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Introduction
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Ping An Insurance
(Group) Company of China, Ltd Company | Affairs
Ping An Insurance
(Group) Company of China, Ltd ("Ping An") is the first integrated
financial services conglomerate in China that blends its core insurance
operations into securities brokerage, commercial banking, asset management
and enterprise annuities to create a highly efficient and diversified
business profile. It was established in 1988 and headquartered in
Shenzhen, Guangdong Province, China. It has been listing its H-Shares on
the Hong Kong Stock Exchange under the name "Ping An" and stock code
"2318" since June 2004. On March 1, 2007, Ping An debuted trading of its
A-Shares on the Shanghai Stock Exchange under the name "Ping An of China"
and stock code "601318".
The Group is
the holding company of the following subsidiary companies: Ping An Life
Insurance Company of China, Ltd. ("Ping An Life"); Ping An Property &
Casualty Insurance Company of China, Ltd. ("Ping An Property & Casualty");
Ping An Annuity Insurance Company of China, Ltd.; Ping An Asset Management
Co., Ltd.; Ping An Health Insurance Company of China, Ltd.; China Ping An
Insurance Overseas (Holdings) Limited; China Ping An Trust & Investment
Co., Ltd., which holds Ping An Securities Company; and Shenzhen Commercial
Bank, which holds Ping An Bank Limited. Ping An Overseas holds China Ping
An Insurance (HK) Co., Ltd., and Ping An of China Asset Management (Hong
Kong) Co., Ltd.。
As of 31
December 2006, under International Financial Reporting Standards (IFRS),
consolidated total assets and total equity of the Group were RMB 494,309
million and RMB 47,750 million respectively. Under PRC Accounting
Standards, the Group’s total assets reached RMB 441,791 million and total
shareholders’ equity grew to RMB 36,668 million. The market value of the
Group reached HKD 300 billion as of 9 March, 2007, and the Group was
ranked No.66 among global financial institutions.
In April
2007, Ping An was enlisted by the “Forbes Global 2000” for its outstanding
operating performance and strong earnings growth, ranked the 440th
overall, up a significant 97 places from 2006. Ping An ranked the 36th out
of the 114 companies listed in the insurance category; the 11th out of the
44 listed in the China-listed company category; and the No.1 out of all of
the companies in the non-state-owned enterprise (non-SOE) category.
The Group
provides financial services including insurance coverage, investment and
wealth management for more than 38 million individual clients and more
than 2 million corporate clients. It hires almost 210,000 sales agents and
more than 50,000 full-time employees serving more than 3,000 branch- and
sub-branch-units and sales offices. It achieved revenues of RMB 87,943
million and a net profit of RMB 8,000 million in 2006 according to
International Financial Reporting Standards. By premium income, Ping An
Life is the second largest life insurance company in China. Ping An
Property & Casualty is the third largest P&C insurance company in China.
The Company's
mission is to fulfill its commitments to its investors, customers,
employees and society. Ping An's goal and commitment to investors is to
produce stable returns and boost asset values. The Company's commitment to
customers is to provide the best services with integrity. Ping An's
commitment to employees centers on being a responsible employer and
providing the conditions for better living and career development. Last
but not least, Ping An's commitment to Society is based on the Company's
desire to give back to society and contribute to the development of the
country. Ping An is focused on value creation and the pursuit of
excellence. The Company advocates that each employee be a person of
integrity and value by highlighting individual virtues such as "honesty,
trustworthiness, entrepreneurship, and achievement," and team qualities
such as "unity, vitality, learning and innovation". The "competition,
motivation, elimination" mechanism was also implemented, together with a
distinctive, professional, advanced and long-term business philosophy.
As of April
2007, the Company had built 45 Hope Primary Schools in China. Ping An has
also given study grants worth more than RMB 1 million to outstanding
university students in need in a “Ping An Elite University Student Grant”
program and has been involved in organizing the "China Children Protection
and Education Program". The Company has also donated blood donation
vehicles worth more than RMB 10 million to the Red Cross Society of China
and mobilizes almost 10,000 people to participate in blood donation
events. Ping An provides accident and critical illness insurance coverage
for those who donated hemopoietic stem cells (HSC) starting in 2003 and
until 2010. The premiums of the granted policies exceed RMB 300 million.
Ping An is
committed to build a globally competitive, fully-integrated professional
services operation with its good corporate governance structure,
international management team, cohesive corporate culture, strict risk
control system, quality products, services and marketing. Ping An's goal
is to become a first-class financial services group by building on the
Company's strong brand that is trusted and respected as a household name. |
