A Pillar of Strength in the Global Financial and Healthcare Sectors
In the dynamic realm of global finance and insurance, Ping An Insurance (Group) Company of China, Ltd. (HKEX: 2318) epitomizes the essence of endurance and forward-thinking. The insurance sector navigates through the intricacies of digital transformation and shifts towards a more customer-focused model, this institution has not only stood firm against the challenges but has also positioned itself at the forefront, adeptly adjusting to the industry’s evolving demands.
This conglomerate, renowned for its integrated approach to finance and healthcare, has remained unwavering in its dedication to its principal financial operations. Confronted with a demanding economic environment characterized by external market forces and the residual effects of a global health predicament, the enterprise has sharpened its focus on a business policy that emphasizes core operations, revenue enhancement, cost reduction, portfolio optimization and the elevation of quality and efficiency. This strategic orientation has borne fruit, with the institution announcing an impressive operating profit attributable to shareholders of the parent enterprise totaling RMB117,989 million for the year concluding on December 31.
The enterprise’s trio of main businesses—Life & Health, property and casualty insurance and banking—have exhibited consistent performance, collectively contributing RMB140,913 million in operating profit attributable to shareholders of the parent enterprise. This fiscal solidity is further reinforced by the institution’s dedication to rewarding its shareholders, as demonstrated by its intention to distribute a final dividend of RMB1.50 per share in cash for the year, representing a 0.4% increment from the previous year and perpetuating its 12-year tradition of escalating cash dividends.
Within the portfolio of Ping An, life insurance emerges as a pivotal element, with the Life & Health segment’s New Business Value (NBV) witnessing a 36.2% growth on a comparable basis, propelled by a 40.3% surge in agent channel NBV. The enterprise’s integrated finance model has also experienced substantial expansion, with retail customer numbers swelling to 232 million as of the year’s end. Remarkably, 25.3% of these customers hold a minimum of four contracts within the group, coupled with an impressive retention rate of 97.7%.
The institution’s strides in healthcare and elderly care are noteworthy. As of the year’s end, nearly 64% of its retail customers engaged with services from this ecosystem. The firm’s pledge to deliver all-encompassing healthcare and elderly care services is manifest in its collaborations with premier hospitals and the assembly of an extensive network of approximately 50,000 in-house and affiliated external medical professionals in China. The technological acumen of Ping An is equally impressive, with a formidable tech team and a substantial tally of patent applications in the realms of fintech and healthcare. These technological advancements have been instrumental in bolstering the institution’s primary operations, amplifying efficiency and quality across the spectrum.
As Ping An Insurance forges ahead in the intricate landscape of the global insurance market, its concentration on core operations, strategic investments and dedication to innovation earmark it as a paragon of stability and advancement. With a customer-oriented strategy and a visionary outlook, the institution is well-equipped to sustain its role as a preeminent provider of integrated finance and healthcare services, contributing significantly to the fortification of a resilient financial sector and the enhancement of societal welfare.
