An Looks Beyond Insurance To A Fintech Future |url=https://www.forbes.com/sites/shuchingjeanchen/2018/06/06/chinese-giant-ping-an-looks-beyond-insurance-to-a-fintech-future/#24aea27d48f3 |website=Forbes |publisher=Shu-Ching Jean Chen|last1=Chen |first1=Shu-Ching Jean }}</ref> | Ping An is a publicly listed company.<ref>{{cite news |title=Chinese Giant Ping An Looks Beyond Insurance To A Fintech Future |url=https://www.forbes.com/sites/shuchingjeanchen/2018/06/06/chinese-giant-ping-an-looks-beyond-insurance-to-a-fintech-future/#24aea27d48f3 |website=Forbes |publisher=Shu-Ching Jean Chen|last1=Chen |first1=Shu-Ching Jean }}</ref> | ||
As of 30 June 2024, CP Group Ltd. indirectly held 964,427,077 H shares of the Company, representing approximately 5.30% of the total share capital of the Company. | |||
As of 30 June 2023, ] is the single shareholder in Ping An, holding a 6.12% stake. The ] government, via Shenzhen Investment Holdings, owns a 5.29% stake as the second largest shareholder.<ref>{{cite web |title=Ping An results 30 June 2023 |url=https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0829/2023082900540.pdf |website=HKEX}}</ref> | |||
Ping An has the classification of a ]. ], author of '']'',<ref>{{cite book |last1=McGregor |first1=Richard |title=The Party: The Secret World of China's Communist Rulers |date=2010 |publisher=Allen Lane |location=New York, 2012}}</ref> said that "the true ownership of large chunks of its shares remains unclear" and that the ownership of Ping An is a "murky structure".<ref name=McGregor204205>], {{Webarchive|url=https://web.archive.org/web/20170220055739/https://books.google.com/books?id=TxchbfKHfhsC&printsec=frontcover&dq=The+Party&source=bl&ots=9OnO-rN4ax&sig=1G4BwYchwkh6g-H7BEKWwUtusnA&hl=en&sa=X&ei=GzVqUJmjJcXL0AHCj4HQDA&ved=0CDUQ6AEwAA#v=onepage&q=Huawei&f=false |date=20 February 2017 }}-205.</ref> In October 2012, '']'' reported that relatives and associates of Chinese ] ] controlled stakes in Ping An worth at least US$2.2 billion in 2007.<ref>David Barboza, {{Webarchive|url=https://web.archive.org/web/20170519051035/http://www.nytimes.com/2012/10/26/business/global/family-of-wen-jiabao-holds-a-hidden-fortune-in-china.html?_r=1& |date=19 May 2017 }}, ''The New York Times'', 25 October 2012. Retrieved 27 October 2012.</ref> | Ping An has the classification of a ]. ], author of '']'',<ref>{{cite book |last1=McGregor |first1=Richard |title=The Party: The Secret World of China's Communist Rulers |date=2010 |publisher=Allen Lane |location=New York, 2012}}</ref> said that "the true ownership of large chunks of its shares remains unclear" and that the ownership of Ping An is a "murky structure".<ref name=McGregor204205>], {{Webarchive|url=https://web.archive.org/web/20170220055739/https://books.google.com/books?id=TxchbfKHfhsC&printsec=frontcover&dq=The+Party&source=bl&ots=9OnO-rN4ax&sig=1G4BwYchwkh6g-H7BEKWwUtusnA&hl=en&sa=X&ei=GzVqUJmjJcXL0AHCj4HQDA&ved=0CDUQ6AEwAA#v=onepage&q=Huawei&f=false |date=20 February 2017 }}-205.</ref> In October 2012, '']'' reported that relatives and associates of Chinese ] ] controlled stakes in Ping An worth at least US$2.2 billion in 2007.<ref>David Barboza, {{Webarchive|url=https://web.archive.org/web/20170519051035/http://www.nytimes.com/2012/10/26/business/global/family-of-wen-jiabao-holds-a-hidden-fortune-in-china.html?_r=1& |date=19 May 2017 }}, ''The New York Times'', 25 October 2012. Retrieved 27 October 2012.</ref> | ||
] acquired 48.22% of H shares by means of different HSBC subsidiaries<ref name=Pingan2009AR>{{cite web|url=http://www.hkexnews.hk/listedco/listconews/SEHK/2010/0427/LTN201004271085.pdf|title=2009 Annual Report|date=27 April 2010|access-date=20 October 2016|work=Ping An Insurance|publisher=archive of Hong Kong Stock Exchange|archive-url=https://web.archive.org/web/20161021010233/http://www.hkexnews.hk/listedco/listconews/SEHK/2010/0427/LTN201004271085.pdf|archive-date=21 October 2016|url-status=live}}</ref> (]s accounted for 34.83% of the share capital as at 31 December 2009,<ref name=Pingan2009AR/> which was later increased to 41.88% in 2015<ref name=Pingan2015AR>{{cite web|url=http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0329/LTN201603291073.pdf|title=2015 Annual Report|date=29 March 2016|access-date=20 October 2016|work=Ping An Insurance|publisher=Hong Kong Stock Exchange|archive-url=https://web.archive.org/web/20161021010126/http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0329/LTN201603291073.pdf|archive-date=21 October 2016|url-status=live}}</ref>). HSBC holds 16.80% of total shares of Ping An, making it the biggest shareholder as of 31 December 2009.<ref name=Pingan2009AR/> | |||
==Markets== | ==Markets== | ||
Line 103: | Line 105: | ||
==Operations== | ==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 |
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 serves 100+ customers in 20 countries and regions mainly in Southeast Asia.<ref>{{|title=OneConnect to Announce Fourth Quarter and Full Year 2021 Financial Results|date=15 February 2022|url=https://finance.yahoo.com/news/oneconnect-announce-fourth-quarter-full-140000954.html}}</ref> | ||
==See also== | ==See also== | ||
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{{Banks of the People's Republic of China}} | {{Banks of the People's Republic of China}} | ||
{{Major insurance companies}} | {{Major insurance companies}} | ||
{{ICISA members}} | |||
{{Insurance companies of China}} | {{Insurance companies of China}} | ||
{{FTSE China A50 Index}} | {{FTSE China A50 Index}} | ||
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Latest revision as of 06:29, 4 January 2025
Chinese insurance company
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|
Headquarters at Ping An International Finance Centre | |
Native name | 中國平安保險 |
---|---|
Company type | Public |
Traded as | |
Industry | Financial services |
Founded | 1988; 37 years ago (1988) |
Founder | Ma Mingzhe |
Headquarters | Shenzhen, China |
Area served | Worldwide |
Key people | Ma Mingzhe (Chairman), Xie Yonglin (President & Co-CEO), Michael Guo (Co-CEO and Senior Vice President) |
Services | |
Revenue | CN¥554,097 Million (1H2024) |
Operating income | CN¥78,482 Million (1H2024) |
Net income | CN¥74,619 Million (1H2024) |
Total assets | CN¥12,226,666 Million (1H2024) |
Total equity | CN¥1,264,950 Million (1H2024) |
Owners |
|
Number of employees | Approx. 288,751 |
Website | https://group.pingan.com |
Footnotes / references in a consolidated basis |
Ping An Insurance known also as Ping An of China (simplified Chinese: 中国平安; traditional Chinese: 中國平安; pinyin: Zhōngguó Píng Ān), full name Ping An Insurance (Group) Company of China, Ltd. is a Chinese financial services holding company whose subsidiaries provide insurance, banking, asset management, financial services. The company was founded in 1988 and is headquartered in Shenzhen. "Ping An" literally means "safe and well". It is ranked as China’s 6th largest company.
In 2024, Ping An ranked 29th on the Forbes Global 2000 list and 53rd on the Fortune Global 500 list. Ping An has been ranked by Brand Finance as the world's most valuable insurance brand for six years running.
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 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.
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.
Ping An has also adopted an integrated financial model on a mix of business lines, including life insurance, P&C insurance, banking and securities. The company invests 1% of its revenues into R&D each year to branch out its businesses, adopt technology and support the building of its healthcare and senior care ecosystem.
Since the mid-1990s, Ping An has been subsequently taken investments from overseas firms such as Morgan Stanley and Goldman Sachs in 1994. In 2002 HSBC 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 in late 2007; the deal was canceled in October 2008.
In June 2009, Ping An became a strategic investor in Shenzhen Development Bank (now part of Ping An Bank).
In 2012, the company created Ping An Ventures, a $150M VC fund which invested in over 100 companies, such as Didi Chuxing, Hycor Biomedical, Meituan, Oscar Health, Payoneer, Taulia, and others. In 2014, together with SBT Venture Capital Ping An led a $27M funding round for eToro.
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 Co., LTD.
In June 2019, Ping An One Connect Bank officially commenced operation after receiving a virtual banking license from the Hong Kong Monetary Authority in May 2019. In December 2019, OneConnect Financial Technology was listed on the New York Stock Exchange.
In 2019, Ping An became the first insurance company from mainland China to be selected for the Dow Jones Sustainability Emerging Markets Index (DJSI).
In October 2020, Lufax, one of China's leading online wealth management platform, listed on the New York Stock Exchange.
In May 2021, Ping An released the Ping An Zhen Yi Nian healthcare brand. The product line was mainly targeted at supporting urban elderly care communities, and integrates corporate finance, medical care and health technology.
In July 2021, Ping An and Shionogi signed agreements to launch joint ventures in Shanghai and Hong Kong. Ping An-Shionogi is a Healthcare as a Service (HaaS) enterprise, an integrated medical and healthcare platform for public health and patients. The joint venture is a collaboration between the Ping An and Shionogi on drug research, development, production and sales.
In October 2021, Ping An Bank rolled out services under the Cross-boundary Wealth Management Connect pilot scheme.
In January 2022, Ping An Life (a subsidiary of Ping An) received approval from the CBIRC for its investment in New Founder Group.
In July 2022, OneConnect (Ping An's fintech subsidiary) listed on the main board of the Hong Kong Stock Exchange by way of introduction and dual-primary listing.
In February 2023, Ping An Bank Hong Kong Branch was granted an insurance agency license by the Hong Kong Insurance Authority.
In November 2023 it was entered into the MSCI KLD 400 Social Index.
As of 30 June 2024, Ping An has grown its health ecosystem in China by partnering with the country’s top 100 hospitals and 3A hospitals, 50,000 in-house and contracted external doctors and 233,000 pharmacies. Ping An's home-based senior care services covered 64 cities across China with over 120,000 customers entitled to the benefits. Customer's entitled to service benefits in the healthcare and elderlycare ecosystem accounted for over 68% of Ping An Life's new business value in 2024.
Ownership
Ping An is a publicly listed company.
As of 30 June 2024, CP Group Ltd. indirectly held 964,427,077 H shares of the Company, representing approximately 5.30% of the total share capital of the Company.
Ping An has the classification of a civilian-run enterprise. Richard McGregor, 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". In October 2012, The New York Times reported that relatives and associates of Chinese Premier Wen Jiabao controlled stakes in Ping An worth at least US$2.2 billion in 2007.
Markets
Since 24 June 2004 Ping An has been listed on the Stock Exchange of Hong Kong (subsidiary of Hong Kong Exchanges and Clearing) as SEHK: 2318. Since 1 March 2007, it has a listing on the Shanghai Stock Exchange as SSE: 601318. Since 19 June 2023, its yuan-denominated shares has a listing on the Stock Exchange of Hong Kong as SEHK: 82318.
Ping An replaced Anhui Expressway in the Hang Seng China Enterprises Index (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 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 serves 100+ customers in 20 countries and regions mainly in Southeast Asia.
See also
Notes
- "Ping An 2023 Annual Results" (PDF). Ping An. Retrieved 22 March 2024.
- "2018 Audited Results" (PDF). Ping An Insurance. Hong Kong Stock Exchange. 12 March 2021. Archived (PDF) from the original on 21 October 2016. Retrieved 9 April 2021.
- "The Global 2000". Forbes.
- "World's top 5 most valuable insurance brands retain their ranks through innovation and adaptability strategies: Brand Finance Insurance 100 2024 report". Brand Finance. Retrieved 19 March 2024.
- "CSI 300" (PDF). China Securities Index.
- "FTSE China Indexes". FTSE Russell. 18 August 2024.
- "Hang Seng China 50 Index".
- "Ping An ups the digital stakes in China and beyond". AsiaMoney. 26 September 2018. Archived from the original on 1 August 2019. Retrieved 7 December 2019.
- "China's Ping An Insurance aims to join Alibaba, Tencent ranks as tech behemoth".
- "Ping An Insurance - Integrated Finance ecosystem to gauge long-term growth". DBS. Retrieved 7 November 2023.
- "In the field with Ping An". IMD. Retrieved 1 November 2020.
- "China's Ping An overtakes BlackRock to become HSBC's biggest shareholder". www.internationalinvestment.net. 7 November 2018. Retrieved 7 April 2020.
- The Ping An-Fortis Deal: Who Really Wins? Archived 21 July 2011 at the Wayback Machine, Caijing Magazine, 3 April 2008
- "China's Ping An to take $2.3 bln loss on Fortis". Reuters. 5 October 2008.
- "Ping An to invest in Shenzhen Development Bank". Bloomberg. 15 June 2009.
- "China's Ping An Ventures to raise up to $1.3 bln for healthcare investments: source". Reuters. 7 February 2018. Retrieved 20 August 2023.
- Irrera, Anna; Hirschauge, Orr (20 November 2014). "Chinese, Russian Lenders to Back Israel's eToro". Wall Street Journal. ISSN 0099-9660. Retrieved 20 August 2023.
- "eToro Confirms $27 Million Funding Round with Ping An Ventures and SBT Venture Capital". Financial and Business News. 10 December 2014. Retrieved 20 August 2023.
- "pingan to buy autohome from telstra for 1.6billio". Bloomberg News.
- "Three Technology Subsidiaries under Ping An Group Receive Financing from International Investors". Bloomberg.com. 2 February 2018.
- "pingan's oneconnect flat in debut after $312 millionipo", Bloomberg.com, 13 December 2019
- "Ping An named to Dow Jones Sustainability Index". Insurance Business Asia. Retrieved 26 September 2019.
- "Chinese Lender Lufax Raises $2.36 Billion in IPO. Why It's a Broken Deal".
- "Ping An launches elderly care brand Ping An Zhen Yi Nia". Coverager. 27 June 2021.
- "Insight Weekly: Bank mergers of equals return; energy tops S&P 500; green bond sales to rise". S&P.
- "Ping An Bank unveils cross-border wealth offering in Greater Bay Area". Private Banker International. 26 October 2021.
- "China:Ping An clinches go-ahead for investment in troubled business arm of Peking University". 22 February 2022.
- "OneConnect debuts on HKEX in dual primary listing". China Business Law Journal. 13 July 2022.
- "Ping An Bank Hong Kong branch granted insurance agency license". Insurance Asia. 28 February 2023.
- https://group.pingan.com/media/news/2023/pingan-awarded-a-in-msci-esg-ratings-for-two-consecutive-years.html
- "Ping An 2023 Annual Results" (PDF). HKEX.
- "Ping An to Be China's Main Provider of At-Home Elderly Care, Insurer's Co-CEO Says". Yicai Global. Retrieved 28 August 2024.
- "Ping An advances green insurance, increases premiums in FY23". Insurance Asia. 16 April 2024. Retrieved 18 April 2024.
- Chen, Shu-Ching Jean. "Chinese Giant Ping An Looks Beyond Insurance To A Fintech Future". Forbes. Shu-Ching Jean Chen.
- McGregor, Richard (2010). The Party: The Secret World of China's Communist Rulers. New York, 2012: Allen Lane.
{{cite book}}
: CS1 maint: location (link) - McGregor, p. 204 Archived 20 February 2017 at the Wayback Machine-205.
- David Barboza, "Billions in Hidden Riches for Family of Chinese Leader" Archived 19 May 2017 at the Wayback Machine, The New York Times, 25 October 2012. Retrieved 27 October 2012.
- "BEA Securities Hong Kong weekly report 14 August 2004" (PDF). BEA Securities.
- "Ping An Insurance Becomes Constituent Stock of Hang Seng Index". Ping An.
- {{|title=OneConnect to Announce Fourth Quarter and Full Year 2021 Financial Results|date=15 February 2022|url=https://finance.yahoo.com/news/oneconnect-announce-fourth-quarter-full-140000954.html}}
External links
- Business data for Ping An Insurance:
- News website about Ping An systems upgrade Archived 15 December 2010 at the Wayback Machine
- Companies in the SSE 50 Index
- Companies in the Hang Seng China Enterprises Index
- Hang Seng China 50 Index
- Ping An Insurance
- Financial services companies established in 1988
- Companies listed on the Hong Kong Stock Exchange
- Companies listed on the Shanghai Stock Exchange
- Companies in the CSI 100 Index
- Companies in the Hang Seng Index
- Companies in the FTSE China A50 Index
- H shares
- Companies in the S&P Asia 50
- Companies based in Shenzhen
- Insurance companies of China
- Chinese companies established in 1988
- Chinese brands
- Charoen Pokphand
- Multinational companies headquartered in China
- Civilian-run enterprises of China
- 1988 in Shenzhen