Ping An Named Brand Finance's Most Valuable Insurance Brand in China for the 8th Consecutive Year
HONG KONG and SHANGHAI, Jan. 18, 2024 /PRNewswire/ -- Leading brand valuation consultancy Brand Finance has named China's Most Valuable Insurance Brand as Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An", the "Company" or the "Group", HKEX: 2318 / 82318; SSE: 601318). This is the eighth year in a row Ping An has held the title. In Brand Finance's Global 500 Report of the World's Most Valuable and Strongest Brands for 2024, Ping An, with a brand value of US$44.36 billion, ranked 31st among the world's most valuable brands, 2nd among insurance brands and 6th among global financial enterprises.
In 2023, despite the complex external landscape, Ping An upheld its brand promise of "Expertise makes life simple", closely aligned to its "integrated finance + healthcare" strategy. It ensured the resilience of its brand value by expanding its presence in comprehensive financial scenarios across different ecosystems. By offering one-stop integrated finance and healthcare services, Ping An offers customers a "worry-free, time-saving, and money-saving" experience. As of the end of September 2023, Ping An recorded nearly 230 million retail customers, with an average of 2.99 contracts per customer.
With its customer-centric philosophy, Ping An continues to enhance its one-stop "integrated finance + healthcare" products and services ecosystem. Ping An is advancing a technology-driven "integrated finance+ healthcare" strategy and "one customer, multiple products, and one-stop services" model to continue to improve the user experience for customers. As of the end of September 2023, the Group achieved an operating profit attributable to shareholders of the parent company of RMB112.48 billion and delivered a 16.7% annualized operating return on equity (ROE). The Company's net assets attributable to shareholders of the parent company have shown steady growth, exceeding the RMB900 billion mark. The strategy is deepening Ping An's relationships with customers: among the Company's nearly 230 million financial services retail customers, almost 64% also utilize services offered within its healthcare ecosystem.
By proactively fulfilling corporate social responsibility, Ping An is aligned with societal progress goals and committed to high-quality sustainable development. Ping An continues to explore and adapt leading international corporate governance practices, seamlessly incorporating core ESG principles and standards into its management framework. For the 2nd consecutive year, Ping An was awarded an A rating in from MSCI ESG Ratings, solidifying its leadership in the "multi-line insurance & brokerage" category in Asia Pacific. As of the end of September 2023, Ping An's green insurance premium income amounted to RMB26.28 billion, with a green loan balance of RMB136.04 billion, and the volume of green investments of insurance funds at RMB132.31 billion. Since the launch of its Ping An Rural Communities Support program in 2018, Ping An has cumulatively allocated RMB107.90 billion to support industrial revitalization in rural areas.
Ping An is committed to remain customer needs-oriented and dedicated to pursuing financial business development with Chinese characteristics. It endeavors to cultivate a national brand that earns governmental trust, garners public support, and evolves with the changing times. By fostering high-quality development in the financial sector, Ping An aspires to play a pivotal role in the nation's robust development and rejuvenation. This strategy is aimed at generating long-term, stable, and sustainable value for its customers, employees, shareholders and society.
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