Ping An Maintains 7th Place in Forbes' Global 2000
May 14, 2020, 06:48 ET
HONG KONG and SHANGHAI, May 14, 2020 /PRNewswire/ -- With solid financial growth in 2019, Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEx:2318; SSE:601318) has maintained 7th place this year in the Global 2000 ranking by Forbes Magazine. Ping An ranks 6th among global financial institutions.
Forbes' annual list is regarded as one of the world's most authoritative and closely-watched corporate rankings, based on an integrated rating of revenue, profit, assets and market capitalization. This year, the top 10 companies are ICBC, China Construction Bank, JP Morgan Chase, Berkshire Hathaway, Agricultural Bank of China, Saudi Arabian Oil Company (Saudi Aramco), Ping An, Bank of America, Apple and Bank of China. Ping An reported revenues of USD155 billion, profit of USD18.8 billion, assets of USD1,218.6 billion and market capitalization of USD187.2 billion.
The U.S. tops the list with a total of 588 companies in the ranking. China has 367 companies, including 266 from Mainland China, 58 from Hong Kong and 43 from Taiwan. Japan has 217 companies on the list, the U.K. 77 and Canada 61.
Ping An achieved sustained and steady overall and core business growth for the year 2019, as the Group continued to pursue its "finance + technology" and "finance + ecosystem" transformation strategies and enhancement of its data-driven operational capabilities. The number of users, number of customers, contracts per customer and profit per customer of integrated financial services all recorded significant growth. In 2019, the Group's revenue was RMB1,168,867 million, up 19.7% year on year. Net profit grew 36.5% year on year to RMB164,365 million. Net profit attributable to shareholders of the parent company rose 39.1% year on year to RMB149,407 million. As of 31 December 2019, total assets amounted to over RMB8.22 trillion, up 15.1% from the beginning of 2019.
In terms of sustainable development, Ping An furthered its Environmental, Social and Governance (ESG)-driven transformation. In collaboration with stakeholders, Ping An supports a green environment, harmonious society and sustainable economic development based on its five ecosystems. As of 31 December 2019, Ping An's responsible investment reached RMB954,449 million, the insured amount of sustainable insurance reached RMB121.21 trillion and green credit lines granted amounted to RMB59,056 million. In 2019, Ping An also expanded its Ping An Rural Communities Support with a focus on industry promotion, healthcare and education support and a new smart model of poverty alleviation. Ping An Rural Communities Support has been implemented in 21 provinces or autonomous regions across China, including RMB15.745 billion in poverty alleviation funds. Through the program, 949 village and township clinics were upgraded, 11,175 village doctors were trained, 1,054 village primary schools were upgraded, and 11,826 village teachers were trained.
This year is critical for the Group to execute on its "finance + technology" and "finance + ecosystem" transformation strategies. Ping An will accelerate technological transformations of the traditional financial businesses, seize the development opportunities for healthtech, consolidate its advantages in the technology business, and create greater value for shareholders, customers and society.
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About Ping An Group
Ping An Insurance (Group) Company of China, Ltd. ("Ping An") is a world-leading technology-powered retail financial services group. With over 204 million retail customers and 534 million Internet users, Ping An is one of the largest financial services companies in the world.
Ping An has two over-arching strategies, "pan financial assets" and "pan health care", which focus on the provision of financial and healthcare services through our integrated financial services platform and our five ecosystems of financial services, health care, auto services, real estate services and smart city services. Our "finance + technology" and "finance + ecosystem" strategies aim to provide customers and internet users with innovative and simple products and services using technology. As China's first joint stock insurance company, Ping An Group is committed to upholding the highest standards of corporate reporting and corporate governance. The Company is listed on the stock exchanges in Hong Kong and Shanghai.
In 2020, Ping An ranked 7th in the Forbes Global 2000 list. In 2019, Ping An ranked 29th on the Fortune Global 500 list. Ping An also ranked 40th in the 2019 WPP Millward Brown BrandZTM Top 100 Most Valuable Global Brands list. For more information, please visit www.pingan.cn.
SOURCE Ping An Insurance Group Ltd.
