Ping An ranked 33rd in the Fortune Global 500 List, 1st among global insurance enterprises
HONG KONG and SHANGHAI, Aug. 3, 2023 /PRNewswire/ -- Fortune has announced the 2023 Global 500 list. Ping An Insurance (Group) Company of China, Ltd. ("Ping An" or the "Group", HKEx:2318; SSE:601318) ranked 33rd on the list with its revenue recorded USD181,566 million. The Group ranked 5th among global financial enterprises, ranked 4th among the Mainland Chinese financial enterprises, and maintained 1st place among global insurance enterprises for five consecutive years since 2019.
Under the technology-driven "integrated finance + healthcare" strategy, Ping An continued to see the pursuit of high-quality development as its top priority, offering "worry-free, time-saving, money-saving" service experience to customers, continued to empower financial services with digital operations, assisted the company to achieve steady growth. In 2022, Ping An's revenue amounted to RMB1.11 trillion, operating profit attributable to shareholders of the parent company reached RMB148,365 million. Total assets surpassed RMB11.1 trillion, serving close to 227 million retails customers and more than 693 million internet users.
The integrated financial services model progressed steadily, resulting in steady growth in operating performance. With the development of the "one customer, multiple products, and one-stop services" service model, as well as the technology-driven the "integrated finance + healthcare" strategy, Ping An's retail operating profit development increased 2.0% year on year to RMB132,636 million, which accounted for 89.4% of operating profit attributable to shareholders of the parent company. As Ping An advanced the integrated financial services model, retail cross-selling continued to deepen. Over 24.96 million customer migrations occurred between the Group's core financial companies in 2022. Nearly 90.20 million retail customers, or 39.8% of total retail customers, held multiple contracts with different subsidiaries as of the end of December 2022. Contracts per retail customer grew 2.1% from the beginning of 2022 to 2.97 as of as of the end of December 2022.
Gradually and effectively advancing innovation and reform, meanwhile pursuing high-quality development in core business. Ping An's life and health insurance business (L&H) reform and transformation have gradually advanced. In 2022, Life & Health's operating profit grew by 16.4% year on year to RMB112,980 million with a 32.7% operating ROE; NBV per agent grew 22.1% year on year. Customers entitled to "insurance +" service benefits accounted for 55% of NBV in 2022, up 24% year on year. Ping An P&C achieved steady business growth and significantly improved auto insurance business quality, which led to a 10.4% increase in premium income year on year to RMB298,038 million in 2022. Ping An Bank deepened its digital operations with revenue grew 6.2% year on year to RMB179,895 million and net profit increased 25.3% year on year to RMB45,516 million in 2022. The Bank maintained steady, healthy business growth and stable asset quality, indicating adequate risk provisions.
Healthcare as a new driver of value growth that empowers its core financial businesses. Ping An launched an innovative Chinese "managed care model" and continued to implement its healthcare ecosystem strategy. The Group achieved nearly RMB140 billion in health insurance premium income. Customers entitled to service benefits in the healthcare ecosystem accounted for an increasing percentage of Ping An Life's NBV in 2022. Nearly 64% of Ping An's nearly 227 million retail customers used services from the healthcare ecosystem. These customers held approximately 3.41 contracts and RMB54,500 in AUM per capita respectively, 1.6 times and 3.0 times those held by non-users of these services respectively.
Adhered to people-centered financial services and actively fulfilled corporate social responsibilities. As of the end of 2022, Ping An has provided a total of RMB77,153 million on poverty alleviation and rural industries development support. It also further advanced green finance initiatives to support the real economy. As of the end of 2022, Ping An cumulatively invested over RMB7.89 trillion to support the real economy; green investment and financing, and green banking business totaled RMB282,363 million and RMB182,089 million respectively. Green insurance premium income amounted to RMB25,105 million in 2022.
Ping An said that the Company always adheres to the greatest and original aspiration of "being people-centered and contributing to national rejuvenation" since it was founded 35 years ago. In the future, the Company will unswervingly pursue high-quality development with Chinese characteristics and people-centered financial services, to leverage its advantages in finance, healthcare and technology, fully support the real economy, pursue corporate social responsibilities, and make unremitting efforts to maximize value for society, customers, shareholders and employees.
About Ping An Group
Ping An Insurance (Group) Company of China, Ltd. ("Ping An" or the "Group") strives to become a world-leading integrated finance and healthcare services provider. With nearly 229 million retail customers, Ping An is one of the largest financial services companies in the world. Under the technology-driven "integrated finance + healthcare" strategy, Ping An provides professional "financial advisory, family doctor, and elderlycare concierge" services. Ping An advances intelligent digital transformation and employs technologies to improve the quality and efficiency of its financial businesses and enhance risk management. The Group is listed on the stock exchanges in Hong Kong and Shanghai. As of the end of 2022, Ping An had RMB11,137,168 million in total assets. The Group ranked 16th in the Forbes Global 2000 list in 2023 and ranked 33rd in the Fortune Global 500 list in 2023.
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.
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