Ping An Bank Hong Kong Branch granted insurance agency license

USA - English

• USA - English

HONG KONG and SHANGHAI, Feb. 27, 2023 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. ("Ping An" or the "Group", HKEx:2318; SSE:601318) announced that Ping An Bank Hong Kong Branch (the "branch") has been granted an insurance agency license by the Hong Kong Insurance Authority.

Hu Haibo, Vice President of Ping An Bank Hong Kong Branch, said, "We have developed an extensive private wealth management product line to provide customers with diversified high-quality insurance products. We strive to become a leading overseas private wealth management platform by catering to the wealth management needs of high-net-worth customers through our one-stop services."

Enriching product portfolios to meet demand for diversified allocation

Since Ping An Bank Hong Kong Branch was launched in November 2021, it has provided high-quality financial services, including bank deposit, transfer, remittance and currency exchange, with a focus on improving customer experience. The branch will also offer hypothecated loans in the future to address customers' liquidity needs.

As for investment products, the branch officially introduced fund distribution services in December 2022. The first batch of funds cover equities, bonds and hybrid financial products launched by Barings, Amundi, Morgan Stanley and other renowned asset management firms. The branch will also introduce currency funds and private equity funds to cater to the increasing appetite of high-net-worth customers for diversified fund products.

In terms of its insurance distribution business, the branch will continue to introduce more types of insurance products, including premium financing service and policy loans, to satisfy customers' insurance and financial needs.

Improving customer experience with technology

In this age of digital transformation, the way investors conduct trading, consulting and acquiring information have changed. The diversity of products, convenience of investing and comprehensiveness of services are important indicators for evaluating private wealth management services. Since inception of business, Ping An Bank Hong Kong branch has been continually refining products, and accelerating digital transformation on push notifications, identity verification, operations and online services to provide the best customer experience.

In terms of its online banking business, the branch innovatively connected its payment channel to the Faster Payment System (FPS) of Hong Kong Interbank Clearing Limited, to offer convenient and real-time payment settlement service. It also unveiled the "Ping An Fast Payment Transfer" platform, which offers customers cross-border real-time capital transfer service.

Mr. Hu added, "The branch continues to expand wealth management product portfolios and improve digital operation standards. We hope to build our unique brand advantage and enhance overall competitiveness by leveraging technology and expertise to enhance services and bring value to customers. We want to help our high-net-worth customers to create and accumulate wealth, and make rational decisions for domestic and overseas assets allocation."

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.

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.