Ping An Named Brand Finance's Most Valuable Insurance Brand in the World for the 8th Consecutive Year, with Brand Value Up 4.2%
HONG KONG and SHANGHAI, March 26, 2024 /PRNewswire/ -- Brand Finance, the leading brand valuation consultancy, has released its annual report on the most valuable and strongest insurance brands, Insurance 100 2024. (Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An", the "Company" or the "Group", HKEX: 2318 / 82318; SSE: 601318) is first in the world for the eighth year in a row, with a brand value of USD33.6 billion, up 4.2% from last year.
Ping An showed stead business performance in 2023. It is poised to seize new growth opportunities with its one-stop "integrated finance + healthcare and elderlycare" service framework and "worry-free, time-saving, and money-saving" experience for customers. As of the end of 2023, Ping An recorded 232 million retail customers, of which nearly 64% used services from the healthcare and elderlycare ecosystem. Customers entitled to service benefits in the healthcare and elderlycare ecosystem accounted for more than 73% of Ping An's new business value (NBV).
Ping An focused on serving real economy through its core financial businesses. As of the end of 2023, Ping An cumulatively invested over RMB8.77 trillion in China's major projects, including energy, transportation, and water conservancy to support national strategic initiatives, including the Belt and Road Initiative and the development of the Guangdong-Hong Kong-Macao Greater Bay Area. The Group has provided RMB117,882 million for poverty alleviation and industrial development through its Ping An Rural Communities Support programs since 2018.
Ping An adopted a people-centered approach to promote inclusive finance and pension finance. As of the end of 2023, Ping An Bank provided RMB572.1 billion in loans for more than one million small and micro-business owners. In 2023, Ping An P&C provided 2.29 million small and micro-enterprises with RMB200 trillion worth of insurance coverage in 2023 via "An Xin Bao for Enterprises", a customized employer liability insurance product. It also supported delivery riders in 43 regions across China with dedicated insurance coverage totaling RMB422.5 billion. Ping An also rolled out 580 home-based elderlycare service items in 54 cities across China, with more than 80,000 customers entitled to such benefits.
Ping An protected people's lives and property with insurance and responded rapidly to extreme natural disasters. Ping An actively took part in disaster relief amid rainstorms and floods in Beijing, Tianjin and Hebei, cold waves and blizzards in Northeast China, and earthquakes in Jishishan, Gansu. In 2023, Ping An paid about RMB2.9 billion in disaster insurance claims, and rushed to support earthquake-hit areas in Gansu and Qinghai by donating RMB10 million and delivering supplies and "warmth" to those affected.
Ping An is striving to become a world-leading integrated financial, healthcare and elderlycare sevices provider under a people-centered and customer needs-oriented approach.
About Ping An Group
Ping An Insurance (Group) Company of China, Ltd. (HKEx:2318 / 82318; SSE:601318) strives to become a world-leading integrated financial, healthcare and elderlycare services provider. With 232 million retail customers, Ping An is one of the largest financial services companies in the world. Under the technology-driven "integrated finance + healthcare and elderlycare" strategy, Ping An provides professional "financial advisory, family doctor, and elderlycare concierge" services. The Group is listed on the stock exchanges in Hong Kong and Shanghai. As of the end of 2023, Ping An had RMB11,583,417 million in total assets. The Group ranked 16th in the Forbes Global 2000 list in 2023 and ranked 33rd in the Fortune Global 500 list in 2023.
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