Fintech PR
Ping An ranked 33rd in the Fortune Global 500 List, 1st among global insurance enterprises
HONG KONG and SHANGHAI, Aug. 3, 2023 /PRNewswire/ — Fortune has announced the 2023 Global 500 list. Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or the “Group”, HKEx:2318; SSE:601318) ranked 33rd on the list with its revenue recorded USD181,566 million. The Group ranked 5th among global financial enterprises, ranked 4th among the Mainland Chinese financial enterprises, and maintained 1st place among global insurance enterprises for five consecutive years since 2019.
Under the technology-driven “integrated finance + healthcare” strategy, Ping An continued to see the pursuit of high-quality development as its top priority, offering “worry-free, time-saving, money-saving” service experience to customers, continued to empower financial services with digital operations, assisted the company to achieve steady growth. In 2022, Ping An’s revenue amounted to RMB1.11 trillion, operating profit attributable to shareholders of the parent company reached RMB148,365 million. Total assets surpassed RMB11.1 trillion, serving close to 227 million retails customers and more than 693 million internet users.
The integrated financial services model progressed steadily, resulting in steady growth in operating performance. With the development of the “one customer, multiple products, and one-stop services” service model, as well as the technology-driven the “integrated finance + healthcare” strategy, Ping An’s retail operating profit development increased 2.0% year on year to RMB132,636 million, which accounted for 89.4% of operating profit attributable to shareholders of the parent company. As Ping An advanced the integrated financial services model, retail cross-selling continued to deepen. Over 24.96 million customer migrations occurred between the Group’s core financial companies in 2022. Nearly 90.20 million retail customers, or 39.8% of total retail customers, held multiple contracts with different subsidiaries as of the end of December 2022. Contracts per retail customer grew 2.1% from the beginning of 2022 to 2.97 as of as of the end of December 2022.
Gradually and effectively advancing innovation and reform, meanwhile pursuing high-quality development in core business. Ping An’s life and health insurance business (L&H) reform and transformation have gradually advanced. In 2022, Life & Health’s operating profit grew by 16.4% year on year to RMB112,980 million with a 32.7% operating ROE; NBV per agent grew 22.1% year on year. Customers entitled to “insurance +” service benefits accounted for 55% of NBV in 2022, up 24% year on year. Ping An P&C achieved steady business growth and significantly improved auto insurance business quality, which led to a 10.4% increase in premium income year on year to RMB298,038 million in 2022. Ping An Bank deepened its digital operations with revenue grew 6.2% year on year to RMB179,895 million and net profit increased 25.3% year on year to RMB45,516 million in 2022. The Bank maintained steady, healthy business growth and stable asset quality, indicating adequate risk provisions.
Healthcare as a new driver of value growth that empowers its core financial businesses. Ping An launched an innovative Chinese “managed care model” and continued to implement its healthcare ecosystem strategy. The Group achieved nearly RMB140 billion in health insurance premium income. Customers entitled to service benefits in the healthcare ecosystem accounted for an increasing percentage of Ping An Life’s NBV in 2022. Nearly 64% of Ping An’s nearly 227 million retail customers used services from the healthcare ecosystem. These customers held approximately 3.41 contracts and RMB54,500 in AUM per capita respectively, 1.6 times and 3.0 times those held by non-users of these services respectively.
Adhered to people-centered financial services and actively fulfilled corporate social responsibilities. As of the end of 2022, Ping An has provided a total of RMB77,153 million on poverty alleviation and rural industries development support. It also further advanced green finance initiatives to support the real economy. As of the end of 2022, Ping An cumulatively invested over RMB7.89 trillion to support the real economy; green investment and financing, and green banking business totaled RMB282,363 million and RMB182,089 million respectively. Green insurance premium income amounted to RMB25,105 million in 2022.
Ping An said that the Company always adheres to the greatest and original aspiration of “being people-centered and contributing to national rejuvenation” since it was founded 35 years ago. In the future, the Company will unswervingly pursue high-quality development with Chinese characteristics and people-centered financial services, to leverage its advantages in finance, healthcare and technology, fully support the real economy, pursue corporate social responsibilities, and make unremitting efforts to maximize value for society, customers, shareholders and employees.
For more information, please visit www.group.pingan.com and follow us on LinkedIn – PING AN.
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CHARLOTTE, N.C., Jan. 16, 2025 /PRNewswire/ — Bank of America reported its fourth quarter 2024 financial results today. The news release, supplemental filing and investor presentation can be accessed at Bank of America’s Investor Relations website at https://investor.bankofamerica.com/quarterly-earnings.
Investor Conference Call information
Chief Executive Officer Brian Moynihan and Chief Financial Officer Alastair Borthwick will discuss the financial results in an investor conference call at 11:00 a.m. ET today. For a listen-only connection to the conference call, dial 1.877.200.4456 (U.S.) or 1.785.424.1732 (international), and the conference ID is 79795. Please dial in 10 minutes prior to the start of the call.
Investors can also listen to live audio of the conference call and view the presentation slides by visiting the Events and Presentations section of the company’s Investor Relations website.
Replay information for Investor Conference Call
Investors can access replays of the investor conference call by visiting the Investor Relations website or by calling 1.800.934.4850 (U.S.) or 1.402.220.1178 (international) from noon on January 16 through 11:59 p.m. ET on January 26.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.
Investors May Contact:
Lee McEntire, Bank of America
Phone: 1.980.388.6780
[email protected]
Jonathan Blum, Bank of America (Fixed Income)
Phone: 1.212.449.3112
[email protected]
Reporters May Contact:
Jocelyn Seidenfeld, Bank of America
Phone: 1.646.743.3356
[email protected]
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MELBOURNE, Australia, Jan. 16, 2025 /PRNewswire/ — Markel, the insurance operations within Markel Group Inc. (NYSE: MKL), has announced the appointment of Scott Jordan as Claims Manager, Casualty – Australia.
Scott joins Markel after more than 12 years at Chubb, where he was most recently Team Leader of Casualty Claims. He has more than 20 years of experience in the insurance claims industry in the UK and Australia, where he has managed claims across all lines of business at companies including RBS Insurance, Marsh McLennan, and NFU Mutual.
Scott is an industry leader in the Casualty space, with deep experience managing complex and high value claims and proven strength managing a team of specialist claims handlers. At Markel, he will continue to focus on providing exceptional customer service while achieving the best claims outcomes for Markel’s clients and stakeholders.
Scott will be based in Sydney and report to Markel’s Head of Claims in Australia, Lisa Mitchell, who commented: “We’re delighted that Scott has chosen to join us at Markel. We feel fortunate that our vision and approach has attracted an extremely capable and proactive claims professional to be our inaugural Casualty Claims Manager in Australia. Scott’s addition to our team reflects our commitment to serve our customers with local expertise and empowerment.”
Ahmed Farag, Head of Casualty, Australia at Markel, said: “We’re absolutely thrilled to have Scott join Markel. With his specialisation in complex casualty claims and international experience, we’re confident that Scott will be an important asset to the team. Scott also is a firm believer in putting our customers and brokers first, which is a true reflection of the Markel core values in action.”
About Markel
We are Markel, a leading global specialty insurer with a truly people-first approach. As the insurance operations within Markel Group Inc. (NYSE: MKL), we operate the Markel Specialty, Markel International, and Markel Global Reinsurance divisions, as well as State National, our portfolio protection and program services operations, and Nephila, our insurance-linked securities operations. Our broad array of capabilities and expertise allow us to create intelligent solutions for the most complex risk management needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.
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Fintech PR
Aescuvest Capital Partners (ACP) Fund Empowers Visionary Healthtech Innovators for High Returns
MUNICH, Jan. 16, 2025 /PRNewswire/ — Aescuvest Capital Partners (ACP) is at the forefront of Healthtech investing, leveraging its deep expertise in European healthcare innovation to make a global impact. With a focus on companies nearing pivotal MDR and FDA approvals, ACP is not just an investor but a catalyst for transformative change in healthcare.
Over the past four years, ACP has honed a patient-centred investment strategy, targeting ventures that promise significant financial returns and the potential to redefine healthcare.
“Our mission extends beyond financial gains; we aim to support companies that will transform healthcare delivery,” said Christoph Bartoschek, ACP’s Investment Principal. With a strong background in healthcare finance and strategic investments, Bartoschek utilizes ACP’s extensive network and regulatory insights to expedite approval processes, ensuring portfolio companies achieve critical milestones efficiently. “Our strategic partnerships and regulatory expertise give us a competitive edge in predicting approval timelines and driving success.”
ACP’s network has reach beyond Europe, into the US, Middle East and other key markets. Aescuvest’s diverse portfolio includes cutting-edge diagnostics and innovative solutions addressing diseases affecting over 80% of the global population, underscoring their commitment to impactful health innovation.
Dr. Patrick Pfeffer, Managing Partner at ACP, is a visionary leader driving the firm’s mission to invest in financially sound companies that are also agents of global health change. With anchor investors like the von Siemens family, and other well-established German industrial partners providing industry insights and networks, ACP is strategically positioned to partner with major healthcare entities, viewing their portfolio companies as future acquisition targets.
“We are building a legacy that marries financial success with societal impact,” said Dr. Pfeffer. ACP dedicates 5% of its earnings to Nurse Heroes, a global initiative tackling the critical nurse shortage, and supports innovators like their portfolio companies Neteera Technologies and Lillian Care, who are developing technology to enhance the caregiving workforce.
In a rapidly evolving regulatory environment, especially concerning AI in healthcare, ACP is poised to navigate and shape the industry’s future. This blend of foresight, heritage, and strategic acumen positions Aescuvest Capital Partners not only as an investor but as a visionary leader in the Healthtech sector. ACP are celebrating their launch from 26th – 27th January 2025 at the DxPx Europe Conference in Münich, a conference connecting key leaders from the diagnostics innovation space with investment opportunities – registration for the event is open now.
About Aescuvest
Aescuvest is a healthcare investment company dedicated to funding healthcare technology ventures that make a significant impact. Operating a specialized investment platform, the company offers exclusive access to promising healthcare opportunities and facilitates direct investments through SPV structures. By providing entrepreneurial investments in a thriving market, Aescuvest enables investors to engage in lucrative healthcare investment opportunities.
About Aescuvest Capital Partners (ACP)
Born from the success and expertise of Aescuvest, Aescuvest Capital Partners (ACP) is the latest chapter in advancing healthcare innovation. Built by the visionary partners behind Aescuvest, ACP brings a fresh approach to investment while staying rooted in Aescuvest’s proven legacy of backing transformative healthcare technology ventures. With deep industry connections, a track record of success, and a passion for shaping the future of healthtech, ACP is the exciting next step in Aescuvest’s mission to empower life-changing innovations.
Media Inquiries:
Riya Gopalakrishnan, [email protected]
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