Tops Global Diversified Insurers
HONG KONG and SHANGHAI, May 25, 2017 /PRNewswire/ -- On May 25, Forbes released the 2017 Global 2000. Thanks to the strong growth in multiple performance indicators, including revenue, profits and assets, Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An") (HKEx: 2318; SSE: 601318) has featured on the List for 13 consecutive years. This year it ranks 16th, jumping four places on the previous year, and tops global insurers as a diversified player. Ping An ranks 5th among shortlisted companies in Mainland China, and is the top-ranked among Chinese insurers. In addition, the Group is in 10th place among global financial companies this year.
Forbes Magazine compiles the "Forbes Global 2000" rankings annually. The list is regarded as one of the world's most authoritative and closely-watched corporate rankings, and is based on the integrated rating of revenue, profit, assets and market capitalization. Based on the 2017 list, Ping An had revenues of US$106.6 billion, profit of US$9.5 billion, assets of US$801 billion and market capitalization of US$100.8 billion.
Forbes said that China is still an economic powerhouse and despite its challenges revenue from Chinese companies on the list increased 2% to $3.9 trillion over the trailing 12 months, while profits slid 3% to $368 billion.
In 2016, Ping An kept its growth pace ahead the market. Total income reached RMB774.488 billion, up 11.7% compared to the same period a year earlier; net profit amounted to RMB72.368 billion, up 11.0% year-on-year; net profit attributable to shareholders of the parent company rose by 15.1% year-on-year to RMB62.394 billion. The Company's assets totaled about RMB5.58 trillion, up 17.0% from the beginning of the year. In addition, its solvency was adequate. In the face of volatility in international financial markets and the slowdown of the domestic financial industry, Ping An has adhered to its established business strategy and maintained its stable and healthy growth, with its individual integrated finance model reflecting greater value and stronger competitiveness.
In 2016, Ping An focused on customers as individuals, and adhered to the concept of "one customer, multiple products and one-stop services", in order to bolster customer service and consumer experience. As at the end of 2016, the number of individual customers of the Group reached 131 million, and the number of internet users accumulated across various services reached 346 million, while total app users reached 233 million. 69.05 million users migrated among various internet platforms; on average, each internet user accessed 1.94 online Ping An services. In 2016, net profit from the individual business totaled RMB40,829 million, up 29.5% year-on-year, accounting for 65.4% of the net profit attributable to shareholders of the parent company. The individual business has become a strong driver of the Group's organic growth in value.
Through years of strategic planning and cultivation, Ping An's internet finance companies were able to record prominent growth in its innovation business, while Ping An's core finance companies have been proactively adjusting and adapting to the internet business environment. As of December 31, 2016, the number of registered users of Lufax totaled 28.38 million, while the number of active investor users reached 7.4 million. Assets traded on Lufax maintained rapid growth. In 2016, the trading volume of retail channels amounted to RMB1,535,163 million, with end-of-period retail AUM reached RMB438,379 million, continuing to lead the industry. Ping An Good Doctor has provided health management services to over 130 million users and continues to consolidate its leading position across the nation in terms of online health medical care, with monthly active users and the peak number of daily inquiries hitting 26.25 million and 440,000 respectively.
Ping An commented that its transformation from the first joint-stock insurance company in China to the world's leading integrated financial group has much benefited from the era of reform and liberalization, from its extensive customers, from the trust and support of shareholders, as well as from the business management concept of "Survive in Competition and Thrive through innovation". Ping An will actively pursue the two-pronged development approach of core finance business and internet finance business to meet the customer needs and create value for customers, thereby delivering better returns to its investors.
As a globally recognized list of business enterprises, the companies on the list of Forbes' 2017 Global 2000 are considered to be among the world's largest, most powerful and most influential enterprises. This year's ranking spans 58 countries and regions, with US$169.1 trillion in total assets. In Top 100, there are 18 Chinese enterprises in total: ICBC (#1), China Construction Bank (#2), Agricultural Bank of China (#6), Bank of China (#8), Ping An Insurance Group (#16), China Mobile (tie with Allianz #21), China Petroleum & Chemical (#25), Bank of Communications (#34), China Merchants Bank (#42), China Life Insurance (#52), Postal Savings Bank Of China (#55), Industrial Bank (#63) , Shanghai Pudong Development Bank (tie with Ford Motor #64), China State Construction Engineering (#71), Citic Pacific (#72), China Minsheng Banking (#75), China CITIC Bank (#78) and Hon Hai Precision (#98).
About Ping An
As China's first joint stock insurance company, Ping An Insurance (Group) Company of China, Ltd. ("Ping An") is dedicated to becoming a world-leading personal financial services provider. Today, it is an integrated, compact, multi-functional financial services group with services that include insurance, banking, and investment. As of December 31, 2016, the Group had over 1.4 million employees and agents and 130 million individual customers. As at the end of 2016, the Group's consolidated total assets reached RMB5.58 trillion while equity attributable to shareholders of the parent company stood at RMB383,449 million. Ping An Life and Ping An Property & Casualty are both ranked the second largest in China, Ping An Annuity ranked top in China in their respective areas by premium income. Its subsidiary Ping An Bank is China's first joint stock bank. The Company's key areas of business include investment, with subsidiaries such as Ping An Trust, Ping An Securities and Ping An Asset Management. Further, Ping An strives to develop internet finance, including Lufax, Ping An Good Doctor, Ping An Haofang, E-Wallet, Finance One Account. It has achieved significant growth in both the scale and user base of internet finance. As of December 31, 2016, the number of internet users of the Company reached 346 million.
Ping An ranked 16th in Forbes' 2016 Global 2000, it ranked 41st in Fortune Magazine's 2016 Global 500 Leading Companies, being 1st among China's non-state-owned enterprises and the top-ranked China's insurance companies. Apart from these accolades, Ping An ranked 57th in WPP Millward Brown's BrandZ™ Top 100 Most Valuable Global Brands ranking.
SOURCE Ping An Insurance (Group) Company of China, Ltd.