Ping An Insurance

Ping An Insurance Group started off in 1988 as a property and casualty insurance company, later diversifying into insurance, banking, asset management, financial services and healthcare services.{{cite web |title=Ping An ups the digital stakes in China and beyond |url=https://www.euromoney.com/article/b1b3djz89qjmhr/ping-an-ups-the-digital-stakes-in-china-and-beyond |website=AsiaMoney |date=26 September 2018 |access-date=7 December 2019 |archive-url=https://web.archive.org/web/20190801055255/https://www.euromoney.com/article/b1b3djz89qjmhr/ping-an-ups-the-digital-stakes-in-china-and-beyond |archive-date=1 August 2019 |url-status=live }}

Ping An has licenses to offer financial services, including insurance, banking, trusts, securities, futures and financial leasing.{{cite web |title=China's Ping An Insurance aims to join Alibaba, Tencent ranks as tech behemoth |url=https://asia.nikkei.com/Business/China-s-Ping-An-Insurance-aims-to-join-Alibaba-Tencent-ranks-as-tech-behemoth }}

Ping An has also adopted an integrated financial model on a mix of business lines, including life insurance, P&C insurance, banking and securities. {{cite web |title=Ping An Insurance - Integrated Finance ecosystem to gauge long-term growth |url=https://www.dbs.com.hk/treasures/aics/templatedata/article/recentdevelopment/data/en/DBSV/112023/2318_HK_11072023.xml |website=DBS |access-date=7 November 2023}} The company invests 1% of its revenues into R&D each year to branch out its businesses, adopt technology and support the building of its healthcare and senior care ecosystem. {{cite web |title=In the field with Ping An |url=https://www.imd.org/research-knowledge/digital/articles/in-the-field-with-ping-an/#:~:text=Harness%20technology%20capability%3A%20For%20almost,for%20partners%20unleashes%20new%20opportunities |website=IMD |access-date=1 November 2020}}

Since the mid-1990s, Ping An has been subsequently taken investments from overseas firms such as Morgan Stanley and Goldman Sachs in 1994. In 2002 HSBC took a large equity interest in Ping An.{{Cite web|url=https://www.internationalinvestment.net/internationalinvestment/news/3505920/china-8217-ping-overtakes-blackrock-hsbc-8217-biggest-shareholder|title=China's Ping An overtakes BlackRock to become HSBC's biggest shareholder|date=7 November 2018|website=www.internationalinvestment.net|language=en|access-date=7 April 2020}} In early 2008, Ping An agreed to take a 50% share in Fortis Investments, a subsidiary of Fortis,[http://english.caijing.com.cn/2008-04-03/100055137.html The Ping An-Fortis Deal: Who Really Wins?] {{Webarchive|url=https://web.archive.org/web/20110721182614/http://english.caijing.com.cn/2008-04-03/100055137.html |date=21 July 2011 }}, Caijing Magazine, 3 April 2008 which had taken over ABN AMRO Asset Management as a result of the split up of ABN AMRO in late 2007; the deal was canceled in October 2008.{{cite web |title=China's Ping An to take $2.3 bln loss on Fortis |url=https://www.reuters.com/article/us-pingan-fortis-idUKTRE4941I220081005 |website=Reuters |date=5 October 2008}}

In June 2009, Ping An became a strategic investor in Shenzhen Development Bank{{cite web |title=Ping An to invest in Shenzhen Development Bank |url=https://www.bloomberg.com/news/articles/2009-06-14/ping-an-to-invest-in-shenzhen-development-bank?sref=eqXLSGG7 |website=Bloomberg |date=15 June 2009}} (now part of Ping An Bank).

In 2012, the company created Ping An Ventures, a $150M VC fund which invested in over 100 companies, such as Didi Chuxing, Hycor Biomedical, Meituan, Oscar Health, Payoneer, Taulia, and others.{{Cite news |date=7 February 2018 |title=China's Ping An Ventures to raise up to $1.3 bln for healthcare investments: source |language=en |work=Reuters |url=https://www.reuters.com/article/us-pinganventures-fundraising-idUSKBN1FR0JO |access-date=20 August 2023}}{{Cite news |last1=Irrera |first1=Anna |last2=Hirschauge |first2=Orr |date=20 November 2014 |title=Chinese, Russian Lenders to Back Israel's eToro |language=en-US |work=Wall Street Journal |url=http://online.wsj.com/articles/chinese-russian-lenders-to-back-israels-etoro-1416476018 |access-date=20 August 2023 |issn=0099-9660}} In 2014, together with SBT Venture Capital Ping An led a $27M funding round for eToro.{{Cite web |date=10 December 2014 |title=eToro Confirms $27 Million Funding Round with Ping An Ventures and SBT Venture Capital |url=https://www.financemagnates.com/forex/brokers/etoro-confirms-27-million-funding-round-ping-ventures-sbt-venture-capital/ |access-date=20 August 2023 |website=Financial and Business News |language=en}}

In 2016, Ping An Healthcare and Technology (Ping An Good Doctor) completed a Series A funding round of a total of US$500 million, making its valuation hit US$3 billion. Ping An also bought a 48% stake in Chinese car website Autohome Inc. from Telstra Corp. for $1.6 billion.{{cite web |title=pingan to buy autohome from telstra for 1.6billio |website=Bloomberg News|url=https://www.bloomberg.com/news/articles/2016-04-15/ping-an-to-buy-stake-in-autohome-from-telstra-for-1-6-billio}}

In February 2018, three technology subsidiaries of Ping An completed private placement financing, which received positive responses particularly from international institutional investors. They were Ping An Healthcare and Technology Company Limited, Ping An Medical and Healthcare Management Co., Ltd and OneConnect Financial Technology Co., LTD.{{cite news |title=Three Technology Subsidiaries under Ping An Group Receive Financing from International Investors|newspaper=Bloomberg.com|date=2 February 2018|url=https://www.bloomberg.com/press-releases/2018-02-02/three-technology-subsidiaries-under-ping-an-group-receive-financing-from-international-investors-jd5uz2yw}}

In June 2019, Ping An One Connect Bank officially commenced operation after receiving a virtual banking license from the Hong Kong Monetary Authority in May 2019. In December 2019, OneConnect Financial Technology was listed on the New York Stock Exchange.{{citation |title=pingan's oneconnect flat in debut after $312 millionipo|newspaper=Bloomberg.com|date=13 December 2019|url=https://www.bloomberg.com/news/articles/2019-12-13/ping-an-s-oneconnect-edges-up-in-debut-after-312-million-ipo}}

In 2019, Ping An became the first insurance company from mainland China to be selected for the Dow Jones Sustainability Emerging Markets Index (DJSI). {{cite web |title=Ping An named to Dow Jones Sustainability Index |url=https://www.insurancebusinessmag.com/asia/news/breaking-news/ping-an-named-to-dow-jones-sustainability-index-178905.aspx |website=Insurance Business Asia |access-date=26 September 2019}}

In October 2020, Lufax, one of China's leading online wealth management platform, listed on the New York Stock Exchange.{{cite web |title=Chinese Lender Lufax Raises $2.36 Billion in IPO. Why It's a Broken Deal. |url=https://www.barrons.com/articles/chinese-lender-lufax-raises-2-36-billion-in-ipo-51604085703}}

In May 2021, Ping An released the Ping An Zhen Yi Nian healthcare brand. The product line was mainly targeted at supporting urban elderly care communities, and integrates corporate finance, medical care and health technology.{{cite web |title=Ping An launches elderly care brand Ping An Zhen Yi Nia |url=https://coverager.com/ping-an-launches-elderly-care-brand/ |website=Coverager|date=27 June 2021 }}

In July 2021, Ping An and Shionogi signed agreements to launch joint ventures in Shanghai and Hong Kong. Ping An-Shionogi is a Healthcare as a Service (HaaS) enterprise, an integrated medical and healthcare platform for public health and patients. The joint venture is a collaboration between the Ping An and Shionogi on drug research, development, production and sales.{{cite web |title=Insight Weekly: Bank mergers of equals return; energy tops S&P 500; green bond sales to rise |url=https://www.spglobal.com/marketintelligence/en/news-insights/blog/insight-weekly-september-12-2023 |website=S&P}}

In October 2021, Ping An Bank rolled out services under the Cross-boundary Wealth Management Connect pilot scheme.{{cite web |title=Ping An Bank unveils cross-border wealth offering in Greater Bay Area |url=https://www.privatebankerinternational.com/news/ping-an-bank-unveils-cross-border-wealth-offering-in-greater-bay-area/ |website=Private Banker International|date=26 October 2021 }}

In January 2022, Ping An Life (a subsidiary of Ping An) received approval from the CBIRC for its investment in New Founder Group.{{Cite web |date=22 February 2022 |title=China:Ping An clinches go-ahead for investment in troubled business arm of Peking University |url=https://www.asiainsurancereview.com/News/View-NewsLetter-Article/id/79224/type/eDaily/China-Ping-An-clinches-go-ahead-for-investment-in-troubled-business-arm-of-Peking-University}}

In July 2022, OneConnect (Ping An's fintech subsidiary) listed on the main board of the Hong Kong Stock Exchange by way of introduction and dual-primary listing.{{cite web |title=OneConnect debuts on HKEX in dual primary listing |url=https://law.asia/oneconnect-debuts-on-hkex/ |website=China Business Law Journal|date=13 July 2022 }}

In February 2023, Ping An Bank Hong Kong Branch was granted an insurance agency license by the Hong Kong Insurance Authority.{{cite web |title=Ping An Bank Hong Kong branch granted insurance agency license |url=https://insuranceasia.com/insurance/news/ping-bank-hong-kong-branch-granted-insurance-agency-license |website=Insurance Asia|date=28 February 2023 }}

In November 2023 it was entered into the MSCI KLD 400 Social Index.{{Cite web | title=Ping An Awarded A in MSCI ESG Ratings for Two Consecutive Years | url=https://group.pingan.com/media/news/2023/pingan-awarded-a-in-msci-esg-ratings-for-two-consecutive-years.html | access-date=2025-03-27 | website=group.pingan.com}}

As of 30 June 2024, Ping An has grown its health ecosystem in China by partnering with the country’s top 100 hospitals and 3A hospitals, 50,000 in-house and contracted external doctors and 233,000 pharmacies. {{cite web |title=Ping An 2023 Annual Results |url=https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0321/2024032100704.pdf |website=HKEX}} Ping An's home-based senior care services covered 64 cities across China with over 120,000 customers entitled to the benefits. {{cite web |title=Ping An to Be China’s Main Provider of At-Home Elderly Care, Insurer's Co-CEO Says |url=https://www.yicaiglobal.com/news/ping-an-to-become-chinas-largest-at-home-elderly-care-service-provider-co-ceo-says |website=Yicai Global |access-date=28 August 2024}} Customer's entitled to service benefits in the healthcare and elderlycare ecosystem accounted for over 68% of Ping An Life's new business value in 2024. {{cite web |title=Ping An advances green insurance, increases premiums in FY23 |url=https://insuranceasia.com/insurance/news/ping-advances-green-insurance-increases-premiums-in-fy23#:~:text=Green%20Development%20and%20Insurance%3A,economic%20development%20and%20environmental%20improvement. |website=Insurance Asia | date=16 April 2024 |access-date=18 April 2024}}

In February 2025, Ping An Healthcare and Technology announced that its artificial intelligence model and its platform designed for doctors now have built in access to DeepSeek's model. Ping An said access to DeepSeek's model will help to further enhance its medical services by assisting doctors in making more accurate diagnoses and providing personalized health management. Ping An Healthcare and Technology is undergoing further research and development of AI technology. {{cite web |title=Ping An Health adds DeepSeek model |url=https://www.thestandard.com.hk/market/article/70148 |website=The Standard |access-date=14 February 2025}}

Ping An is a publicly listed company.{{cite news |title=Chinese Giant Ping An Looks Beyond Insurance To A Fintech Future |url=https://www.forbes.com/sites/shuchingjeanchen/2018/06/06/chinese-giant-ping-an-looks-beyond-insurance-to-a-fintech-future/#24aea27d48f3 |website=Forbes |publisher=Shu-Ching Jean Chen|last1=Chen |first1=Shu-Ching Jean }}

As of 30 June 2024, CP Group Ltd. indirectly held 964,427,077 H shares of the Company, representing approximately 5.30% of the total share capital of the Company.

Ping An has the classification of a civilian-run enterprise. Richard McGregor, author of The Party: The Secret World of China's Communist Rulers,{{cite book |last1=McGregor |first1=Richard |title=The Party: The Secret World of China's Communist Rulers |date=2010 |publisher=Allen Lane |location=New York, 2012}} said that "the true ownership of large chunks of its shares remains unclear" and that the ownership of Ping An is a "murky structure".McGregor, [https://books.google.com/books?id=TxchbfKHfhsC&q=Huawei p. 204] {{Webarchive|url=https://web.archive.org/web/20170220055739/https://books.google.com/books?id=TxchbfKHfhsC&printsec=frontcover&dq=The+Party&source=bl&ots=9OnO-rN4ax&sig=1G4BwYchwkh6g-H7BEKWwUtusnA&hl=en&sa=X&ei=GzVqUJmjJcXL0AHCj4HQDA&ved=0CDUQ6AEwAA#v=onepage&q=Huawei&f=false |date=20 February 2017 }}-205. In October 2012, The New York Times reported that relatives and associates of Chinese Premier Wen Jiabao controlled stakes in Ping An worth at least US$2.2 billion in 2007.David Barboza, [https://www.nytimes.com/2012/10/26/business/global/family-of-wen-jiabao-holds-a-hidden-fortune-in-china.html?_r=1& "Billions in Hidden Riches for Family of Chinese Leader"] {{Webarchive|url=https://web.archive.org/web/20170519051035/http://www.nytimes.com/2012/10/26/business/global/family-of-wen-jiabao-holds-a-hidden-fortune-in-china.html?_r=1& |date=19 May 2017 }}, The New York Times, 25 October 2012. Retrieved 27 October 2012.

Since 24 June 2004 Ping An has been listed on the Stock Exchange of Hong Kong (subsidiary of Hong Kong Exchanges and Clearing) as SEHK: 2318. Since 1 March 2007, it has a listing on the Shanghai Stock Exchange as SSE: 601318. Since 19 June 2023, its yuan-denominated shares has a listing on the Stock Exchange of Hong Kong as SEHK: 82318.

Ping An replaced Anhui Expressway in the Hang Seng China Enterprises Index (HSCEI) in 2004.{{cite web |title=BEA Securities Hong Kong weekly report 14 August 2004 |url=https://www.easecurities.com.hk/research/wk040814.pdf |website=BEA Securities}}

The Hang Seng Index Services Company announced on 11 May 2007, that Ping An would join as Hang Seng Index Constituent Stock effective on 4 June 2007.{{cite web |title=Ping An Insurance Becomes Constituent Stock of Hang Seng Index |url=https://www.pingan.com/about/en/news_70112.jsp |website=Ping An}}

Ping An has operations across all of the People's Republic of China, and in Hong Kong and Macau through Ping An Insurance Overseas. Lufax, OneConnect and Ping An Good Doctor have now expanded overseas. OneConnect serves 100+ customers in 20 countries and regions mainly in Southeast Asia.{{|title=OneConnect to Announce Fourth Quarter and Full Year 2021 Financial Results|date=15 February 2022|url=https://finance.yahoo.com/news/oneconnect-announce-fourth-quarter-full-140000954.html}}

• Ping An Bank

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• [http://www.bobsguide.com/guide/news/2010/Mar/15/Ping_An_Asset_Management_goes_live_with_HiPortfolio%C2%AE.html News website about Ping An systems upgrade] {{Webarchive|url=https://web.archive.org/web/20101215200921/http://bobsguide.com/guide/news/2010/Mar/15/Ping_An_Asset_Management_goes_live_with_HiPortfolio%c2%ae.html |date=15 December 2010 }}

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