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Ping An: Ranked 29th in Forbes’ Global 2000 2024, 1st among China’s Insurance Companies
HONG KONG and SHANGHAI, June 14, 2024 /PRNewswire/ — Forbes has published 2024 Forbes The Global 2000 ranking on 13 June 2024. With steady development of indicators including operating income, profit, asset scale and market value, Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An“, the “Company” or the “Group”, HKEX: 2318 / 82318; SSE: 601318) ranked 29th among global enterprises. It is number 2 among global insurance companies, number 6 among Chinese companies and number 1 among China’s insurance companies.
According to the 2024 ranking, the top six China companies are Industrial and Commercial Bank of China (ICBC), China Construction Bank, Agricultural Bank of China, Bank of China, PetroChina and Ping An. Ping An reported revenues of USD136.07 billion, profit of USD11.78 billion, assets of USD1,654.8 billion and market capitalization of USD105.5 billion.
Ping An continues to deepen its technology-driven “integrated finance + healthcare and senior care” strategy, remained customer needs-oriented and providing customers with “worry-free, time-saving, and money-saving” experience. It is empowering its core finance business to sustain steady business growth through digital operations. In 2023, the Group revenue was RMB913.789 billion and operating profit attributable to shareholders of the parent company was RMB140,913 million. The Company’s total assets were recorded RMB11.58 trillion, with nearly 232 million retail customers.
Ping An is committed to create shareholder returns and continued to create value for shareholders and customers. For 2023, Ping An plans to pay a final dividend of RMB1.5 per share, making the full year dividend RMB2.43 per share. The cash dividend payout ratio based on operating profit attributable to shareholders of the parent company is 37.3%, with total dividend increasing for 12 consecutive years.
Ping An has fully integrated environmental, social and governance (ESG) core concepts and standards into corporate management. With its excellent performance in ESG management, Ping An maintained “A” in MSCI ESG Ratings in 2023, remaining No. 1 in the multi-line insurance and brokerage industry in the Asia-Pacific region. The Company is also upgrading its green finance initiative. As of the end of 2023, the responsible investment scale of Ping An Insurance funds was RMB7,252.56 billion, the investment scale of green insurance funds reached RMB1,285.68 billion, the original insurance premium income of green insurance reached RMB372.96 billion, and the scale of green banking business reached RMB1,463.45 billion.
In addition, Ping An continues to engage deeply in inclusive finance, providing convenient financial services for small and micro-enterprises. As of December 31, 2023, Ping An Bank has provided about RMB572.1 billion in loans to more than 1.0322 million loan customers of inclusive small and micro enterprises. Lufax Holding has provided services for 20.94 million customers, with a loan balance of RMB315.4 billion, of which unsecured loan services were provided for 151,000 small and micro-enterprises. Ping An P&C provided insurance coverage worth RMB200 trillion for 2.29 million small and micro -enterprises.
Ping An actively fulfills its corporate social responsibilities, leveraging the Company’s “integrated finance + healthcare and senior care” advantages, and delivery of its “Ping An Rural Communities Support “. As of the end of 2023, Ping An had invested a total of RMB117.882 billion in poverty alleviation and support for rural industrial development, cumulatively increasing the income of 775,000 farmers by RMB9.3 billion. Ping An contributed to the construction of 119 Hope Primary Schools across China, recruited approximately 11,721 teaching volunteers, and provided over 438,000 hours of teaching services cumulatively.
Ping An remains steadfast in its foundational mission of serving the public through its financial expertise. The Company harnesses its strengths in finance, healthcare, and technology to wholeheartedly support the development of the real economy. The Company’s commitment to corporate social responsibility is unwavering. By driving high-quality financial growth, the Company aims to contribute significantly to the construction of a prosperous nation and the grand undertaking of national rejuvenation.
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