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Ping An Climbs to 21 in the Fortune Global 500 List, 2nd Among Global Financial Enterprises

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Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An” or the “Group”, HKEx:2318; SSE:601318) is number 21 overall in the 2020 Fortune Global 500 list, climbing eight places since last year. With sustained growth and revenues of USD184,280 million, the Group ranked second among global financial enterprises, fifth among all Chinese enterprises.

The Fortune Global 500 list is regarded as the most authoritative ranking for the world’s biggest listed companies, measured primarily by annual revenues and profits. This year, total revenue of the 500 global listed companies reached a record high of USD33 trillion. This year, the number of Chinese (including Hong Kong) enterprises reached 124, surpassing U.S. companies (121) for the first time.

Ping An achieved sustained business growth in 2019, as the Group further pursued its “finance + technology” and “finance + ecosystem” transformation strategies, and continued to enhance its data-driven operational capabilities.

In 2019, the Group’s revenue amounted to RMB1,168,867 million, up 19.7% year on year. Operating profit attributable to shareholders of the parent company rose 18.1% year on year to RMB132,955 million. Net profit attributable to shareholders of the parent company rose 39.1% year on year to RMB149,407 million. As of 31 December 2019, the Group’s total number of retail customers surpassed 200 million and internet users reached 516 million. The Group acquired 36.57 million new customers year-on-year, 40.7% of whom were sourced from internet users within the Group’s five ecosystems – financial services, health care, auto services, real estate services, and smart city services.

Ping An aims to “serve the real economy with finance”. Through its insurance, banking, trust and fintech businesses, the Group has allocated more than RMB4 trillion to economic and social development, including means such as insurance protection, loan provision, debt-equity plans and inclusive finance. For example, Ping An and the Guangdong provincial government jointly established the “Guangdong-Ping An Development Fund” of RMB150 billion, investing in large-scale infrastructure within the Guangdong-Hong Kong-Macao Greater Bay Area, including smart city construction, a high-speed railway, an inter-city railway and an airport. Loans for entities granted by Ping An Bank in 2019 reached RMB2.1 trillion, increasing by RMB153.6 billion compared to the end of 2018. Ping An Property & Casualty introduced a range of property, personnel and the third-party liability insurance products for small- and micro-sized enterprises, for protection against their most common risks.

With “finance + technology” as Ping An’s core and main businesses, the Group applies world-leading technologies in its main financial business to increase efficiency, cut costs and enhance risk management while offering customers excellent products and service experiences. Its innovations include the introduction of artificial intelligence (AI) interview robots in the Group’s life and health insurance unit to conduct 100% of sales agent recruitment interviews and the agents’ exclusive smart personal assistant AskBob, which has served agents 340 million times to date. Ping An Property & Casualty launched the Ping An Motor Insurance Trust Claim service, which has cut the average turnaround time of a single claim to three minutes and provides 45 million auto owners with a line of credit. In banking, Ping An developed AI-powered retail banking for all processes including sales, risk control, operations, and management. AI is also used to credit card approvals; of the 14.3 million credit cards issued by Ping An Bank in 2019, nearly 90% were automatically approved by AI.

Ping An’s technologies have also been widely applied to support its five ecosystems. By providing innovative products and services to the market, the Group’s technology business grew rapidly in 2019: total revenue increased by 27.1% year on year to RMB82,109 million. The total valuation of the technology companies reached USD69.1 billion. As of 31 December 2019, the Group had a technology team of nearly 110,000 technology business employees, 35,000 R&D employees, and 2,600 scientists. Ping An’s technology patent applications reached 21,383, and Ping An achieved global ranking of first in fintech and second in digital healthtech for the number of published patent applications.

Ping An is also pursuing sustainable development based on Environment, Social and Governance (ESG) principles. Its MSCI ESG rating has been upgraded twice in a row to “A”. Ping An also built an AI-ESG platform to empower responsible investment. As of 31 December 2019, the Group’s responsible investment reached RMB954,449 million, sustainable insurance insured amount reached RMB121.21 trillion, and the total line of green credit granted reached RMB59,056 million. Ping An is also continuing to drive its “Ping An Rural Communities Support” initiative in China, with RMB24,905 million in poverty alleviation funds granted to date. The Group has also supported the COVID-19 pandemic control efforts in China, with support measures such as insurance protection, medical support and external donations. The Group’s total amount of material and cash donations has exceeded RMB175 million.

In 2020, Ping An’s brand value continues to increase: the Group ranked 7th in Forbes Global 2000 list and 38th in BrandZ™ Top 100 Most Valuable Global Brands list, maintaining its top position among global insurance brands.

Other Chinese enterprises in the top 30 in the 2020 Fortune Global 500 list include Sinopec Group (2nd place), State Grid Corporation of China (3rd), China National Petroleum (4th), China State Construction Engineering (18th), Industrial and Commercial Bank of China (24th), Hon Hai Precision Industry (26th) and China Construction Bank (30th).

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New Report: What rises in the East and goes down in the West? Ambition to lead

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  • Work is more important to professionals in ‘Global South’ countries than it is to their peers in Western countries.
  • They also place more value on working longer hours, with a significant percentage of professionals in China and India willing to work more than 40 hours a week.
  • Westerners lack leadership ambition – only 42% of respondents express a desire to lead or establish a business. In the Global South 65% hold this aspiration.
  • Global executive search & leadership advisory firm Amrop surveyed 8,000 people in Brazil, China, France, Germany, India, Poland, the UK, and US on the meaning of work.

BRUSSELS, Dec. 23, 2024 /PRNewswire/ — Professionals in Western countries are less ambitious and less interested in work than their ‘Global South’ peers, a new global study by Amrop, a leading global executive search and leadership consulting firm, reveals.

“The drive and ambition in India, Brazil, and China highlight a contrast with the aging societies in the West. As Western nations also face a scarcity of qualified professionals, the ambition of their workforce becomes a decisive factor for growth, economic success, and wealth preservation,” states Annika Farin, Global Chair at Amrop. “Stakeholders should encourage entrepreneurship and foster interest in both professional and personal growth in workers.”

Notably, 92% of Indians and 87% of Brazilians say they enjoy working, while the sentiment is lower in Germany (71%), the US (69%), and the UK (68%), as well as other European countries. Significant variations emerge in how respondents prioritize their careers: 84% in India assert that a successful career is crucial for a good life, with high agreement also in China (71%) and Brazil (70%). Conversely, only 43% in Germany, 40% in France and 37% in Poland share this perspective. In other Western countries such as the US and UK, over half of respondents consider their careers vital for a good life.

India Leads with Impressive Work Ethic and Work-Life Balance

However, divergent work ethics surfaced among Western countries as well, with 70% in the US prioritizing hard work, contrasting starkly with the 35% in France who share the same belief. In this context, India leads at 75%, surpassing Brazil (55%) and China (63%). Chinese professionals also lean more towards career over private life. Work hours reveal distinctions: 46% in China and 42% in India are willing to work over 40 hours, while 29% in the UK, 27% in Germany and only 16% in France, are open to longer working hours. At the same time 73% in India and 59% in China assert that they have a healthy work-life balance, contrasting with 45% in France and 49% in Germany.

“This observation is intriguing. Working fewer hours doesn’t necessarily improve one’s perception of work-life balance. If any connection exists, it appears to be the other way around – professionals willing to work longer hours also seem to have a greater sense of work-life balance. In Europe, especially, we need follow-up studies to find out where these sentiments are coming from, so we know how to reignite the passion for work,” says Farin.

The Lack of Leadership Ambition Extends to Politics

Further results from the survey show that the Global South countries demonstrate a higher aspiration for leadership roles and entrepreneurial ventures. Notably, 76% in India express a desire to run or manage a company, followed by 66% in Brazil and 54% in China. In contrast, the UK (52%), the US (49%), France (37%), and Germany (36%) trail in these aspirations. The global lack of leadership ambition extends to politics, with respondents deeming it the least desirable career across most countries. Only 19% express a motivation to make a positive impact, with 51% prioritizing financial stability and 39% aiming for a specific lifestyle.

Looking at these results, Farin emphasizes a further concern, “In surveying individuals with at least a bachelor’s degree across various countries, our results prompt a crucial question: If most professionals lack ambition for high-level leadership, who will shape the future of economies and societies? Our societies rely on people, their expertise, and motivation. Are we approaching a future where we question not only corporate leadership but also national leadership?”

About the Survey

An online survey was conducted and gathered insights from 8,000 participants, with 1,000 respondents from each of the following countries: Brazil, China, France, Germany, India, Poland, the US, and the UK.

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The survey aimed for representativeness across these diverse nations, capturing perspectives from individuals aged 20 to 60 (Gen Z: 20-26, Young Millennials: 27-34, Old Millennials: 35-42, Gen X: 43-60), all possessing at least a bachelor’s degree. Where applicable, reported results represent the top two answer sets (strongly agree/agree).

About Amrop

Amrop is a global leadership consulting firm, offering retained executive search, Board and leadership advisory services. We advise the world’s most dynamic, agile organizations on identifying and positioning Leaders For What’s Next – adept at working across borders, in markets around the world. Established in 1977, Amrop operates in Asia, EMEA and the Americas across 69 offices in 57 countries.

www.amrop.com 

Contact:
The Amrop Partnership SC
Rue Abbé Cuypers 3
1040 Brussels, Belgium
T. +32 471 733 825
E. [email protected]
Brigitte Arhold, COO

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Siraj Finance PJSC signs an agreement with Azentio for iMAL core and digital financial services solution subscription optimization

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SINGAPORE, Dec. 23, 2024 /PRNewswire/ — Siraj Finance PJSC, a leading Islamic Finance Company in the UAE, has signed an agreement with Azentio, a pioneer in the core banking technology service provider. The agreement represents the collaboration for implementation of the core and digital banking solution to further enhance the operational capabilities and digitization of Siraj Finance’s product and service offerings. The step is directly in line with Siraj Finance’s goal of providing diversified Islamic financial products and services via channels that are innovatively utilizing latest technology while remaining customer centric and regulatory compliant.

Mr. Amjad Hijazi – Chief Operating Officer, Mr. Joseph Daniel – Chief Business Intelligence & Strategy Officer, Mr. Syed Moosa Kaleem Al Falahi – Chief Business & Investment Officer and Mr. Fazal Nassim – Chief Governance & Compliance Officer represented Siraj Finance, whereas Mr. Rahul Arora – Chief Sales Officer, Mr. Harkaran Singh – Senior Vice President, Middle East & Africa, Mr. Zaher El Khatib – Vice President Global Islamic Banking Sales, Mr. Alfred Quertier – Director Global Sales Engineering and Mr. Bhushan Kelkar – Vice President Sales represented Azentio, in the signing ceremony.

Commenting on the partnership, Mr. Amjad stated, “We are delighted to be working with Azentio as our technology partner of choice to empower our ongoing business growth. For us, iMAL and its comprehensive functionality coupled with the adherence to Islamic principles, align with our goals, allowing our team to streamline processes, enhance productivity and elevate the omnichannel customer journey.”

Mr. Rahul added, “We are extremely pleased to partner with Siraj Finance to deliver a user-friendly digital financial services experience to both their retail and corporate customers. This partnership reflects our ongoing commitment to empowering financial institutions in the region with cutting-edge technology designed to meet both current and future needs.”

About Siraj Finance

Siraj Finance is a private joint stock company based in Abu Dhabi and regulated by the Central Bank of the UAE. Established in 1999, it proudly offers a multitude of financial products, designed in compliance with the Sharia principles. It caters to Corporates, Small and Medium Enterprises (SMEs) and individuals, with the objective of providing a variety of tailored product and service options that are best fit for their aspirations and needs.

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DAZN ADVANCES GLOBAL EXPANSION WITH ACQUISITION OF FOXTEL, A LEADING AUSTRALIAN SPORTS AND ENTERTAINMENT MEDIA GROUP

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  • Milestone deal for DAZN’s position as the global home of sport.
  • This acquisition establishes DAZN’s sports platform in Australia, one of the world’s most attractive sports markets.
  • Foxtel Group will leverage DAZN’s global reach, industry-leading technology and extensive content portfolio to further enhance the viewing experience for Australian sports fans.

LONDON, NEW YORK, and SYDNEY, Dec. 22, 2024 /PRNewswire/ — DAZN, a world-leading sports entertainment platform, has today announced an agreement to acquire Foxtel Group (‘Foxtel’) from its majority shareholder News Corp and minority shareholder Telstra at an enterprise value of US$2.2 billion, subject to regulatory approval.

The acquisition establishes DAZN as a leader in sports entertainment in Australia – a highly attractive sports market – while also expanding DAZN’s global footprint and enhancing the group’s standing as the global home of sport. The addition of Foxtel to DAZN brings the Group’s pro-forma revenues towards US$6 billion and provides the additional content, expertise, and expansion opportunities to accelerate DAZN’s growth trajectory.

Foxtel is one of Australia’s leading media companies, with 4.7 million subscribers, who will benefit from DAZN’s extensive portfolio of sports content, platform technology, and global reach.

From its beginnings as Australia’s original pay-TV innovator, Foxtel has evolved to become a digital and streaming leader in sports and entertainment and the proposed transaction positions Foxtel for continued expansion as a digital-first, streaming-focused business. Foxtel will maintain its local character, led by the CEO, Patrick Delany, and his world-class management team.

DAZN, a sports streaming platform with a truly global reach, is committed to growing the global audience for domestic Australian sports across the 200 territories in which it is available.

Under the terms of the transaction, News Corp and Telstra will become minority shareholders in DAZN, enabling them to retain an interest in Foxtel.

Shay Segev, Chief Executive Officer of DAZN, said: “Australians watch more sport than any other country in the world, which makes this deal an incredibly exciting opportunity for DAZN to enter a key market, marking another step in our long-term strategy to become the global home of sport. Foxtel is a successful business that has undergone a remarkable digital transformation in recent years, and we are confident that our global reach and relentless pursuit of innovation will continue to drive the business forward and ensure long-term success.

“We are committed to supporting and investing in Foxtel’s television and streaming services, across both sports and entertainment, using our world-leading technology to further enhance the viewing experience for customers. We are also committed to using our global reach to export Australia’s most popular sports to new markets around the world, and we will continue to promote women’s and under-represented sports.

“We’re looking forward to working closely with Patrick Delany and his team, as well as News Corp and Telstra as shareholders in DAZN, to realise our ambitious vision for the future of sport entertainment.”

Siobhan McKenna, the Chairman of Foxtel, said the agreement with DAZN was international recognition of the transformation of Foxtel from an incumbent pay TV operator to a sports and entertainment digital and streaming leader. “Over the last seven years the Foxtel team, with the strong support of News, have achieved an extraordinary turnaround in an intensely competitive environment.”

Foxtel Group CEO, Patrick Delany, said: “Today’s announcement is a natural evolution for the Foxtel Group, having reinvented the company over the past five years as Australia’s most dynamic technology-led streaming company.

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“Kayo and Foxtel provide Australian sports fans with access to the best Australian and international sport and shows, including AFL, NRL and Cricket with 4.7 million subscribers.

“We are excited by DAZN’s commitment to the Australian market. They are experts in the sports media business and can play a significant role in supporting Foxtel as the business grows its streaming capabilities, bringing a bigger and better service to customers across entertainment, news and sport. They are a perfect match for us as we look toward this next era of growth.

“We have been grateful for the support of News Corp while we reimagined the future of Foxtel. In 2019, when we merged Foxtel and Fox Sports we had many people questioning our future.

“After launching Kayo later in 2019 and BINGE in 2020, today we are the largest Australian-based streamer of sport and entertainment, we have stabilised our Foxtel base and launched Hubbl to help consumers find all the streamed content they love all in one place. This wouldn’t have been possible without the support and encouragement of News Corp.”

 

NOTES TO EDITORS

About DAZN

As a world-leading sports entertainment platform, DAZN streams over 90,000 live events annually and is available in more than 200 markets worldwide.

DAZN is the home of European football, women’s football, boxing and MMA, and the NFL internationally. The platform features the biggest sports and leagues from around the world – Bundesliga, Serie A, LALIGA, Ligue 1, Formula 1, NBA, Moto GP, and many more including the 2025 FIFA Club World Cup.

DAZN is transforming the way people enjoy sport. With a single, frictionless platform, sports fans can watch, play, buy, and connect. Live and on-demand sports content, anywhere, in any language, on any device – only on DAZN.

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DAZN partners with leading pay-TV operators, ISPs and Telcos worldwide to maximise sports exposure to a broad audience. Its partners include Deutsche Telekom, Orange, Sky, Movistar, Telenet, Vodafone, and many more.

DAZN is a global, privately-owned company, founded in 2016, with more than 3,000 employees. The Group generated $3.2bn in revenue in 2023, having grown its annual revenues by over 50% on average from 2020 to 2023, through diverse revenue streams comprising subscriptions, advertising, sponsorship, and transactional. For more information on DAZN, our products, people, and performance, visit www.dazngroup.com.

 

About Foxtel

The Foxtel Group is one of Australia’s leading media companies with 4.7 million subscribers. Its businesses include subscription television, streaming, sports production and advertising. The Foxtel Group is owned 65% by News Corp and 35% by Telstra.

The Foxtel Group’s diversified business includes Fox Sports, Australia’s leading sports production company, famous for live sports and shows with the best commentators and personalities. It is also the home of local and global entertainment content and continues to be the partner of choice for the widest range of sports and international content providers based on established, long-term relationships, growing streaming audiences, and position as the largest Australian-based subscription television company.

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