Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An” or the “Group”, HKEx:2318; SSE:601318) announced that Ping An is the world’s most valuable insurance brand in the Insurance 100 2020 report by leading brand valuation consultancy Brand Finance. Ping An is also the 9th most valuable brand in the world, according to the Brand Finance Global 500 2020 report released earlier this year.
The Insurance 100 2020 report ranking shows Ping An’s brand value increased 20% year on year to USD60.6 billion. This has consolidated Ping An’s leadership position as it has retained the top spot as the world’s most valuable insurance brand for the fourth year in a row.
Brand Finance is the world’s leading independent brand valuation consultancy. It evaluates thousands of the world’s biggest brands every year. This year, Brand Finance assessed the impact of the COVID-19 outbreak on enterprise value, estimating the likely impact on brand value for each sector. The Brand Finance Insurance 100 evaluates the brand value of a company in three aspects: the Brand Strength Index, Brand Royalty Rate and Brand Revenues.
Brand Finance said, “Ping An’s commitment in expanding its business portfolio to non-insurance sectors and digital development have made it stand out from its peers. Among all, Ping An’s exploration in healthtech through its subsidiary Ping An Good Doctor has made it truly unique as an insurance brand, given the impressive 315 million registered users and nearly 70 million monthly active users Ping An Good Doctor had by the end of 2019.”
During the first quarter of 2020, Ping An continued to enhance its technological capabilities, in order to provide high quality products and services to customers amidst the COVID-19 epidemic. Ping An delivered solid results in the first quarter of 2020: operating profit attributable to shareholders of the parent company rose 5.3% year on year to RMB35,914 million (USD5,073 million), and operating profit after tax of the life and health insurance business rose 23.0% year on year to RMB24,556 million (USD3,467 million) due to its efforts in developing innovative online operating models. Ping An acquired 8.71 million new retail customers during the period.
Ping An said, “Going forward, Ping An will continue to adhere to its customer-centric philosophy and apply technological innovations to the development of retail financial products and the improvement of customer services. Under our ‘finance + technology’ and ‘finance + ecosystem’ strategies, Ping An aims to empower financial services with technologies. Ping An will seize development opportunities for fintech and healthtech, to make significant contributions in constructing smart city, fulfilling its social responsibility and safeguarding people’s livelihoods.”
In addition to Ping An’s achievements, Chinese insurance brands in general have a significant presence in the Brand Finance Insurance 100 2020 ranking, with a total of 12 Chinese insurers featured. The total brand value of these Chinese insurance brands reached USD151.5 billion, and the five Chinese insurance brands featured in the top 10 are Ping An, China Life, AIA, CPIC and PICC.
