About Company
Ping An Insurance, also recognized as Ping An of China, complete name Ping An Insurance (Group) Company of China, Limited is a China-based holding corporation. The ancillary organizations of Ping An Insurance principally handle banking, insurance, financial services, asset management, automobile services, smart city, and healthcare.
Ping An Insurance was set up in 1988. The head office of the company is situated in Shenzhen.
In 2021, the company achieved the 6th position on the 2000 list released by Forbes Global. It also attained the 16th rank on the 500 list published by Fortune Global.
The firm is regarded as the largest insurance services provider in China, with US$ 110 billion as net premiums recorded in 2021. In March 2021, the market cap of the company has been valued at US$ 136 billion, turning it into the biggest carrier in the Asia-Pacific territory.
Ping An Insurance ranks among the best 50 organizations listed on the Shanghai Stock Exchange. Besides, Ping An stock is a component of the Hang Seng Index. It is an index representing the best 50 firms on the Hong Kong Stock Exchange.
Besides, Ping An Insurance has been incorporated in all the stock indices across China such as Hang Seng China 50 Index, FTSE China A50 Index, and CSI 300 Index.
Ping An Insurance has been picked for the DJSI Index (Dow Jones Sustainability Emerging Markets) 2019. Ping An was the oldest insurer in the People’s Republic of China to be chosen on the DJSI index.
Ping An Insurance is a party of the United Nations-aided PRI (Principles for Responsible Investment). It was the oldest asset proprietor in PRC to participate.
Ping An Insurance constantly ranks among the top worldwide insurance carriers in the world. Starting in 2021, Ping An was the worthiest worldwide financial label throughout the world, as stated by Brand Finance.
What is the Exact Meaning of Ping an in Chinese?
The expression “Ping An” in Chinese actually denotes “safe and well”.
What Type of Company is Ping an Insurance?
Ping An Insurance is a publicly traded company.
To which industry Does Ping an Insurance Belong?
Ping An Insurance belongs to the financial services sector.
When was Ping an Insurance Established?
The company was set up in 1988; 34 years back.
Who is the Originator of Ping an Insurance?
The originator of Ping An Insurance is Ma Mingzhe, a China-based mogul who also serves as the Chairman of the organization.
Where is the Headquarters of the Firm Located?
The central office of PAI is located in Shenzhen, China.
Which area does Ping an Insurance Serve?
The company has a global client base.
What are the Essential Services Provided by Ping an Insurance?
The services offered by Ping An Insurance typically include the following:
- Banking
- Insurance
- Financial Services
- Wealth Management
- Automobile Services
- Healthcare
- Smart City
Ping an Insurance Management
The following are the key people instrumental behind the phenomenal success of Ping An Insurance:
Ma Mingzhe (Chairman)
Ma Mingzhe serves as the originator and the present Chairman of the organization.
Since the firm came into existence, Ma Mingzhe had absolute participation in the functioning and supervision of the firm till 2020 June when he stopped working as the Chief Executive Officer. Currently, Ma is in a fundamental management position, in control of administrative on the plans of the firm, refinement, human resources, and principal concerns. Mr. Mingzhe successively worked as a Director, the President, as well as the CEO, and the Chairman of the firm.
Before establishing the firm, Mingzhe served as the China Merchants Shekou Industrial Zone Social Insurance Company Deputy Manager.
Mingzhe received his PhD. from Zhongnan University of Economics and Law in Money and Banking (earlier recognized as the Zhongnan University of Economics).
Tan Sin Yin (Co-CEO, Executive Director, and Executive Vice President)
Ms. Yin serves as a Director of various regulated ancillary organizations of the firm such as Ping An Property & Casualty, Ping An Bank, Ping An Asset Management, and Ping An Life.
Ms. Sin also serves as a Non-executive Director of the following organizations:
- Ping An Health
- OneConnect
- HealthKonnect Medical and Health Technology Management Company Limited.
Ms. Yin consecutively occupied the roles of Chief Information Officer (CIO) of the firm from 2013 January to 2019 November, Vice President of the firm from 2015 June to 2015 December, the Chief Operating Officer (COO) from 2013 December to 2021 February, as well as the Deputy CEO of the firm from 2017 October to 2018 November.
Before becoming associated with Ping An Insurance, Ms. Yin served as a Worldwide Collaborator of McKinsey & Company.
Ms. Yin was an inhabitant of Singapore. She did her graduation in Economics and Electrical Engineering. She also has postgraduate degrees in Computer Science and Electrical Engineering from MIT (Massachusetts Institute of Technology).
Yao Jason Bo (Executive Vice President, Executive Director, Chief Financial Officer, and Co-CEO)
In 2001, Mr. Bo became a part of the firm. Yao has been serving as an Executive Director of the firm since 2009 June. Bo serves as the firm’s Chief Financial Officer, Executive Vice President, and Co-CEO.
Mr. Jason has been serving as a Director of several regulated ancillary organizations of the firm such as Ping An Life, Ping An Bank, Ping An Asset Management, and Ping An Property & Casualty.
Mr. Bo served as the Principal Actuary of the firm from 2012 October to 2021 March and the Vice President of the firm from 2009 June to 2016 January. Before that, Mr. Yao consecutively occupied the roles of the Deputy Principal Actuary, the Deputy General Manager of the Merchandise Hub, the Deputy Financial Officer, the General Manager of the Strategy Division, and the Principal Actuary of the firm, and the Financial Director.
Before becoming a part of the firm, Mr. Bo worked as an advising actuary and higher-ranking manager with Deloitte Touche Tohmatsu.
Jason is an associate of FSA (the Society of Actuaries) and has a Master of Business Administration degree from New York University.
Which Companies Own Ping an Insurance?
As of 31st December 2021, the following firms are the owners of Ping An Insurance:
- Shenzhen Investment Holdings Company, Ltd. – 5.27%
- CP Group Company, Ltd. – 6.8%
- Hong Kong Securities Clearing Company Nominees Limited – 37.01%
- Hong Kong Securities Clearing Company Limited -3.65%
- Central Huijin Asset Management Ltd. – 2.57%
- China Securities Finance Corporation Limited – 2.99%
- Shum Yip Group Limited – 1.41%
- Business Fortune Holdings Limited – 2.43%
- Dacheng Zhongzheng Financial Asset Management Plan – Dacheng Fund-Agricultural Bank of China – 1.10%
- Plenty Ace Investments (SPV) Limited – 1.20%
- Huaxia Zhongzheng Financial Asset Management Plan – Huaxia Fund-Agricultural Bank of China – 1.09%
How Many People are Working for Ping an Insurance?
Around 362,035 people work for Ping An Insurance.
Timeline
1988-1997
Founding of the Company
27 May 1988. Ping An Insurance Company came into existence as the oldest joint-stock insurance services provider in China.
Growing Countrywide
4 June 1992. The name of the firm was changed to Ping An Insurance Company of China, turning into a countrywide insurer.
1st life Insurance Policy
1994 May. Ping An Insurance launched the private life insurance selling scheme, revolutionizing the individual life insurance trade in the country.
Ping an Securities
1995 October. Ping An took a step forward in non-insurance economic operations by setting up Ping An Securities Company, Ltd.
Ping an Trust & Investment Company
1996 April. Ping An took over ICBC Pearl River Delta Financial Trust Joint Company. Its name was subsequently changed to Ping An Trust & Investment Company.
1998-2007
Stake Assumed by Hong Kong and Shanghai Banking Corporation
8 October 2002. HSBC Group bought a share in Ping An Insurance, turning into its sole biggest stakeholder.
Origination of the Group
14 February 2003. Ping An Insurance (Group) Company of China, Limited came into being. It turned into a controlling organization for combined activities in the financial sector of China.
H-Share Listing
24 June 2004. Ping An Group boosted its funds potential by turning public in the city of Hong Kong. This was the biggest Initial Public Offering that year in Hong Kong.
Overhauling Combined Activities
May 2006. Ping An Insurance’s countrywide combined activities hub in Zhangjiang Shanghai commenced business. It was the biggest combined activities dais in the Asian continent.
Ping an Bank
2006 July. Ping An took over Shenzhen Commercial Bank. The name was subsequently changed to Ping An Bank.
A-Share Listing
1st March 2007. Ping An Insurance Group got registered on the Shanghai Stock Exchange. This was the biggest IPO of an insurer in the world during that period.
2008-2017
Acquisition of Shenzhen Development Bank
2011 July. Ping An Insurance turned into the operating stakeholder of Shenzhen Development Bank. This bank subsequently underwent an amalgamation with the initial Ping An Bank, the name was modified to Ping An Bank, and it established a banking trade ambiance throughout the nation.
Lufax
2012. Ping An started making a footprint for itself in financial and healthcare technology. As a result, Lufax was set up.
Ping an Life
In the year 2016, the insurance premiums of Ping An surpassed three hundred billion RMB. New trade premiums went beyond one hundred billion RMB.
2018 – Now
Ping an Agrarian Communities Aid
In reply to the bid for impoverishment mitigation from the government, Ping An Insurance commemorated its thirtieth birthday by introducing the Ping An Rural Communities Support (encompassing rural community physicians, rural community officials, and rural community educators) in nine prefectures and independent districts throughout China.
Ping an Good Doctor
In the year 2018, Ping An Good Doctor (recognized as Ping An Health as well) introduced its Initial Public Offering in Hong Kong. On the occasion of its registration, Ping An was running the biggest online healthcare services platform in China, with over one hundred and ninety million listed subscribers, almost one thousand healthcare experts, and three thousand one hundred network infirmaries.
Oneconnect
In the year 2019, OneConnect got registered on the NYSE (New York Stock Exchange). OneConnect is a top TAAS (technology-as-a-service) stage for financial services providers in Southeast Asia and China.
Retail Consumers
In 2019, the number of retail consumers of Ping An outmatched two hundred million.
Worldwide Brand Value
In the year 2020, Ping An Insurance achieved the 7th rank in the 2000 list published by Forbes Global. It also attained the 21st rank on the 500 list released by Fortune Global. Besides, it achieved the 38th position in the 2020 WPP Kantar Millward Brown BrandZ (TM) list of the Leading 100 Most Valuable Worldwide Brands and the # 1 rank among worldwide insurance labels for the 5th successive year.
Lufax
In 2020, Lufax introduced its Initial Public Offering on the New York Stock Exchange, and it was the 5th biggest IPO in the United States that year. The company acts as the financial technology platform linking customers to moneymaking prospects.
Overall Assets
In 2021, Ping An Insurance’s overall assets exceeded ten trillion RMB.
Ping an Insurance Stock Performance
The common stocks of Ping An Insurance are traded on the Shanghai Stock Exchange with the ticker code SSE: 601318 (A share) and Hong Kong Stock Exchange (SEHK): 2318 (H share). It is a constituent of the Hang Seng index.
On July 21, 2022, Ping An Insurance Group Company of China Limited (2318.HK) closed trading at 47.200 RMB with the following data at 4:08 pm Hong Kong Time (HKT).
Stock Chart
Ping an Insurance’s Financial Performance Highlights
Disclaimer: This article is only for educational purposes and investment encouragement is not a priority here. The author has solely focused on knowledge enhancement and believes that investment is subject to market risks. Only an extensive and in-depth discussion with an investment consultant can solve your queries if you are keen to try your luck in investing your hard-earned money. Making a hasty decision might cost you dearly. Always try to remain prudent with your finances.
