World's biggest insurance companies unveiled
Insurance giant secures top spot for seventh straight year
Ping An: Everything you need to know
|Ping An Finance Center, No. 5033 Yitian Road, Futian District, Shenzhen, 518033 China|
|Gross written premiums (2021)||490.3 billion yuan (US$72.8 billion - life & health insurance), 270 billion yuan (US$42.5 billion - P&C insurance)|
|Underwriting expertise||Life and health, property and casualty, insurance|
|Key people||Ma Mingzhe – chairman Sun Jianyi – chairman of supervisory committee & employee representative supervisor Chen Kexiang – secretary of the company’s party committee) Xie Yonglin – executive director, co-CEO & president Tan Sin Yin – executive director, co-CEO & executive vice-president Yao Bo – executive director, co-CEO, executive vice-president & chief financial officer Cai Fangfang – executive director, senior vice-president & chief human resources officer Huang Baoxin – senior vice-president & general manager Beijing head office Ji Guangheng – senior vice-president, secretary of the party committee & general manager Shanghai head office Fu Xin – chief operating officer & director of the group’s strategic development center Zhang Xiaolu – compliance officer & chief risk officer Deng Bin – assistant president & chief investment officer Sheng Ruisheng – secretary of board of directors, joint company secretary & brand director Hu Jianfeng – person-in-charge of auditing, general manager group audit and supervision department|
About Cathay Life
Ping An Insurance (Group) Company of China, Ltd. is one of the largest financial services firms globally, catering to more than 220 million clients and nearly 611 million online users. As of April 2022, the firm employs over 362,000 staff worldwide. Ping An ranks 17th in the Forbes Global 2000 list and 25th in the Fortune Global 500 list in 2022.
Finance and technology are the core of Ping An’s businesses. To ensure steady growth in its units, the company invests heavily in technological enhancements. Ping An leverages innovative technologies to support its four ecosystems: financial services, health care, auto services and smart city services.
Ping An employs new technologies to improve efficiency, enhance risk management, and reduce operating costs. In recent years, the company has surpassed most international financial institutions in the number of technology patent applications. It has also won multiple awards in various technological fields, including artificial intelligence (AI) and blockchain.
Ping An’s financial businesses
Ping An conducts its life and health insurance business through Ping An Life, Ping An Annuity, and Ping An Health, where it is among the first to use AI-powered robots to conduct sales agent recruitment interviews. By the end of 2019, 100% of Ping An’s agent recruitment interviews were AI-based, with the firm conducting more than six million interviews, reducing in-person interviews by over 680,000 hours.
In addition, the company has launched an exclusive smart personal assistant called AskBob, which provides agents with various sales-enabling tools to help them improve sales conversion and productivity.
Ping An’s Property & Casualty unit covers all P&C businesses, including auto, corporate property and casualty, engineering, cargo, liability, guarantee, credit, home contents, accident, and health insurance, and international reinsurance.
The company adopts new technologies to promote online customer development and improve its service system. In December 2019, the Ping An Auto Owner app had over 25 million monthly active users, topping the list of auto service apps in China.
Ping An Property & Casualty is also an industry leader in pioneering online claims services. Its Ping An Smart Claims Solution uses AI and advanced analytics to automate the entire claims-processing system from claims submission, instant inspection and settlement, and appraisal to roadside assistance and auto parts sourcing.
In China, the technology’s AI image recognition feature can accurately match each claim with databases covering vehicles, auto parts, repair facilities, and costs for services. Insurers can also determine the appropriate damages to be paid out in seconds which reduces the risk of claims leakage and insurance fraud. The solution likewise integrates third-party services, including towing, parts providers, and claims adjusters.
Ping An Bank’s mission is to “build China’s most outstanding, world-leading smart retail bank with technology-driven breakthroughs” in retail and corporate banking.
The unit continues to pursue data-driven operations and strengthen financial risk management. It also enhances its capability to serve the economy by empowering non-state-owned enterprises and small and micro-businesses and supporting poverty alleviation via financial services.
Ping An conducts its asset management business through Ping An Trust, Ping An Securities, Ping An Financial Leasing, and Ping An Asset Management.
Ping An provides trust services through Ping An Trust and its subsidiary Ping An New Capital.
Ping An provides securities and futures brokerage, investment banking, asset management, and financial advisory services through Ping An Securities and its subsidiaries Ping An Futures, Ping An Caizhi, Ping An Securities (Hong Kong), and Ping An Pioneer Capital.
Other asset management businesses
Ping An’s other asset management companies include Ping An Financial Leasing, Ping An Asset Management, and Ping An Overseas Holdings.
Leadership at Ping An
Ma Mingzhe Peter – chairman
Ma is the founder of Ping An and currently serves as the company’s chairman. Since the firm’s establishment, Ma has been fully involved in its operations and management until June 2020 when he ceased to act as its CEO. He now plays a core leadership role, in charge of decision-making on the company’s strategies, human resources, culture, and major issues. Ma has successively served as Ping An’s president, director, and chairman and CEO.
Before establishing Ping An, Ma served as deputy manager of China Merchants Shekou Industrial Zone Social Insurance Company. He holds a doctorate degree in money and banking from Zhongnan University of Economics and Law (previously known as Zhongnan University of Economics).
Culture at Ping An
Ping An incorporates responsible investment concepts into all investment activities to promote ESG integration in business development. It adheres to UNPRI’s ESG investment standards and relevant guidelines of domestic regulatory agencies to establish responsible investments through organizational structure and policy, investment strategy, applications, and communication and promote the integration and development of ESG investments within the company.
In addition, the firm actively follows the initiative of national regulatory agencies, pursues the best practices in the industry, acts in accordance with UN’s principles of responsible investment, and integrates the principles of responsible investment into various investment activities.
Ping An is also committed to low carbon development and carries this out through green businesses and operations.
The company has deployed the use energy-efficient renovations, environment-friendly strategies, smart technologies, and paperless work environment to minimize direct negative impact on the environment and reduce carbon footprint. It has also adopted the following environmental goals:
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