Ping An Insurance (Group) Company of China Ltd

China
Asia Pacific

https://group.pingan.com/

Industry:Insurance
Date joined:23 March, 2020
Initiatives:Principles for Sustainable Insurance

Ping An Insurance (Group) Company of China, Ltd. (“Ping An”) is a world-leading technology-powered retail financial services group. With over 223 million retail customers and 627 million internet users, Ping An is one of the largest financial services companies in the world. Ping An focuses on two over-arching domains of activity, “pan financial assets” and “pan health care”, providing financial and health care services through its integrated financial services platform and ecosystems in financial services, health care, auto services and smart city services. Ping An’s “finance + technology” and “finance + ecosystem” transformation strategies provide customers and internet users with innovative and simple products and services using technology. As China’s first joint stock insurance company, Ping An is committed to upholding the highest standards of corporate reporting and corporate governance.

In April 2021, Ping An published its targets for annual growth rates of its green investments of at least 20%, green insurance premiums of at least 70% and green credit balance at least 20%. Ping An aims to achieve the overall targets by 2025, with investment and credit of RMB400 billion and total green insurance premiums of RMB250 billion. In addition to working towards carbon neutral operations, Ping An’s investment in green assets will help establish standards and policies for green finance. Ping An will also launch a roadmap to achieve carbon neutrality in its asset portfolio, promote innovation on existing policies and products, and provide comprehensive green insurance products and services. The Group will also continue to leverage its technological edge to achieve carbon neutrality with green technology. For green charity, the company will release its plan on its new Carbon Neutral Charitable Trust and organize public welfare activities.

In October 2021, Ping An officially announced that the company will achieve carbon neutrality by reducing internal carbon emissions first, then investing or purchasing carbon credits to align with international operations standards. Ping An also announced the enhanced operation plan for Green Finance+ to support China’s “30-60” target – to hit peak emissions by 2030 and carbon neutrality by 2060. Green Finance+ is an upgraded operational plan in five aspects: green operations, green assets, green insurance, green charity, and green technology.

The Group is listed on the stock exchanges in Hong Kong and Shanghai. Ping An ranked 6th in the Forbes Global 2000 list and 16th in the Fortune Global 500 list in 2021. Ping An also ranked 49th in the 2021 WPP Kantar Millward Brown BrandZTM Top 100 Most Valuable Global Brands list.