Ping An ranks 25th in Fortune Global 500 list, 1st among Chinese mixed-ownership companies

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HONG KONG and SHANGHAI, August 3, 2022 /PRNewswire/ — With sustained performance and growth, Ping An Insurance (Group) Company of Chinaltd. (hereafter “Pinganor the “Group”, HKEX: 2318; SSE: 601318) rated 25e on the Fortune Global 500 2022 list with his recorded earnings $199.6 billion in 2021. The Group ranks 4e among global financial companies, 7e among mainland Chinese enterprises, and maintained 1st ranks among the joint ventures in Mainland China.

Other mainland Chinese companies in the top 25 of the 2022 Fortune Global 500 list include State Grid Corporation of China (3rd), China National Petroleum (4e), Sinopec Group (5e), Chinese State Construction Engineering (9e), Industrial and Commercial Bank of China (22n/a) and China Construction Bank (24e).

The Fortune Global 500 list is considered the most authoritative ranking for the world’s largest companies, measured primarily by annual revenue for fiscal year 2021. Given the looming COVID-19 pandemic, the global economy has struggled to recover during the year. The total revenue and total net profit of the global 500 listed companies generated this year $37.8 trillion and $3.1 trillion respectively, setting new heights in the roster’s history. China (including hong kong), with 136, has the most companies on the list. Adding Taiwan, the total for Greater China is 145. For the first time, the revenue of Global 5002318 companies in Greater China (including Taiwan) topped the revenues of US companies on the list, accounting for 31% of the total.

Despite the complex and difficult business environment and market challenges in 2021, Pingan adheres to the “Expertise makes life simple” philosophy and continues to improve the Group’s “finance + integrated health” strategy. The Group has accelerated the reform of life insurance businesses and the digital transformation of business management to strengthen its ability to serve the real economy and ensure social subsistence while pursuing quality development. For the year ending December 31, 2021, Ping An’s income was 1.180 billion RMB. Operating income attributable to shareholders of the parent company amounts to 147,961 million RMB. Total assets exceeded 10 trillion RMB for the first time. In 2021, Pingan served over 227 million retail customers and over 647 million Internet users.

Pingan maintained stable business growth thanks to its integrated financing strategy. With the development of an integrated finance business model “one customer, multiple products and one-stop services” and “the finance+ ecosystem”, Ping An’s retail operating profit increased 5.7% year-on-year to 129,996 million RMB in 2021, representing 87.9% of its operating income attributable to parent company shareholders. As Pingan advanced its integrated financial business strategy, cross-selling continued to deepen. Nearly 33.01 million customer migrations took place between the Group’s main financial companies in 2021. 89.26 million or 39.3% of retail customers held several contracts with different subsidiaries as of December 31, 2021. Contracts per customer increased by 1.8% since the start of 2021 to 2.81.

Pingan accelerated transformation to promote quality development. The life and health insurance business has advanced reform and transformation to pursue high-quality development. In 2021, life and health insurance achieved an operational ROE of 32.3% with operating profit up 3.6% year-on-year for 97,075 million RMB. Ping a life advanced high-quality transformation of the agent team and improvement of the team structure by building a team of “highly competent, high-performing and high-quality” agents. The agent channel NBV per agent was RMB39,031 and FYP per agent grew over 22% year-over-year in 2021. Ping An P&C further optimized its client line-up and improved risk screening with its improved overall combined ratio of 1.1pp year-over-year to reach 98.0% in 2021. Technical profit increased by 145.7% year-on-year for 5,136 million RMB. Ping An Bank continued its strategic transformation and maintained stable business growth. Turnover increased by 10.3% over one year for 169,383 million RMB in 2021. Net profit increased by 25.6% year-on-year to 36,336 million RMB. Ping An Bank maintained the stability of the quality of the assets and reinforced the provisions for risks.

Pingan upgraded health ecosystem strategy to cultivate new growth poles. Ping An updated the health ecosystem strategy to create “a Chinese version of UnitedHealth”. The Group has built a closed loop of supply, demand and payment by developing an innovative managed care model centered on “HMO + family doctor + O2O” to provide customers with worry-free health services, saving money. time and money. Synergies between Ping An’s the health ecosystem and the main financial activities are emerging. Nearly 63% of Ping An’s more than 227 million retail customers have used health ecosystem services. These customers held 3.3 contracts and 40,000 RMB of assets under management per inhabitant, respectively 1.6 times and 3.0 times those held by customers who have not used these services.

Pingan comprehensively advanced its green finance initiative and promoted sustainable development as a new engine of economic growth. Pingan actively fulfilled its social responsibilities to support the sustainable development of society in 2021. The Group has invested in cumulative more than 5.9 trillion RMB serve the real economy from December 31, 2021. Pingan comprehensively advancing its green finance initiative. Green investing and financing and green banking activity amounted to 224,580 million RMB and 89,813 million RMB respectively from December 31, 2021. Environmentally sustainable insurance premium revenue totaled 44,569 million RMB in 2021. In addition, Ping An dedicated to rural revitalization. The Group has cumulatively provided 41,850 million RMB for poverty reduction and industrial revitalization from December 31, 2021 advancing the “Ping An Rural Communities Support”.

About Ping An Group
Ping An Insurance Company (Group) Chinaltd. (“Pingan“) aims to become a world leader in retail financial services. With more than 223 million individual customers and nearly 657 million Internet users, Pingan is one of the largest financial services companies in the world. Pingan focuses on two main areas of activity, “integrated finance” and “health”, covering the provision of financial and healthcare services through its integrated financial services platform and its ecosystems in financial services, health, automotive services and smart city services. The “finance + technology” and “finance + ecosystem” strategies aim to offer customers and Internet users innovative and simple products and services using technology. As China first stock insurance company, Ping An is committed to the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchange 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 – PINGAN.

SOURCE Ping An Insurance Company (Group) of Chinaltd.

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