HONG KONG and SHANGHAI, Sept. 9, 2024 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An", the "Company" or the "Group", HKEX: 2318 / 82318; SSE: 601318) has been included as a constituent member in the Hang Seng Corporate Sustainability Index Series for 2024-2025, effective immediately. Hang Seng Indexes Company recognizes Ping An's outstanding performance in environmental, social, and corporate governance (ESG). Ping An has been a constituent member of the index series for 14 consecutive years.
The Hang Seng Corporate Sustainability Index Series, which is reviewed annually, provides a benchmark for sustainability investments. For 2024-2025:
- Ping An (601318.SS) has been included in the Hang Seng (China A) Corporate Sustainability Benchmark Index, the Hang Seng (China A) Corporate Sustainability Index, and the Hang Seng (Mainland and HK) Corporate Sustainability Index.
- Ping An (2318.HK) is a constituent member of the Hang Seng (Mainland and HK) Corporate Sustainability Index.
Global interest in corporate sustainability has risen significantly in recent years, with investors increasingly focusing on companies demonstrating exceptional sustainability performance. The Hang Seng Corporate Sustainability Index Series, launched in 2010, has a rigorous selection process. It leverages a rating framework designed by an independent consultant to assess corporate sustainability performance, and ultimately selects constituent members based on the highest sustainability scores among the largest and most liquid stocks listed on the Hong Kong Stock Exchange, Shanghai Stock Exchange, and Shenzhen Stock Exchange. Ping An's inclusion for 14 consecutive years is testament to the widespread recognition in the capital market of the Group's long-term commitment and effort in environmental protection, social responsibility and corporate governance.
Sustainable development is Ping An's development strategy to maximize the Company's long-term value. Ping An is customer needs-oriented, delivering on its "integrated finance + healthcare and senior care" strategy. It is continuously refining its corporate governance and risk control mechanisms, implementing green, low carbon and sustainable development initiatives, and creating long-term value for customers, employees, shareholders and society.
One-stop integrated finance solutions for 236 million customers
Remaining customer needs-oriented, Ping An is continuously developing its integrated finance model of "one customer, multiple accounts, multiple products, and one-stop services" with a people-centered philosophy. Ping An provides diverse products and convenient services to 236 million retail customers under the "worry-free, time-saving, and money-saving" value proposition. As of June 30, 2024, the Group had 236 million retail customers. About one-quarter of them, 24.9%, held four or more contracts within the Group, with a retention rate of 97.8%. The average contracts per retail customer reached 2.93. Over 87.92 million retail customers held multiple contracts with different subsidiaries.
Health and senior care ecosystem strategy
As China's population is aging, Ping An launched its Chinese "managed care model" by seamlessly combining its online/offline health and senior care ecosystem, and building online, in-store and home-delivered services. In addition to providing traditional insurance protection, Ping An also integrates premium health and senior care resources and manages customers' health by providing cost-effective healthcare and senior care services to customers. As of the end of June 2024, Ping An had a network of approximately 50,000 in-house and contracted external doctors across 34 hospitals, health management centers and children's rehabilitation centers in Mainland China. Ping An partnered with more than 36,000 hospitals, more than 104,000 health care management institutions, and approximately 233,000 pharmacies. Overseas, Ping An partnered with more than 1,300 health care institutions in 35 countries.
Green transformation and environmental protection
Leveraging its integrated finance advantages, Ping An has been upgrading its green finance initiatives. As of the end of June 2024, Ping An's green investment of insurance funds reached RMB124.88 billion, and the green loan balance reached RMB164.63 billion. In the first half of 2024, green insurance premium income amounted to RMB23.61 billion.
Ping An is also working towards operational carbon neutrality by 2030. In 2023, Ping An launched the industry's first carbon account system covering 152,000 employees, incorporating employees' low-carbon behavior and carbon emission data into general operations. As of the end of December 2023, their efforts cumulatively reduced carbon dioxide emissions approximately 494,500 times, equivalent to 18 thousand tons. In 2023, Ping An's total greenhouse gas emissions was 426,082.62 tons of carbon dioxide equivalent (tCO2e), a decrease of 14% year-on-year, Greenhouse gas emissions per capita was 1.35 tCO2e/person, with a decrease of 5.6% from the previous year.
Employee welfare and development
To retain key talent, the Group provides a Long-term Service Plan and Key Employee Share Purchase Plan. As of the end of December 2023, there were 103,232 participants in the Long-term Service Plan and Key Employee Share Purchase Plan, covering 36% of total employees. To support employees' learning and career development, Ping An's talent development training system offers 375 courses for employees at all levels. In 2023, employees received an average of 45.1 training hours. As of the end of December 2023, Ping An had 289,000 employees. Women represented 51% of total employees and 42% of senior management.
Rapid responses to natural disasters and fulfillment of social responsibilities
Ping An gives full play to insurance as a stabilizer in unexpected extreme natural disasters. It has taken part in rescue missions amid rainstorms and floods in Hunan, cold waves and blizzards in Northeast China and earthquakes in Jishishan, Gansu Province. In 2023, Ping An paid about RMB2.9 billion in disaster insurance claims and supported rescue efforts in earthquake hit areas in Gansu and Qinghai by donating RMB10 million.
Ping An is also supporting sustainable development across China. To enhance rural education, Ping An contributed to the construction of 119 Hope Primary Schools across China as of the end of 2023, and contributed to community initiatives with more than 500,000 Ping An employee and agent volunteers.
Ping An strives to become a world-leading integrated financial, health and senior care services group. The Company will continue to pursue high quality development, maintain a high level of corporate governance, implement its in-depth sustainable development strategy, and grow value for customers, employees, shareholders and society.
About Ping An Group
Ping An Insurance (Group) Company of China, Ltd. (HKEX:2318 / 82318; SSE:601318) is one of the largest financial services companies in the world. It strives to become a world-leading provider of integrated finance, health and senior care services, Under the technology-driven "integrated finance + health and senior care" strategy, the Group provides professional "financial advisory, family doctor, and senior care concierge" services to its 236 million retail customers. Ping An advances intelligent digital transformation and employs technologies to improve financial businesses' quality and efficiency and enhance risk management. The Group is listed on the stock exchanges in Hong Kong and Shanghai. As of the end of June 2024, Ping An had RMB12,226,666 million in total assets. The Group ranked 29th in the Forbes Global 2000 list in 2024 and 53rd in the Fortune Global 500 list in 2024.
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