Ping An Insurance (Group)

Ping An Insurance (Group)

Ping An Insurance (Group) Company of China, Ltd ("Ping An" or "the Group") is the first integrated financial services conglomerate in China that blends its core insurance operations into securities brokerage, trust and investment, commercial banking, asset management and corporate pension business to create a highly efficient and diversified business profile. The Group was established in 1988 and headquartered in Shenzhen, Guangdong Province, China. It has been listing its H-Shares on the Hong Kong Stock Exchange under the name "Ping An" and stock code "2318" since June 2004. On March, 2007, Ping An debuted trading of its A-Shares on the Shanghai Stock Exchange under the name "Ping An of China" and stock code "601318".

The Group is the holding company of the following subsidiary companies: Ping An Life Insurance Company of China, Ltd. ("Ping An Life"); Ping An Property & Casualty Insurance Company of China, Ltd. ("Ping An Property & Casualty"); Ping An Annuity Insurance Company of China, Ltd.; Ping An Asset Management Co., Ltd.; Ping An Health Insurance Company of China, Ltd.; China Ping An Insurance Overseas (Holdings) Limited(“Ping An Overseas Holdings”); China Ping An Trust & Investment Co., Ltd.(“Ping An Trust”), and Ping An Bank Co., Ltd.. Ping An Trust holds Ping An Securities Company, Ltd.; and Ping An Overseas Holdings holds China Ping An Insurance (Hong Kong) Co., Ltd., and Ping An of China Asset Management (Hong Kong) Co., Ltd.

As at 30th June 2009, under International Financial Reporting Standards (IFRS), consolidated total assets and total equity of the Group were RMB885.419 billion and RMB101.793 billion, respectively. Under PRC Accounting Standards, the Group’s total assets were RMB830.220 billion and total equity was RMB96.683 billion.

In June this year, Ping An was again included in The Financial Times Global 500 companies list, ranking No.2 among global insurers. Among the Chinese firms, Ping An came in eighth with a market cap of US$42.7 billion. It has also topped non-SOEs for three straight years and ranked fifth among Chinese financial firms. In April, Forbes Magazine published its annual list of Global 2000. Ping An, through its solid business foundation, outstanding business operations and integrated financial strengths, was included in the list for the third time, ranking No.141. Among the 91 Chinese enterprises in the list, Ping An was eighth placed while topping the No.1 spot among the Chinese non-SOEs for the third time. Through solid operations and hard work Ping An has not only won the recognition of world’s Top 500 Company, but also garnered numerous awards for excellence in corporate governance. So far this year, Ping An has won honors including “Best Managed Company in China” as named by leading regional business magazine FinanceAsia, and was conferred the “Annual Recognition Award” by Corporate Governance Asia magazine in recognition of Ping An’s continuing commitment to the development of corporate governance.

The Group provides financial services including insurance, banking, investment and wealth management for about 47 million individual clients and over two million corporate clients. It has about 394,000 life insurance sales agents, over 83,000 full-time employees, and more than 3,800 branch- and sub-branch-units and sales offices. During the first six months of 2009, Ping An posted total income of RMB110.868 billion and net profit of RMB4,558 million under PRC Accounting Standard. By premium income, Ping An Life is the second largest life insurance company in China, while Ping An Property & Casualty is ranked third largest among property and casualty insurers in China.

Ping An's mission is to fulfill its commitments to its investors, customers, employees and society. Ping An's goal and commitment to investors is to produce stable returns and boost asset values. Ping An's commitment to customers is to provide the best services with integrity. Ping An's commitment to employees centers on being a responsible employer and providing the conditions for better living and career development. Last but not least, Ping An's commitment to Society is based on Ping An's desire to feed back to the society and contribute to the development of the country. Ping An focuses on value creation and the pursuit of excellence. Ping An advocates that each employee be a person of integrity and value by highlighting individual virtues such as "honesty, trustworthiness, entrepreneurship, and achievement," and team qualities such as "unity, vitality, learning and innovation". The mechanisms of "competition, motivation, elimination" are implemented, together with a distinctive, professional, advanced and long-term business philosophy.

As a professionally-managed and world-class organization, Ping An is the first Chinese insurer to have introduced foreign investors into its shareholding structure. Operating along the principle of “Group Holdings, Segment Operation, Segment Supervision, Group Listing”, Ping An has been able to ensure the Group as a whole is moving towards its goal, upon the foundation that unites strategy, branding and corporate culture. Its financial platform is the most integrated among China’s financial services sector. Its national back office support operation in Zhangjiang, Shanghai is a leading financial backend support center in Asia. Through this center, Ping An has established a systematic backend operation. By having in place a service infrastructure that includes telephony, the Internet and customer service staff, a full range of financial services can be delivered to customers in a professional, standardized and comprehensive manner. Value-added services are also being delivered to customers through Customer Service Day and other innovative services such as Wanlitong and One Account. According to authoritative surveys in 2008, customer services at Ping An Life and Ping An Property & Casualty were ranked number one in their respective areas by customers.

As a founding member of the Chinese Federation of Corporate Social Responsibility, Ping An takes it a mission to serve as a leader in the area. Ping An abides by the law in its operations and declares its tax in an honest and transparent manner. Through offering charitable assistance in areas such as education, Red Cross and disaster relief, Ping An continuously fulfills its moral and social obligations to the society.

By the end of 2008, Ping An had participated in the building and planning of 100 Hope Primary Schools in China. For six consecutive years Ping An has held its education programs giving away study grants to 1,430 students. Ping An has donated over RMB 1 million to support "China Children Protection and Education Program" for six years in a row. Ping An has mobilized blood donation among its staff for seven consecutive years with the blood donated reaching 12.50 million cc. Ping An provides accident and critical illness insurance coverage for those who donated hemopoietic stem cells (HSC) starting in 2003 and until 2010. The premiums of the donated policies exceed RMB700 million. Following the Sichuan earthquake on May 12th 2008, Ping An employees of all ranks and files collectively donated RMB35 million to the relief funds for the devastated areas. Combined, corporate and individual employee donations amounted to more than RMB75 million.