change people’s lives for the better in ways and forms
Ping An Insurance Group
Tagline
Net Worth
$220,000,000,000
Started in (City)
Shenzhen
Started in (Country)
china
Incorporation Date
21st December, 1988
Bankruptcy Date
-
Founders
- Ma Mingzhe
About
Ping An Insurance group, additionally referred to as Ping An of China, is a Chinese holding conglomerate whose subsidiaries particularly deals with insurance, banking, and economic services. It is one of the top 50 agencies in the Shanghai Stock Exchange. It is also a constituent stock of Hang Seng Index. Ping An Insurance has been decided on for the 2019 Dow Jones Sustainability Emerging Markets Index (DJSI). It became the primary insurance company from mainland China to be decided on at the index. It continuously ranks as the world’s top international insurance brand. As of 2018, it became the third maximum valuable international financial brand in the world. It is one of the few agencies in China with licenses to provide a complete suite of financial services, such as insurance, banking, trusts, securities, futures and economic leasing. Ping An has operations throughout all the People’s Republic of China, and in Hong Kong and Macau via Ping An Insurance Overseas. Lufax, OneConnect and Ping An Good Doctor have now extended overseas. OneConnect is in 10 countries outside of China, serving approximately 27 top institutional financials.
Beginning
Ping An Insurance Group started off in 1988 as a property and casualty insurance company, later diversifying into life insurance, banking, asset management, brokerage offerings, and personal equity investing. Since the mid1990s, Ping An has been diversifying into economic services from its core business of insurance, and has eventually taken investments from overseas companies along with Morgan Stanley and Goldman Sachs in 1994.Beginning in the 1990s, Ping An took benefit of widening reforms to grow to be the first Chinese financial institution wherein overseas companies could own equity. In 2002 HSBC took a massive equity interest in Ping An. In early 2008, Ping An agreed to take a 50% share in Fortis Investments, which had taken over ABN AMRO Asset Management due to the split up of ABN AMRO in late 2007. In June 2009, Ping An have become a strategic investor in Shenzhen Development Bank, that is now a part of Ping An Bank.
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. Ping An became selected as an index stock of the Hang Seng China Enterprises Index (HSCEI), replacing Anhui Expressway in 2004. The Hang Seng Index Services Company announced on 11th May 2007 that Ping An would join as Hang Seng Index Constituent Stock (Blue Chip Stock) effective on 4 June 2007.
Road to Success
In 2016, Ping An invested extra overseas. Ping An invests 1% of its revenues into R&D, specifically, on new technology of AI, Blockchain and Cloud Computing for ten years to convert its economic services and help the constructing of its five ecosystems: financial services, healthcare, auto services, real estate services, and smart city services. More than 576 million customers and one hundred Chinese towns are linked to as a minimum one of these ecosystems. Over the years, Ping An has successfully released fintech and healthtech groups which includes Lufax Holding, OneConnect, Ping An Good Doctor (1833.HK), and Ping An HealthKonnect.
AI: With the philosophy of “change people’s lives for the better in ways and forms”, Ping An is making use of its AI technology in economic, healthcare and smart city services. Ping An has world-leading facial, voiceprint and medical image recognition technology. It is number one in AI medical imaging, for instance, with greater than 95% accuracy in the authoritative LUNA rankings for imaging in categories for lung diseases.
Blockchain: Ping An’s OneConnect platform is certainly considered one among the most important business blockchain platform in the world with over 44,000 blockchain nodes supplying services to over 3,000 economic institutions. Through its self-evolved FiMAX proprietary blockchain technology, its zero-knowledge proof algorithm and low latency design is capable of attain 50,000 transactions per second.
Cloud Computing: Ping An Cloud gives efficient and secure services for industries in finance, health care, auto, real estate and smart city.
Challenges
Chinese authorities have since 2016 sought to limit lending to the over-leveraged property sector to prevent systemic risks. Regulators outlined borrowing caps known as “the three red lines” last August while the central bank in December also introduced caps on property loans granted by banks. China Fortune Land's operations are facing some challenges including a tight regulatory environment which is affecting payment collection, the fallout from the COVID-19 pandemic and the company's aggressive expansion, said Xie.
The company claimed that it had missed payment of principal and interest totalling $813 million.
Failures
Ping An Insurance (Group) Company of China, Ltd. has reported that its net profit declined by almost 43% year-on-year in Q1 2020. At the same time, the insurer says that investment income “fell sharply due to the greater volatility of fair value gains and losses driven by nosediving capital markets both at home and abroad”, as well as the implementation of new accounting standards.
Achievements
- In 2018, Ping An Cloud efficiently has become GitHub’s first controlled serviced provider (MSP) in Greater China.
- Ping An ranked 7th at the Forbes Global 2000 list and 29th at the Fortune Global 500 list. The organization is considered to be China’s largest insurer
- Ping An ranked 7th at the Forbes Global 2000 list and 29th at the Fortune Global 500 list. The organization is considered to be China’s largest insurer
CEOs
- Ma Mingzhe