Ping_An_Insurance

Ping An Insurance

Ping An Insurance

Chinese insurance company

Ping An Insurance known also as Ping An of China (simplified Chinese: 中国平安; traditional Chinese: 中國平安; pinyin: Zhōngguó Píng Ān), 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".

Quick Facts Native name, Company type ...

In 2023, Ping An ranked 16th on the Forbes Global 2000 list and 23rd on the Fortune Global 500 list.[3] Ping An ranked 30th among the World's top 500 Most Valuable Brands and fifth among global financial enterprises in the Global 500 2022 Report by Brand Finance.[4]

The company is considered to be the world's largest insurer, with US$121.7 billion net premiums written in 2020.[5] Its market capitalization was US$136 billion in March 2021, making it the largest insurer in the Asia-Pacific region.[6]

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 50 companies in the Hong Kong Stock Exchange. Ping An Insurance was also included in the pan-China stock indices CSI 300 Index,[7] FTSE China A50 Index[8] and Hang Seng China 50 Index.[9]

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.[10]

Ping An has licenses to offer financial services, including insurance, banking, trusts, securities, futures and financial leasing.[11]

Since the mid-1990s, Ping An has been subsequently taken investments from overseas firms such as Morgan Stanley and Goldman Sachs in 1994. In 2002 HSBC took a large equity interest in Ping An.[12] In early 2008, Ping An agreed to take a 50% share in Fortis Investments, a subsidiary of Fortis,[13] which had taken over ABN AMRO Asset Management as a result of the split up of ABN AMRO in late 2007; the deal was canceled in October 2008.[14]

In June 2009, Ping An became a strategic investor in Shenzhen Development Bank,[15] (now part of Ping An Bank).

In 2012, the company created Ping An Ventures, a $150M VC fund which invested in over 100 companies, such as Didi Chuxing, Hycor Biomedical, Meituan, Oscar Health, Payoneer, Taulia, and others.[16][17] In 2014, together with SBT Venture Capital Ping An led a $27M funding round for eToro.[18]

In 2016, Ping An Healthcare and Technology (Ping An Good Doctor) completed a Series A funding round of a total of US$500 million, making its valuation hit US$3 billion. Ping An also bought a 48% stake in Chinese car website Autohome Inc. from Telstra Corp. for $1.6 billion.[19]

In February 2018, three technology subsidiaries of Ping An completed private placement financing, which received positive responses particularly from international institutional investors. They were Ping An Healthcare and Technology Company Limited, Ping An Medical and Healthcare Management Co., Ltd and OneConnect Financial Technology Co., LTD.[20]

In June 2019, Ping An One Connect Bank officially commenced operation after receiving a virtual banking license from the Hong Kong Monetary Authority in May 2019. In December 2019, OneConnect Financial Technology was listed on the New York Stock Exchange.[21]

In October 2020, Lufax, one of China's leading online wealth management platform, listed on the New York Stock Exchange.[22]

In May 2021, Ping An released the Ping An Zhen Yi Nian healthcare brand. The product line was mainly targeted at supporting urban elderly care communities, and integrates corporate finance, medical care and health technology.[23]

In July 2021, Ping An and Shionogi signed agreements to launch joint ventures in Shanghai and Hong Kong. Ping An-Shionogi is a Healthcare as a Service (HaaS) enterprise, an integrated medical and healthcare platform for public health and patients. The joint venture is a collaboration between the Ping An and Shionogi on drug research, development, production and sales.[24]

In October 2021, Ping An Bank rolled out services under the Cross-boundary Wealth Management Connect pilot scheme.[25]

In January 2022, Ping An Life (a subsidiary of Ping An) received approval from the CBIRC for its investment in New Founder Group.[26]

In July 2022, OneConnect (Ping An's fintech subsidiary) listed on the main board of the Hong Kong Stock Exchange by way of introduction and dual-primary listing.[27]

In February 2023, Ping An Bank Hong Kong Branch was granted an insurance agency license by the Hong Kong Insurance Authority.[28]

Ownership

Ping An is a publicly listed company.[29]

As of 30 June 2023, Charoen Pokphand Group is the single shareholder in Ping An, holding a 6.12% stake. The Shenzhen government, via Shenzhen Investment Holdings, owns a 5.29% stake as the second largest shareholder.[30]

Ping An has the classification of a civilian-run enterprise. Richard McGregor, author of The Party: The Secret World of China's Communist Rulers,[31] said that "the true ownership of large chunks of its shares remains unclear" and that the ownership of Ping An is a "murky structure".[32] 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.[33]

HSBC acquired 48.22% of H shares by means of different HSBC subsidiaries[34] (H shares accounted for 34.83% of the share capital as at 31 December 2009,[34] which was later increased to 41.88% in 2015[35]). HSBC holds 16.80% of total shares of Ping An, making it the biggest shareholder as of 31 December 2009.[34]

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.[36]

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.[37]

Operations

Ping An has operations across all of the People's Republic of China, and in Hong Kong and Macau through Ping An Insurance Overseas. Lufax, OneConnect and Ping An Good Doctor have now expanded overseas. OneConnect served 100+ customers in 20 countries and regions mainly in Southeast Asia.[38]

See also

Notes

  1. [1]
    "Ping An Insurance (Group) Co. of China Ltd". The Wall Street Journal. Retrieved 19 September 2023.
  2. [2]
    "2018 Audited Results" (PDF). Ping An Insurance. Hong Kong Stock Exchange. 12 March 2021. Archived (PDF) from the original on 21 October 2016. Retrieved 9 April 2021.
  3. [3]
    "The Global 2000". Forbes.
  4. [4]
    "Global 500 2023" (PDF). Brand Finance.
  5. [5]
    "The world's largest insurers".
  6. [6]
    "Largest insurance companies worldwide as of July 2019, by market capitalization".
  7. [7]
    "CSI 300" (PDF). China Securities Index.
  8. [8]
    "FTSE China Indexes". FTSE Russell.
  9. [9]
    "Hang Seng China 50 Index".
  10. [10]
    "Ping An ups the digital stakes in China and beyond". AsiaMoney. 26 September 2018. Archived from the original on 1 August 2019. Retrieved 7 December 2019.
  11. [11]
    "China's Ping An Insurance aims to join Alibaba, Tencent ranks as tech behemoth".
  12. [12]
    "China's Ping An overtakes BlackRock to become HSBC's biggest shareholder". www.internationalinvestment.net. 7 November 2018. Retrieved 7 April 2020.
  13. [13]
    The Ping An-Fortis Deal: Who Really Wins? Archived 21 July 2011 at the Wayback Machine, Caijing Magazine, 3 April 2008
  14. [14]
    "China's Ping An to take $2.3 bln loss on Fortis". Reuters. 5 October 2008.
  15. [15]
    "Ping An to invest in Shenzhen Development Bank". Bloomberg. 15 June 2009.
  16. [16]
    "China's Ping An Ventures to raise up to $1.3 bln for healthcare investments: source". Reuters. 7 February 2018. Retrieved 20 August 2023.
  17. [17]
    Irrera, Anna; Hirschauge, Orr (20 November 2014). "Chinese, Russian Lenders to Back Israel's eToro". Wall Street Journal. ISSN 0099-9660. Retrieved 20 August 2023.
  18. [18]
    "eToro Confirms $27 Million Funding Round with Ping An Ventures and SBT Venture Capital". Financial and Business News. 10 December 2014. Retrieved 20 August 2023.
  19. [19]
    "pingan to buy autohome from telstra for 1.6billio". Bloomberg News.
  20. [20]
    "Three Technology Subsidiaries under Ping An Group Receive Financing from International Investors". Bloomberg.com. 2 February 2018.
  21. [21]
    "pingan's oneconnect flat in debut after $312 millionipo", Bloomberg.com, 13 December 2019
  22. [22]
    "Chinese Lender Lufax Raises $2.36 Billion in IPO. Why It's a Broken Deal".
  23. [23]
    "Ping An launches elderly care brand Ping An Zhen Yi Nia". Coverager.
  24. [24]
    "Insight Weekly: Bank mergers of equals return; energy tops S&P 500; green bond sales to rise". S&P.
  25. [25]
    "Ping An Bank unveils cross-border wealth offering in Greater Bay Area". Private Banker International.
  26. [26]
    "China:Ping An clinches go-ahead for investment in troubled business arm of Peking University". 22 February 2022.
  27. [27]
    "OneConnect debuts on HKEX in dual primary listing". China Business Law Journal.
  28. [28]
    "Ping An Bank Hong Kong branch granted insurance agency license". Insurance Asia.
  29. [29]
    Chen, Shu-Ching Jean. "Chinese Giant Ping An Looks Beyond Insurance To A Fintech Future". Forbes. Shu-Ching Jean Chen.
  30. [30]
    "Ping An results 30 June 2023" (PDF). HKEX.
  31. [31]
    McGregor, Richard (2010). The Party: The Secret World of China's Communist Rulers. New York, 2012: Allen Lane.{{cite book}}: CS1 maint: location (link)
  32. [32]
    McGregor, p. 204 Archived 20 February 2017 at the Wayback Machine-205.
  33. [33]
    David Barboza, "Billions in Hidden Riches for Family of Chinese Leader" Archived 19 May 2017 at the Wayback Machine, The New York Times, 25 October 2012. Retrieved 27 October 2012.
  34. [34]
    "2009 Annual Report" (PDF). Ping An Insurance. archive of Hong Kong Stock Exchange. 27 April 2010. Archived (PDF) from the original on 21 October 2016. Retrieved 20 October 2016.
  35. [35]
    "2015 Annual Report" (PDF). Ping An Insurance. Hong Kong Stock Exchange. 29 March 2016. Archived (PDF) from the original on 21 October 2016. Retrieved 20 October 2016.
  36. [36]
    "BEA Securities Hong Kong weekly report 14 August 2004" (PDF). BEA Securities.
  37. [37]
    "Ping An Insurance Becomes Constituent Stock of Hang Seng Index". Ping An.
  38. [38]
    {{|title=OneConnect to Announce Fourth Quarter and Full Year 2021 Financial Results|date=15 February 2022|url=https://finance.yahoo.com/news/oneconnect-announce-fourth-quarter-full-140000954.doc}}
  • Business data for Ping An Insurance:
  • News website about Ping An systems upgrade Archived 15 December 2010 at the Wayback Machine
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