Ping An Ranks 25th in the Fortune Global 500 List, 1st among mixed-ownership Chinese enterprises

HONG KONG and SHANGHAI, Aug. 3, 2022 /PRNewswire/ -- With sustained performance and growth, Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEX: 2318; SSE: 601318) ranked 25^th on the 2022 Fortune Global 500 list with its revenue recorded USD199.6 billion in 2021. The Group ranked 4^th among global financial enterprises, 7^th among the Mainland Chinese enterprises, and maintained 1^st place among mixed-ownership Mainland Chinese enterprises.

Other Mainland Chinese enterprises in the top 25 in the 2022 Fortune Global 500 list include State Grid Corporation of China (3^rd), China National Petroleum (4^th), Sinopec Group (5^th), China State Construction Engineering (9^th), Industrial and Commercial Bank of China (22^nd) and China Construction Bank (24^th).

The Fortune Global 500 list is regarded as the most authoritative ranking for the world's biggest companies, measured primarily by annual revenues for fiscal 2021. Given the looming COVID-19 pandemic, the global economy was struggling to recover over the year. The total revenue and the total net profit of the 500 global listed companies this year generated USD37.8 trillion and USD3.1 trillion respectively, setting new highs in the list'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, revenues from Global 5002318 companies in Greater China (including Taiwan) exceeded revenues from U.S. companies on the list, accounting for 31% of the total.

Despite the complex and difficult business environment and market challenges in 2021, Ping An adhered to the philosophy of "Expertise makes life simple" and continued to upgrade the Group's "integrated finance + healthcare" strategy. The Group accelerated the reform of the life insurance business and digital transformation of business management to enhance its capability to serve the real economy and ensure social livelihood while continuing to achieve high-quality development. For the year ending 31 December 2021, Ping An's revenue amounted to RMB1.18 trillion. Operating profit attributable to shareholders of the parent company amounted to RMB147,961 million. Total assets exceeded RMB10 trillion for the first time. In 2021, Ping An served more than 227 million retail customers and more than 647 million internet users.

Ping An maintained stable business growth with its integrated finance strategy. With the development of integrated finance business model of "one customer, multiple products, and one-stop services" and "finance+ ecosystem," Ping An's retail operating profit increased 5.7% year on year to RMB129,996 million in 2021, accounting for 87.9% of its operating profit attributable to shareholders of the parent company. As Ping An advanced its integrated financial business strategy, cross-selling continued to deepen. Nearly 33.01 million customer migrations occurred between the Group's core financial companies in 2021. 89.26 million or 39.3% of retail customers held multiple contracts with different subsidiaries as of December 31, 2021. Contracts per customer grew 1.8% from the beginning of 2021 to 2.81.

Ping An accelerated transformation to promote high quality development. The Life & Health insurance business advanced reform and transformation to pursue high-quality development. In 2021, Life & Health achieved a 32.3% operating ROE with operating profit rising 3.6% year on year to RMB97,075 million. Ping An Life advanced high-quality transformation of the agent team and improved team structure by building a team of "high-competence, high-performing, and high-quality" agents. The agent channel's NBV per agent amounted to RMB39,031 and FYP per agent grew more than 22% year on year in 2021. Ping An P&C further optimized its customer mix and enhanced risk screening with its overall combined ratio improved by 1.1 pps year on year to 98.0% in 2021. Underwriting profit grew 145.7% year on year to RMB 5,136 million. Ping An Bank furthered its strategic transformation and maintained stable business growth. Revenue grew 10.3% year on year to RMB169,383 million in 2021. Net profit rose 25.6% year on year to RMB36,336million. Ping An Bank kept asset quality stable and strengthened risk provisions.

Ping An upgraded healthcare ecosystem strategy to cultivate new growth poles. Ping An upgraded the healthcare ecosystem strategy to build "a Chinese version of UnitedHealth." The Group built a closed loop of supply, demand and payment by developing an innovative managed care model centering on "HMO + family doctor + O2O" to provide customers with worry-free, time-saving, and money-saving healthcare services. Synergies between Ping An's healthcare ecosystem and main financial businesses are emerging. Nearly 63% of Ping An's over 227 million retail customers used services from the healthcare ecosystem. These customers held 3.3 contracts and RMB40,000 in AUM per capita respectively, 1.6 times and 3.0 times those held by customers who did not use these services respectively.

Ping An comprehensively advanced its green finance initiative and promoted sustainable development as a new engine of economic growth. Ping An actively fulfilled social responsibilities to support the sustainable development of society in 2021. The Group cumulatively invested more than RMB5.9 trillion to serve the real economy as of December 31, 2021. Ping An comprehensively advanced its green finance initiative. The green investment and financing and green banking business totaled RMB224,580 million and RMB89,813 million respectively as of December 31, 2021. Environmentally sustainable insurance premium income totaled RMB44,569 million in 2021. Moreover, Ping An devoted itself to rural revitalization. The Group cumulatively provided RMB41,850 million for poverty alleviation and industrial revitalization as of December 31, 2021 by advancing the "Ping An Rural Communities Support."

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