Ping An Insurance known also as Ping An of China, full name Ping An Insurance (Group) Company of China, Ltd. is a Chinese financial services holding company whose subsidiaries provide insurance, banking, asset management, financial services. The company was founded in 1988 and is headquartered in Shenzhen. "Ping An" literally means "safe and well". It is ranked as China's 6th largest company.
In 2024, Ping An ranked 29th on the Forbes Global 2000 list and 53rd on the Fortune Global 500 list.[3] Ping An has been ranked by Brand Finance as the world's most valuable insurance brand for six years running.[4]
Ping An Insurance is one of the top 50 companies in the Shanghai Stock Exchange. It is also a constituent stock of Hang Seng Index, an index of the top companies in the Hong Kong Stock Exchange. Ping An Insurance was also included in the pan-China stock indices CSI 300 Index,[5] FTSE China A50 Index[6] and Hang Seng China 50 Index.[7]
Business
Ping An Insurance Group started off in 1988 as a property and casualty insurance company, later diversifying into insurance, banking, asset management, financial services and healthcare services.[8]
Ping An has licenses to offer financial services, including insurance, banking, trusts, securities, futures and financial leasing.[9]
Ping An has also adopted an integrated financial model on a mix of business lines, including life insurance, P&C insurance, banking and securities.[10] The company invests 1% of its revenues into R&D each year to branch out its businesses, adopt technology and support the building of its healthcare and senior care ecosystem.[11]
Since the mid-1990s, Ping An has been subsequently taken investments from overseas firms such as Morgan Stanley and Goldman Sachs
Ownership
Ping An is a publicly listed company.[35]
As of 30 June 2024, CP Group Ltd. indirectly held 964,427,077 H shares of the Company, representing approximately 5.30% of the total share capital of the Company.
Ping An has the classification of a civilian-run enterprise. Richard McGregor, author of The Party: The Secret World of China's Communist Rulers,[36] said that "the true ownership of large chunks of its shares remains unclear" and that the ownership of Ping An is a "murky structure".[37] In October 2012, The New York Times reported that relatives and associates of Chinese Premier Wen Jiabao controlled stakes in Ping An worth at least US$2.2 billion in 2007.[38]
Markets
Since 24 June 2004 Ping An has been listed on the Stock Exchange of Hong Kong (subsidiary of Hong Kong Exchanges and Clearing) as SEHK: 2318. Since 1 March 2007, it has a listing on the Shanghai Stock Exchange as SSE: 601318. Since 19 June 2023, its yuan-denominated shares has a listing on the Stock Exchange of Hong Kong as SEHK: 82318.
Ping An replaced Anhui Expressway in the Hang Seng China Enterprises Index (HSCEI) in 2004.[39]
The Hang Seng Index Services Company announced on 11 May 2007, that Ping An would join as Hang Seng Index Constituent Stock effective on 4 June 2007.[40]
Operations
Ping An has operations across all of mainland China, and in Hong Kong and Macau through Ping An Insurance Overseas. Lufax, OneConnect and Ping An Good Doctor have now expanded overseas. OneConnect serves 100+ customers in 20 countries and regions mainly in Southeast Asia.
See also
External links
References
- Ping An 2024 Annual Results Ping An, retrieved 7 May 2025^
- 2018 Audited Results Ping An Insurance, Hong Kong Stock Exchange, 12 March 2021, retrieved 9 April 2021^
- The Global 2000 Forbes^