Ping An Insurance Group: Chinese Financial Giant
Ping An Insurance Group as stated by the company is a personal finance service group in China with the most comprehensive range of financial service licenses, the widest range of business offerings and the closest ties to its controlling shareholders. The subsidiaries of Ping An includes Ping An Life, Ping An Property & Casualty, Ping An Annuity, Ping An Health, Ping An Bank, Ping An Securities, Ping An Trust and Ping An-UOB Fund, covering the entire financial services spectrum.
The Group has become one the few financial groups providing customers with a full range of financial products and services including insurance, banking and investment. In addition, for the internet finance business, the Group has developed new businesses that include Lufax, Wanlitong Loyalty Points Program, auto market, housing market, e-Payment and mobile social finance portal, forming a preliminary internet financial strategic system consisting of “One Gate, Two Focuses, Three Platforms, Four Markets”. Its internet finance business is growing rapidly, with the total number of users reaching 167 million as at the end of June 30, 2015. While it has achieved significant growth in its internet finance business, Ping An believes in further growth opportunities for its core financial businesses.
The company was established in 1988 in Shekou, Shenzhen. The Group is the first insurance company in China to adopt a shareholding structure. Today, it has developed into a financial services group with three core businesses of insurance, banking and investment, enjoying parallel growth of its core and internet finance businesses. The Group’s shares are listed on the Hong Kong Stock Exchange and on the Shanghai Stock Exchange.
It has around 798,000 life insurance agents and 246,000 full-time employees. As of end June 30, 2015, the Group’s consolidated total assets and equity attributable to shareholders of the parent company reached RMB4.63 trillion and RMB331.190 billion, respectively. Both Ping An Life and Ping An Property and & Casualty rank as the second largest insurance companies in China by premium income in the respective sector.