{"id":7056,"date":"2024-08-06T14:51:05","date_gmt":"2024-08-06T07:51:05","guid":{"rendered":"https:\/\/thaipropertynews.com\/feeds\/?p=7056"},"modified":"2024-08-06T14:51:05","modified_gmt":"2024-08-06T07:51:05","slug":"ping-an-ranked-in-the-fortune-global-500-for-the-15th-consecutive-year","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=7056","title":{"rendered":"Ping An Ranked in the Fortune Global 500 for the 15th Consecutive Year"},"content":{"rendered":"

HONG KONG<\/span> and SHANGHAI<\/span>, Aug. 6, 2024<\/span> \/PRNewswire\/ —\u00a0Ping An Insurance (Group) Company of China<\/span>, Ltd. (“Ping An<\/span>“, 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<\/span>, the Group ranked 9th among global financial enterprises and 5th among Chinese financial enterprises.<\/p>\n

A total of 133 Chinese companies are on this year’s list, with combined revenue of approximately US$11 trillion<\/span> in 2023 and an average US$83 billion<\/span> in sales. This is the 15th consecutive year Ping An<\/span> has been included in the Fortune Global 500 list. The company maintains a commitment to high-quality business development to\u00a0support national\u00a0strategies 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.<\/p>\n

An\u00a0integrated finance strategy for a “worry-free, time-saving and money-saving”\u00a0experience for customers<\/p>\n

In 2023, Ping An<\/span> achieved operating profit attributable to shareholders of the parent company of RMB117.99 billion<\/span>, with total assets exceeding RMB11.58 trillion<\/span>. The Group’s three core businesses \u2013 life and health insurance, property and casualty insurance, and banking \u2013 remained stable, with a combined operating profit attributable to shareholders of the parent company of RMB140.91 billion<\/span>. The company provided nearly 232 million retail\u00a0customers nationwide with a “worry-free, time-saving, and money-saving” financial service experience in 2023, growing its retail\u00a0customer base by 2.2% year-on-year (YoY). Deepening\u00a0its technology-driven “integrated finance + healthcare and senior care” strategy, Ping An<\/span> drives retail\u00a0cross-selling, with 22.42 million customer migrations within the Group in 2023.\u00a0More 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.<\/p>\n

Reform and innovation for stable core businesses growth\u00a0<\/p>\n

The transformation of Ping An’s<\/span> life and health insurance businesses are showing positive results. The life insurance business has resumed\u00a0an upward trend. In 2023, the new business value (NBV) in life and health insurance increased\u00a0by 36.2% YoY\u00a0on a comparable basis, and the NBV through agents increased\u00a0by 40.3%. Ping An P&C\u00a0achieved insurance revenue of RMB313.46 billion<\/span>, a YoY\u00a0increase of 6.5%. Ping An Bank<\/span> achieved a net profit of RMB46.46 billion<\/span>, representing a YoY\u00a0increase of 2.1%, and the retail\u00a0deposit\u00a0balance\u00a0reached RMB1.21 trillion<\/span>, an increase of 16.7% from the beginning of 2023.<\/p>\n

Healthcare and senior care ecosystem for a second growth curve, empowering core businesses<\/p>\n

Ping An’s<\/span> healthcare and senior care ecosystem is empowering its core financial businesses through differentiated “Product + Service” offerings. Ping An<\/span> partnered with all top 100\u00a0hospitals and 3A hospitals in China<\/span> in 2023, and accumulated about 50,000 in-house doctors and contracted\u00a0external doctors.\u00a0Ping An also partnered with approximately\u00a0230,000 pharmacies by the end of 2023, up by nearly 6,000 from the beginning of\u00a0the year.\u00a0Customers entitled to service benefits\u00a0in the healthcare and senior care\u00a0ecosystem\u00a0accounted for over 73% of Ping An Life’s<\/span> NBV in 2023. Nearly\u00a064% of Ping An’s<\/span> 232 million retail customers used services from the healthcare and senior care\u00a0ecosystem in 2023. Retail\u00a0customers who used services from the ecosystem held\u00a0approximately 3.37 contracts with Ping An<\/span> and RMB55,900<\/span> 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.<\/p>\n

A\u00a0“people-centered” approach\u00a0and corporate social responsibility for society<\/p>\n

As of the end of 2023, Ping An<\/span> cumulatively invested over\u00a0RMB8.77 trillion\u00a0to bolster the real economy. Green investment of insurance funds and the loan balance\u00a0totaled RMB128.57 billion<\/span> and RMB146<\/span>.35\u00a0billion respectively as of December 31, 2023<\/span>. Green insurance premium income amounted\u00a0to RMB37.30 billion<\/span> in 2023. Since\u00a0the launch of the Ping An Rural Communities Support programs in 2018, Ping An<\/span> has\u00a0provided RMB117.88 billion<\/span> for poverty\u00a0alleviation and industrial vitalization.<\/p>\n

Ping An<\/span> maintains a vision and mission\u00a0of\u00a0meeting\u00a0people’s aspiration for a better life and contributing to China’s<\/span> health and prosperity. The company will continue to follow a high-quality,\u00a0people-centered\u00a0development path with Chinese characteristics. Ping An<\/span> will give full play to its advantages in finance, healthcare, and technology, support the development of the real economy, fulfill\u00a0its corporate social responsibilities, and strive to maximize value for customers, shareholders, employees and society.<\/p>\n

About Ping An Group<\/p>\n

Ping An Insurance (Group) Company of China<\/span>, 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<\/span> 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<\/span> and Shanghai<\/span>. As of the end of 2023, Ping An<\/span> had RMB11,583,417 million<\/span> 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.\u00a0<\/p>\n

For more information, please visit www.group.pingan.com<\/a> and follow us on LinkedIn – PING AN<\/span><\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

HONG KONG<\/span> and SHANGHAI<\/span>, Aug. 6, 2024<\/span> \/PRNewswire\/ —\u00a0Ping An Insurance (Group) Company of China<\/span>, Ltd. (“Ping An<\/span>“, 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<\/span>, the Group ranked 9th among global financial enterprises and 5th among Chinese financial enterprises.<\/p>\n

A total of 133 Chinese companies are on this year’s list, with combined revenue of approximately US$11 trillion<\/span> in 2023 and an average US$83 billion<\/span> in sales. This is the 15th consecutive year Ping An<\/span> has been included in the Fortune Global 500 list. The company maintains a commitment to high-quality business development to\u00a0support national\u00a0strategies 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.<\/p>\n

An\u00a0integrated finance strategy for a “worry-free, time-saving and money-saving”\u00a0experience for customers<\/p>\n

In 2023, Ping An<\/span> achieved operating profit attributable to shareholders of the parent company of RMB117.99 billion<\/span>, with total assets exceeding RMB11.58 trillion<\/span>. The Group’s three core businesses \u2013 life and health insurance, property and casualty insurance, and banking \u2013 remained stable, with a combined operating profit attributable to shareholders of the parent company of RMB140.91 billion<\/span>. The company provided nearly 232 million retail\u00a0customers nationwide with a “worry-free, time-saving, and money-saving” financial service experience in 2023, growing its retail\u00a0customer base by 2.2% year-on-year (YoY). Deepening\u00a0its technology-driven “integrated finance + healthcare and senior care” strategy, Ping An<\/span> drives retail\u00a0cross-selling, with 22.42 million customer migrations within the Group in 2023.\u00a0More 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.<\/p>\n

Reform and innovation for stable core businesses growth\u00a0<\/p>\n

The transformation of Ping An’s<\/span> life and health insurance businesses are showing positive results. The life insurance business has resumed\u00a0an upward trend. In 2023, the new business value (NBV) in life and health insurance increased\u00a0by 36.2% YoY\u00a0on a comparable basis, and the NBV through agents increased\u00a0by 40.3%. Ping An P&C\u00a0achieved insurance revenue of RMB313.46 billion<\/span>, a YoY\u00a0increase of 6.5%. Ping An Bank<\/span> achieved a net profit of RMB46.46 billion<\/span>, representing a YoY\u00a0increase of 2.1%, and the retail\u00a0deposit\u00a0balance\u00a0reached RMB1.21 trillion<\/span>, an increase of 16.7% from the beginning of 2023.<\/p>\n

Healthcare and senior care ecosystem for a second growth curve, empowering core businesses<\/p>\n

Ping An’s<\/span> healthcare and senior care ecosystem is empowering its core financial businesses through differentiated “Product + Service” offerings. Ping An<\/span> partnered with all top 100\u00a0hospitals and 3A hospitals in China<\/span> in 2023, and accumulated about 50,000 in-house doctors and contracted\u00a0external doctors.\u00a0Ping An also partnered with approximately\u00a0230,000 pharmacies by the end of 2023, up by nearly 6,000 from the beginning of\u00a0the year.\u00a0Customers entitled to service benefits\u00a0in the healthcare and senior care\u00a0ecosystem\u00a0accounted for over 73% of Ping An Life’s<\/span> NBV in 2023. Nearly\u00a064% of Ping An’s<\/span> 232 million retail customers used services from the healthcare and senior care\u00a0ecosystem in 2023. Retail\u00a0customers who used services from the ecosystem held\u00a0approximately 3.37 contracts with Ping An<\/span> and RMB55,900<\/span> 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.<\/p>\n

A\u00a0“people-centered” approach\u00a0and corporate social responsibility for society<\/p>\n

As of the end of 2023, Ping An<\/span> cumulatively invested over\u00a0RMB8.77 trillion\u00a0to bolster the real economy. Green investment of insurance funds and the loan balance\u00a0totaled RMB128.57 billion<\/span> and RMB146<\/span>.35\u00a0billion respectively as of December 31, 2023<\/span>. Green insurance premium income amounted\u00a0to RMB37.30 billion<\/span> in 2023. Since\u00a0the launch of the Ping An Rural Communities Support programs in 2018, Ping An<\/span> has\u00a0provided RMB117.88 billion<\/span> for poverty\u00a0alleviation and industrial vitalization.<\/p>\n

Ping An<\/span> maintains a vision and mission\u00a0of\u00a0meeting\u00a0people’s aspiration for a better life and contributing to China’s<\/span> health and prosperity. The company will continue to follow a high-quality,\u00a0people-centered\u00a0development path with Chinese characteristics. Ping An<\/span> will give full play to its advantages in finance, healthcare, and technology, support the development of the real economy, fulfill\u00a0its corporate social responsibilities, and strive to maximize value for customers, shareholders, employees and society.<\/p>\n

About Ping An Group<\/p>\n

Ping An Insurance (Group) Company of China<\/span>, 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<\/span> 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<\/span> and Shanghai<\/span>. As of the end of 2023, Ping An<\/span> had RMB11,583,417 million<\/span> 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.\u00a0<\/p>\n

For more information, please visit www.group.pingan.com<\/a> and follow us on LinkedIn – PING AN<\/span><\/a>.<\/p>\n

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