HONG KONG and SHANGHAI, May 4, 2017 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEx: 2318; SSE: 601318) announced today that it has appointed Mr. Jonathan Larsen as Chief Innovation Officer of the Group and Chairman and CEO of Ping An Global Voyager Fund, a new USD 1 billion fund which will invest in fin-tech and health-tech opportunities globally on behalf of the group.
Mr. Larsen will be responsible for bringing new technologies, platforms and business models to Ping An's businesses in China and internationally. In addition he will seek to leverage Ping An's unique technology capabilities to add value to companies in which the Ping An Global Voyager Fund invests. Lastly, he will be responsible for identifying new platforms to support Ping An's international growth.
Ping An Global Voyager Fund will be managed from Hong Kong and will invest in fin-tech and health-tech businesses globally (largely ex-China). Initial size of the fund will be USD 1 billion, with the ultimate goal to be an internationally leading technology investment pioneer. Among other things, the Fund will provide potential access for investee companies to Ping An's 138 million customers, 1.2 million agents, 6,000 branches and extensive digital distribution assets in mainland China.
From its beginnings, Ping An has been a leading innovator within the Chinese market. The firm has successfully embraced international capital, globally benchmarked operations and management practices, world-leading technology capabilities, international partner organisations, and leading international talent to build its unique presence. Mr. Larsen will add significant global experience to Ping An's senior leadership team.
Mr. Larsen brings nearly 30 years of experience in the finance industry to Ping An. He spent 18 years at Citigroup ("Citi") where he was most recently Global Head of Retail Banking. Other roles performed by Mr. Larsen at Citi include Head of the Asia Pacific Consumer Business, CEO of Citibank Singapore, Head of Wealth Management Asia and Head of Business Development for Asia-Pacific. Mr. Larsen led many innovations at Citi including important contributions to the firm's digital platforms, new distribution models and a wide range of new product offerings. Prior to joining Citi, Mr. Larsen was a Principal in the global management consulting firm Booz Allen & Hamilton, advising financial institutions across Asia and globally.
Ping An Chairman and CEO, Peter Ma said, "Mr. Larsen has a strong reputation as an innovator in the financial sector in Asia and globally. He brings a rare combination of global insight and management experience in both finance and technology. We are very pleased to have him as part of our leadership team."
"Ping An is the most innovative financial group in China, and a leader in China's fin-tech and health-tech sectors. I look forward to helping Ping An access global innovations in finance and technology and build a global presence in fin-tech and health-tech. I feel privileged to be a member of Ping An's leadership team and part of this unique organisation," said Mr. Larsen.
Ping An Group Background
Ping An is the most innovative financial group in China and the third largest insurance company in the world. Ping An has RMB 5.5 trillion (USD 798 billion) in total assets and, in 2016, achieved annual revenue of RMB 774.4 billion (USD 112.3 billion) and annual profits of RMB 62.4 billion (USD 9.1 billion). The company has consistently delivered double-digit growth in revenues and earnings.
Ping An was the first financial institution in China to introduce foreign shareholders such as Morgan Stanley and Goldman Sachs (in 1994) and later HSBC. International shareholders combined with key talent from a wide range of international institutions have enabled Ping An to develop and maintain global standards in corporate governance, operations and managerial practices and processes.
Today, nearly half of Ping An's senior management team are from outside mainland China, including people from companies such as, Goldman Sachs, Citigroup, Prudential, and McKinsey & Company, creating a seamless international culture.
Ping An is a leading technology innovator. It has been making annual investments amounting to several billion Renminbi in the past decade on technology research and development, with a priority on fin-tech and health-tech. Focusing on fundamental customer needs, the group has, thus far, built digital service ecosystems in four key areas: financial service, real estate finance, healthcare and automobile sales and servicing. Lufax and Ping An Good Doctor are leading fin-tech and health-tech innovators and have both achieved "unicorn" status in terms of market valuation. By the end of 2016, valuations for Lufax and Ping An Good Doctor reached USD 18.5 billion and USD 3 billion respectively. As announced in Ping An's recent first quarterly report, Lufax had 30.13 million registered users as of March 31, 2017, and trading volume of its retail channels hit RMB 559 billion (USD 81 billion) in the first quarter of 2017. Ping An Good Doctor is now the first destination for millions for online health services in China. It provides health management services for 140 million users, with the peak number of monthly active users at 18.79 million.