Latest news with #MichaelGuo
Korea Herald
04-05-2025
- Business
- Korea Herald
Ping An Rapidly Launches Overseas Emergency Assistance to Support Chinese Citizens Affected by Major Traffic Accident in the U.S.
HONG KONG and SHANGHAI, May 3, 2025 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. ("Ping An", the "Company" or the "Group", HKEX: 2318; SSE: 601318) has established the "502 Overseas Emergency Assistance Task Force" to coordinate emergency responses and assistance for Chinese citizens affected by the May 1 traffic accident near Yellowstone National Park in the US. Preliminary reports indicate that the collision between a pickup truck and a tourist van in Idaho resulted in the deaths of five Chinese citizens and injuries to eight more. Following the incident, Ping An promptly activated its Level 2 emergency response protocol for major incidents. The Company task force is led by Co-CEO Michael Guo, and includes Board Secretary and Brand Director Richard Sheng, Chief Administrative Affairs Officer Zhiliang Wang, Ping An Life Chairman Zheng Yang, Ping An P&C Chairman Quan Long, Ping An Health Insurance Chairman Yougang Zhu, Ping An Finserve Chairman Yue Lu, and Ping An Pension Insurance Corp. Chairman Weimin Gan. Under the guidance of the "502 Emergency Assistance Task Force," Ping An's business units — including life insurance, P&C, pension insurance, and health insurance — have established specialized emergency response teams. These teams are working closely with local medical institutions, rescue organizations, and insurance companies to provide seven key overseas emergency assistance measures, including advance claims processing, direct compensation, emergency aid, and medical support for eligible clients. Ping An is liaising with the Chinese Embassy in the US and the Consulate General in San Francisco. Under the direction of the Ministry of Foreign Affairs of China, the Chinese Embassy, and the San Francisco Consulate General, Ping An will collaborate with relevant overseas aid and medical organizations to assist injured individuals and the families of the deceased. Additionally, Ping An has launched a special overseas emergency assistance program, offering help to anyone affected by the accident, regardless of whether they are Ping An customers. Individuals can call the emergency hotline 95511 for assistance. As of 3 p.m. Beijing time on May 3, Ping An has not identified any of its customers as being involved in the accident. The Company will closely monitor the progress of emergency response efforts related to this accident, continue screening customer involvement, mobilize resources to support medical treatment for the injured, and ensure the implementation of all overseas emergency services, expedited claims processing, and customer care initiatives. Ping An is committed to doing everything possible to help affected customers and their families navigate this difficult time. Below are seven key overseas emergency assistance measures: 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 242 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 December 2024, Ping An had more than RMB12 trillion in total assets. The Group ranked 29 th in the Forbes Global 2000 list in 2024 and 53 rd in the Fortune Global 500 list in 2024.
Korea Herald
07-04-2025
- Business
- Korea Herald
Ping An Releases 2024 Sustainability Report
30 Years of Public Welfare Education "Worry-free, Time-saving and Money-saving" Project Creates a New Paradigm in Services HONG KONG and SHANGHAI, April 7, 2025 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. ("Ping An", the "Company" or the "Group", HKEX: 2318; SSE: 601318) has published its Sustainability Report 2024. This is the 16 th consecutive year that Ping An has released its sustainability report. The report features two themes: "Public Welfare Education" and "Worry-free, Time-saving and Money-saving" services. It also discloses the Company's latest progress across five key areas: strategic management; business; operations and community; climate change and carbon neutrality; and governance. Theme One: Thirty Years of Public Welfare Education Ma Mingzhe, Chairman of Ping An Group said, "As long as there is still one student at Ping An Hope Primary School, our public welfare volunteer teaching will continue." Ping An's public welfare education initiative marked its 30 th anniversary in 2024. Since the establishment of the first Ping An Hope Primary School in 1994, the Group has continued to support rural education through measures such as infrastructure and maintenance, volunteer teaching, educational scholarships, training and development, and summer camps. In 2024, Ping An's support included: As of the end of 2024, Ping An had assisted in building 119 Ping An Hope Primary Schools across the country. It recruited 12,708 volunteer teachers who contributed more than 443,000 total teaching hours. Ping An also established educational scholarships which have cumulatively supported 31,345 students, and trained over 20,000 rural teachers, benefiting 310,000 students. Theme Two: "Worry-free, Time-saving and Money-saving" Project Creates a New Paradigm in Financial Services Michael Guo, Co-CEO of Ping An Group, said, "Customers' voices, needs and suggestions are the guide for our service reform and product upgrade." Since Ping An was established 36 years ago, the Company has grown into a world-leading "integrated finance + health and senior care" services group. Adhering to the value proposition of "worry-free, time-saving, and money-saving" services, Ping An focuses on developing professional products and services for three main scenarios: financial advisers, family doctors, and senior care concierges. Ping An made every effort to promote its value proposition in 2024. The Group launched its 2024 Customer Listening Day in May, calling on senior executives, business teams and front-line employees to engage with customers to understand their needs and pain points, and then accelerate the upgrading of product and service upgrades. To meet customers' diversified needs in wealth management, health, and senior care, Ping An provides services such as wealth management, insurance protection, and consumer credit through an integrated financial model featuring "one customer, multiple accounts, multiple products, and one-stop services." As of the end of 2024, Ping An had 242 million retail customers, with an average of 2.92 contracts per customer. More than 25% of them were holding four or more contracts within the Group. Nearly 63% of Ping An's retail customers were entitled to service benefits in the health and senior care ecosystem as of the end of 2024. In 2024, over 21 million customers of Ping An Life used health management services. Ping An has approximately 50,000 in-house and contracted external doctors and partnered with all top 100 hospitals and 3A hospitals in China. It has also established cooperation with over 104,000 health management institutions and 235,000 pharmacies. Ping An's home-based senior care services cover 75 cities nationwide, and over 160,000 customers are eligible for home-based senior care services. Top 10 highlights of Ping An's sustainable development in 2024 1. Stable business performance, with total cash dividends increasing for 13 consecutive years: In 2024, Ping An achieved an operating profit attributable to shareholders of the parent company of RMB121,862 million, a year-on-year increase of 9.1%; net profit attributable to shareholders of the parent company was RMB126,607 million, a substantial year-on-year increase of 47.8%; and total revenue was RMB1,141,346 million, a year-on-year increase of 10.6%[1]. With the goal of providing stable returns to shareholders, Ping An distributed a full-year dividend of RMB2.55 per share in cash in 2024, a year-on-year increase of 5%. The cash dividend ratio based on the operating profit attributable to the parent company was 37.9%, with the total dividend amount maintaining growth for 13 consecutive years. 2. Technology empowering sustainable development, driving innovation in finance and healthcare: Ping An continues to increase investment in technology, comprehensively improving the user experience of financial and healthcare services through cutting-edge technologies such as artificial intelligence (AI) and big data. As of the end of 2024, Ping An had accumulated 55,080 patent applications in the fields of financial technology and healthcare. AI service representatives reached about 1.8 billion times, covering 80% of Ping An's total customer service volume in 2024. Through intelligent underwriting and intelligent claims settlement, 93% of life insurance policies achieved second-level underwriting. Ping An Property & Casualty independently developed the Disaster Risk System (DRS3.0) and the Catastrophe Emergency Service Platform, integrating over 2 trillion pieces of geographic, disaster, meteorological, and insurance data, combined with meteorological disaster models, satellite remote sensing, machine learning, and other technologies. These tools provide intelligent risk control services such as disaster early warning, risk screening, and catastrophe risk management. In 2024, the DRS 3.0 issued 10.55 billion early warning messages, providing pre-disaster early warnings to 67.34 million individuals and enterprises. In healthcare, Ping An's independently developed AI-assisted diagnosis and treatment system currently covers the diagnostic knowledge of over 2,000 diseases, with an accuracy rate of over 99% in triage – guiding patients to the appropriate medical department – and an assisted diagnosis accuracy rate of over 95%. 3. Continuously developing green finance to support the low-carbon transformation of industries: Ping An regards green finance as a systematic initiative, supporting green development and industrial transformation through insurance, lending, investment, and other products and services. In 2024, Ping An's green insurance premium income reached RMB58,608 million, a year-on-year increase of nearly 57%. The balance of green loans was RMB157,762 million, a year-on-year increase of 13%, and the scale of insurance fund green investment was RMB124,712 million. As an extension and expansion of green finance, transition finance has become a key driving force for promoting industrial upgrading and stable economic operations. Ping An is actively responding to this trend, increasing its support for transition finance and emerging low-carbon technologies. As of the end of 2024, Ping An Bank had cumulatively issued RMB440 million in project loans for carbon capture, utilization, and storage technology (CCUS) to Baotou Iron and Steel Group; and cumulatively issued approximately RMB3.44 billion in project loans for the Coal Grading Clean and Efficient Conversion Project to Yulin Chemical Co. Ltd. 4. Leveraging integrated financial advantages to promote inclusive financial development: Ping An is committed to improving the accessibility of financial services, providing broader protection and support for micro and small enterprises and low-income groups. In 2024, Ping An Property & Casualty added 304 new inclusive insurance products to further expand the scope of protection. Ping An Life Insurance launched low-premium rural insurance products, covering accidental risks such as transportation and natural disasters, and the product provided protection for 42,000 customers throughout the year. Ping An Bank issued loans of RMB160,224 million to micro and small enterprises, with a loan balance of RMB 506,331 million in 2024. It also issued 63,000 Rural Revitalization Debit Cards. As of the end of 2024, Ping An Property & Casualty had provided over RMB220 trillion in full-risk protection for nearly 2.4 million micro and small enterprises, with over 900,000 claims processed, worth nearly RMB4 billion. Ping An Bank had cumulatively served 782,000 micro and small enterprise loan customers, and issued nearly 260,000 cards. 5. Operating carbon emissions decreased by 8% year-on-year, accelerating towards the 2030 carbon neutrality goal: Ping An identifies and assesses climate change-related risks and opportunities, conducts climate risk scenario analysis, and formulates response measures and transformation plans. In 2024, the company actively promoted energy conservation and carbon reduction, with total greenhouse gas (GHG) emissions for the year at 439,291 tonnes of carbon dioxide equivalent (tCO 2 e), a year-on-year decrease of 8%. Among them, Scope 1 (direct GHG emissions) was 28,158 tCO 2 e, a year-on-year decrease of 22%. Scope 2 (energy-related indirect GHG emissions) was 342,193 tCO 2 e, a year-on-year decrease of 8%. In 2024, Ping An purchased a total of 11,612 megawatt-hours (MWh) of green electricity, avoiding nearly 6,800 tCO 2 e emissions. Scope 3 (paper use and employee travel) was 68,941 tCO 2 e emissions, about the same as in 2023. As of the end of 2024, Ping An's self-developed employee carbon account platform covered 180,000 employees, recording 2.26 million carbon reduction actions, achieving an emission reduction contribution of approximately 23,662 tCO 2 e. In the field of green buildings, Ping An has 30 building projects that have obtained domestic and foreign green and healthy building certifications, of which 10 buildings have obtained Leadership in Energy and Environmental Design (LEED) Gold and above certification. 6. Protecting consumer rights and privacy, exploring an aging-friendly service model: In 2024, Ping An updated its Policy Statement on Privacy Protection (2024) and Policy Statement on Information Security (2024), conducted special audits on consumer rights protection, and tracked the rectification of problems found in the previous year, ensuring a rectification rate of 100%. Targeting the senior population, Ping An is exploring the "aging-friendly" service model. Actions include installing anti-collision corners in the basic infrastructure of service counters, setting up rest areas for the elderly, and providing equipment such as wheelchairs, walking sticks, reading glasses, and medicine kits for a more friendly service environment for the elderly. Ping An also provides an exclusive service hotline for customers over 60 years old. Through the service hotline, senior customers can directly reach the dedicated customer service with one click, enjoying convenient and caring services. In addition, Ping An continues to explore digital methods such as intelligent voice assistants and simplified mobile app interfaces to help elderly customers cross the digital divide. 7. Focusing on employee development and protection, with satisfaction increasing for two consecutive years: Ping An is committed to protecting the legitimate rights and interests of employees, helping employees grow through salary incentives and training, and achieving the common development of employees and the company. In 2024, Ping An updated the Statement on Employee Rights (2024), improving its employee protection mechanism. As of the end of 2024, Ping An had 273,053 employees. Female employees accounted for 51%, and in senior management, female personnel accounted for 36%. To encourage retention of core talent, Ping An implemented the Core Personnel Stock Ownership Plan and the Long-term Service Plan. As of the end of 2024, 103,610 employees participated in the plans, covering 38% of employees. For employee training and development, Ping An cooperated with educational institutions to introduce high-quality courses. In 2024, the Group invested RMB956 million in training, and employees benefitted from an average of 49 hours of training each. In addition, Ping An conducts satisfaction surveys for all employees every year. In 2024, the overall employee satisfaction reached 90 points, steadily improving for two years in a row. With excellent talent development and management practices, Ping An ranked 318th globally and second in the Chinese financial industry in Forbes' World's Best Employers 2024. 8. Strengthening information security management and building an AI ethics system: Ping An continues to improve its information security management system and is promoting the construction of an artificial intelligence (AI) ethics system. In 2024, the Group, together with its member companies, completed 67 security emergency drills, covering 11 emergency scenarios such as ransomware, anti-DDoS (distributed denial-of-service) attacks, and phishing emails. It carried out database backup recovery drills and cross-regional joint disaster recovery exercises, effectively improving the Group's emergency response capabilities for information security. Throughout the year, more than 30 information security training sessions were conducted, focusing on eight major risk scenarios, such as personal information leakage, data outsourcing, phishing emails, and third-party personnel management. The training pass rate was 100%. Ping An has maintained information security management system certifications for many years. As of the end of 2024, Ping An's ISO/IEC 27001 certification coverage rate reached 93%. In addition, in terms of AI governance, Ping An follows five ethical principles: people-oriented; human autonomy; safe and controllable; fair; and just, open and transparent. It issued the Policy Statement on AI Ethics Governance (2022), and aims to scientifically manage the development and application of AI to ensure that technological innovation meets ethical and moral standards. 9. Actively fulfilling social responsibility and enhancing community influence: In 2024, Ping An provided over RMB52 billion in rural industrial revitalization assistance funds, provided free physical examinations for 6,859 villagers, held 29 lectures on chronic diseases science, upgraded 45 rural clinics, and held 45 free medical consultation sessions in rural areas. Ping An also encouraged employees to devote themselves to public welfare projects. As of the end of 2024, there were more than 490,000 employee and agent volunteers, who participated in voluntary blood donation, educational public welfare, emergency disaster relief, and other public welfare actions. 10. Outstanding performance recognized by international rating agencies and capital markets: In 2024, Ping An was awarded an AA rating in the MSCI ESG rating, ranking first in the Asia-Pacific region in the multi-line insurance and brokerage industry for three consecutive years. It was rated "Low Risk" in the Sustainalytics ESG rating, with a score of 15.6, the best score among insurance companies in Chinese mainland. It was selected for the S&P Global's "Sustainability Yearbook 2024 (China Edition)", the only insurance company included in mainland China. In addition, Ping An has been selected as a constituent stock of the FTSE4Good index series for five years and has been a constituent stock of the Hang Seng Corporate Sustainability Index Series for 14 years. Sustainable development is a cornerstone of Ping An's long-term strategy. The Group will continue to deepen the "integrated finance + health and senior care" technology-driven strategy, using technological innovation to create a competitive advantage in service. It will provide customers with all-around professional financial advisory, family doctor, and senior care concierge services, enabling customers to enjoy "worry-free, timesaving, and money-saving" services experience, and it will continue to create long-term, stable, and sustainable value for customers, employees, shareholders, and society. For details of the report, please click here. 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 242 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 December 2024, Ping An had more than RMB12 trillion in total assets. The Group ranked 29 th in the Forbes Global 2000 list in 2024 and 53 rd in the Fortune Global 500 list in 2024.
Yahoo
21-03-2025
- Business
- Yahoo
Ping An Profit Misses Estimates Dented by China Slowdown
(Bloomberg) -- Ping An Insurance (Group) Co. missed analyst estimates as China's economic slowdown and property market crisis weighed on value of assets. The shares dropped. Amtrak CEO Departs Amid Threats of a Transit Funding Pullback New York Subway Ditches MetroCard After 32 Years for Tap-And-Go Despite Cost-Cutting Moves, Trump Plans to Remake DC in His Style NYC Plans for Flood Protection Without Federal Funds A Malibu Model for Residents on the Fire Frontlines Net income reached 126.6 billion yuan ($17.5 billion), compared with 85.7 billion yuan a year earlier, the Shenzhen-based company said in a filing to the Hong Kong stock exchange Wednesday. That trailed the 134.5 billion yuan average estimate of 22 analysts surveyed by Bloomberg. Operating profit, which the insurer says better reflects performance by stripping out short-term investment volatility and one-time items, rose 9%. That compared with a 20% slump in the previous year. Ping An fell 5% to close at HK$49.3 in Hong Kong, the most in about five months. The asset management business recorded an 11 billion yuan loss, as a prolonged property downturn and slower growth weighed on the value of investments. That said, its earnings stability is expected to improve significantly, according to Citic Securities Co. A 15% rally in the CSI 300 Index last year bolstered the value of Chinese insurers' equity holdings, helping competitor China Life Insurance Co. to more than double its profit. Investment income more than quadrupled to 161 billion yuan, according to the filing. Yet net impairment losses on financial assets climbed 10% to 85.6 billion yuan, while such losses on other assets jumped more than fivefold to 7.2 billion yuan. Ping An took 'very prudent' provisions and its asset quality has been improving 'significantly,' Co-CEO Michael Guo told Bloomberg TV. The industry's profit outlook will get brighter this year on higher equity allocations, and as more long-term bond purchases match assets with their liabilities, according to Bloomberg Intelligence analyst Steven Lam. The CSI 300 has gained 1.4% this year. Chinese insurance stocks are embarking on a slow bull run as their products become more attractive in a low interest rate environment and competition from smaller players weaken, Citic analysts wrote in a report this week. New business value, which measures the profitability of new life policies sold, grew 28.8%, slowing from a 34% gain in the first nine months. Top life insurers like Ping An are switching their focus to profit-sharing policies this year, which are 'the most competitive products' in the market with an estimated 3% actual return, Citic analysts led by Tong Chengdun wrote in the report. Ping An has reduced pressure from real estate and fintech losses, improved its position in the bancassurance channel and increased allocations to top banks, which promise to stabilize its profits going forward, they wrote. The insurer's property-related risk exposure has dropped to a 'very controllable range' after provisions and writedowns in the past few years, Guo said in an interview later. The company doesn't expect any further major impairments going forward, as the real estate market stabilizes amid growing government support, he added. 'The property market is already forming a bottom. What is uncertain is how long it will take to rebound,' he said. 'But from the perspective of provisions, we've basically covered any remainder' of the risk. The company's outstanding real estate investments stood at 203 billion yuan as of Dec. 31, or 3.5% of its insurance funds portfolio, according to the filing. That dropped from 4.3% a year earlier. The asset management business, which also includes units from securities to trust, swung to a 19.5 billion loss in 2023, the first in at least five years, before the loss shrank 43% last year. (Updates with Co-CEO comments on property exposure from 14th paragraph.) Tesla's Gamble on MAGA Customers Won't Work A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers The Real Reason Trump Is Pushing 'Buy American' The Future of Higher Ed Is in Austin ©2025 Bloomberg L.P.
Bloomberg
20-03-2025
- Business
- Bloomberg
Ping An Co-CEO Touts Strong Financial Performance
Ping An Group's Co-CEO thinks the company is back in growth mode after full-year revenue expanded the fastest in five years. Michael Guo says looking ahead, sectors such as health and senior care will be driving Ping An's business. He spoke exclusively with David Ingles and Annabelle Droulers on "Bloomberg: The China Show." (Source: Bloomberg)
