Ping An tops China’s insurance industry in Forbes’ 2024 Global 2000 Ranking

List evaluates companies based on sales, profits, assets, and market value

Ping An tops China’s insurance industry in Forbes’ 2024 Global 2000 Ranking

Insurance News

By Roxanne Libatique

Ping An Insurance (Group) Company of China, Ltd has secured the 29th spot in Forbes’ 2024 Global 2000 ranking.

The Forbes Global 2000 ranking evaluates companies based on sales, profits, assets, and market value, representing 61 countries. The 2024 list accounts for $51.7 trillion in sales, $4.5 trillion in profits, $238 trillion in assets, and $88 trillion in market value, using financial data available as of May 17.

Ping An stands second among global insurers, sixth among Chinese companies, and first among Chinese insurance firms.

For the first quarter of 2024, the company reported an operating profit attributable to shareholders of the parent company amounting to RMB 38,709 million and a significant 20.7% increase in the new business value (NBV) for its life and health segment compared to the previous year.

Continuing its “integrated finance + healthcare and senior care” strategy, Ping An said it focused on customer needs and digital operations. In 2023, it reported revenue of RMB 913.789 billion and an operating profit of RMB 140.913 billion. Total assets reached RMB 11.58 trillion, serving nearly 232 million retail customers.

For 2023, the company planned a final dividend of RMB 1.5 per share, bringing the annual dividend to RMB 2.43 per share. The cash dividend payout ratio based on operating profit is 37.3%, marking 12 consecutive years of dividend growth.

Ping An’s ESG initiatives

Focusing on environmental, social, and governance (ESG) standards, Ping An retained an “A” rating in the MSCI ESG Ratings for 2023, leading the multi-line insurance and brokerage industry in the Asia-Pacific region. By the end of 2023, its green finance initiatives included a responsible investment scale of RMB 7,252.56 billion and green insurance fund investments totalling RMB 1,285.68 billion.

In inclusive finance, Ping An Bank provided RMB 572.1 billion in loans to over 1 million small and micro-enterprises. Lufax Holding served 20.94 million customers with a loan balance of RMB 315.4 billion. Ping An P&C offered insurance coverage worth RMB 200 trillion for 2.29 million small and micro-enterprises.

Ping An’s corporate social responsibility initiatives

The company’s corporate social responsibility efforts include investments in poverty alleviation and rural development. By the end of 2023, the company invested RMB 117.882 billion, boosting the income of 775,000 farmers by RMB 9.3 billion and building 119 Hope Primary Schools across China.

Ping An said it aims to support the real economy through its expertise in finance, healthcare, and technology. Its commitment to high-quality financial growth aligns with its mission to contribute to national prosperity and rejuvenation.

Other notable insurance companies in Asia

Other prominent insurance firms in Asia listed in the Global 2000 ranking include Life Insurance Corporation of India, China Life Insurance, AIA Group, People’s Insurance Co. (Group) of China Ltd, China Pacific Insurance, KB Financial Group, MS&AD Insurance, Fubon Financial Holding Co., Ltd., Sompo, Hana Financial Group, and CTBC Financial Holding, among others.

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