Ping An Named World’s Most Valuable Insurance Brand for 7th Consecutive Year
HONG KONG and SHANGHAI, Jan. 20, 2023 /PRNewswire/ — Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or the “Group”, HKEx:2318; SSE:601318) announced that Ping An has been ranked the World’s Most Valuable Insurance Brand for the seventh year in a row by leading brand valuation consultancy Brand Finance. Ping An, with a brand value of US$44.7 billion, ranked 30th among the world’s most valuable brands and 5th among Global Financial Enterprises.
Deepened Finance + Healthcare strategy for steady operating profit growth
In 2022, amid continued turbulence in the global economic environment and recurring COVID cases in China, Ping An pressed ahead with Ping An Life’s quality-oriented reform and transformation. It continued to strengthen the advantages of integrated financial services and built the health maintenance organization “managed care model” to provide customers with a “worry-free, time-saving, and money-saving” experience.
In the first nine months of 2022, Ping An delivered a 19.9% annualized operating return on equity (ROE), with operating profit attributable to shareholders of the parent company rising 3.8% year-on-year to RMB123,288 million. Net profit attributable to shareholders of the parent company decreased 6.3% year-on-year to RMB76,463 million.
Drove high-quality development from reform and innovation
Ping An’s retail customers increased 2.6% in the first nine months of 2022 to nearly 228 million as of September 30, 2022. Contracts per customer grew 1.7% in the year to date to 2.96. Ping An Life continued to advance its “product+channel” reform in the first three quarters of 2022, resulting in more than 22% year-on-year growth in new business value (NBV) per agent and 17.4% year-on-year growth in operating profit of the life and health insurance business, to RMB86,486 million. Premium income of Ping An Property and Casualty increased 11.4% year-on-year to RMB222,024 million while the combined ratio remained healthy at 97.9%. Ping An Bank revenue grew 8.7% year-on-year to RMB138,265 million and net profit rose 25.8% year-on-year to RMB36,659 million.
Advanced healthcare ecosystem strategy to complement the finance business
Ping An has responded to the “Healthy China” government strategy by establishing a world-leading healthcare services ecosystem. The ecosystem seamlessly combines differentiated healthcare services with financial businesses in which Ping An act as a player to provide “online, in-store, and home-delivered” one-stop healthcare services to customers. As of the end of September 2022, more than 146 million retail customers had used the services provided by Ping An’s healthcare ecosystem. Nearly 16.5 million life insurance customers used the “insurance + health management” services, with an overall satisfaction rate of 99%. In December 2022, Ping An launched a free around-the-clock online consultation service for pandemic prevention, serving 15 local government service platforms and securing pandemic prevention materials and drug supplies, with over 3 million daily consultations on the platform. As of the end of 2022, Ping An’s healthcare ecosystem has partnered with over 3,000 hospitals and 208,000 pharmacies to offer one-hour drug delivery in over 150 cities, 24 hour, seven-days-a-week drug delivery services in 80 cities and partnered with over 100,000 health services providers.
Continued to promote sustainability and green finance
Ping An has integrated the core philosophies and environmental, social and corporate governance (ESG) standards into its corporate management and taken an active role in realizing sustainability. It was awarded an A in the MSCI ESG Ratings, ranking first in the multi-line insurance & brokerage industry in Asia Pacific. As of September 30, 2022, Ping An’s green investment and financing totaled approximately RMB319.8 billion, and its green banking business totaled RMB184.2 billion. Premium income of environmentally sustainable insurance products totaled approximately RMB110.5 billion in the first nine months of 2022.
Ping An is continuing to innovate in its green finance products and services. In 2022, Ping An Bank launched China’s first debit-cum-credit carbon account, Low Carbon Home and Ping An P&C was the first in the insurance industry to provide “Land + Ocean” carbon sink insurance services. Ping An has also been actively promoting rural revitalization. As of December 30, 2022, Ping An’s investment in rural revitalization totaled more than RMB65 billion.
Ping An places huge importance on customer-oriented approaches. It is committed to realizing people’s aspirations for a better life and customers’ need for high-quality integrated financial and healthcare services. With these priorities, Ping An is achieving long-term, balanced, outstanding and sustainable development of the Group, while creating steadily growing value to customers, employees, shareholders and society.
About Ping An Group
Ping An Insurance (Group) Company of China, Ltd. (“Ping An“) strives to become a world-leading retail financial services group. With nearly 228 million retail customers, Ping An is one of the largest financial services companies in the world. Ping An advances intelligent digital transformation and employs technologies to improve the quality and efficiency of its financial businesses and enhance risk management. The Company believes “Expertise Creates Value” and “Expertise makes life simple”. Ping An develops the “integrated finance + healthcare” service system and builds the “finance + elderlycare” and “finance + healthcare” industry ecosystems to provide professional “financial advisory, family doctor, and elderlycare concierge” services. As China’s first joint stock insurance company, Ping An is committed to upholding the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchanges in Hong Kong and Shanghai. Ping An ranked 17th in the Forbes Global 2000 list in 2022 and ranked 25th in the Fortune Global 500 list in 2022.
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