Ping An Receives Five "All-Asia Executive Team 2024" Accolades From Institutional Investor Magazine
HONG KONG and SHANGHAI, June 20, 2024 /PRNewswire/ -- Institutional Investor magazine has announced the ranking of 2024 Asia (ex-Japan) Executive Team. Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An", the "Company" or the "Group", HKEX: 2318 / 82318; SSE: 601318) is delighted to announce that its Board of Directors has been selected as the "Best Company Board"; Xie Yonglin, President and Co-CEO, and Michael Guo, Co-CEO, have been named "Best CEOs", and Zhang Zhichun, Chief Financial Officer, has been named "Best CFO". Additionally, the Group has been recognized for its "Best ESG Program" and its "Best Investor Relations Program". All Ping An's rankings above are within the top 3 among assessed insurers.
Institutional Investor magazine's is one of the most influential financial magazines in the world, and its annual Executive Team Survey is regarded as one of the most authoritative lists by the international capital market. Its rankings are recognized by buy-side investors and sell-side institutions. To determine the members of Institutional Investor's 2024 Asia (ex-Japan) Executive Team, the research team surveyed buy-side analysts, money managers and sell-side researchers at securities firms and financial institutions that cover the region. Survey results reflect the opinions from nearly 6,500 investment professionals at more than 1,600 financial services firms. This demonstrates Ping An's outstanding performance in corporate governance, strategy execution by the management team, ESG management and implementation, and investor relations, are highly recognized by the capital market.
Ping An's Board of Directors ensures the foresight, guidance and precision of the Company's strategy. The Group adopts global best practices in corporate governance, pursuing long-term and sustainable development and future growth opportunities to create sustainable value for shareholders, investors, and other stakeholders. Ping An places great importance on shareholder returns. In 2023, the Group plans to pay a final cash dividend of RMB1.50 per share, and the full-year cash dividend is RMB2.43 per share. The cash dividend payout ratio based on operating profit attributable to shareholders of the parent company is 37.3%, with the total dividend increasing for 12 consecutive years.
Ping An continues to consolidate its technology-driven "integrated finance + healthcare and senior care" strategy. In 2023, Ping An achieved a revenue of RMB913.789 billion, with an operating profit attributable to shareholders of the parent company of RMB140.913 billion and total assets of RMB11.58 trillion. The Group's retail customers amounted to approximately 232 million as of December 31, 2023, with an average of 2.95 contracts per retail customer. Nearly 64% of Ping An's customers used services from the healthcare and senior care ecosystem. Ping An has also rolled out home-based senior care service benefits in 54 cities across China, with over 80,000 customers entitled to those benefits.
In addition, Ping An has fully integrated environment, social and governance (ESG) core concepts and standards into corporate management. Ping An maintained an "A" in the MSCI ESG Ratings for two consecutive years, and its No. 1 ranking in the multi-line insurance and brokerage industry in the Asia-Pacific region. It also received a "Low Risk" ESG Risk Rating from Sustainalytics for two consecutive years and ranked first in Mainland China's insurance sector. In response to climate risk, the Company is also upgrading its green finance initiative. As of the end of 2023, Ping An's responsible investment with insurance funds was RMB725.26 billion, including green investment of insurance funds reached RMB128.568 billion. Green insurance premium income was RMB372.96 billion, and the scale of green loan balance reached RMB146.345 billion.
Ping An stated that the Company will maintain a strategic focus on its core financial businesses and continue to advance its technology-driven "integrated finance + healthcare and senior care" strategy. The Company will continue to improve its operations and management to promote business growth and maximize the value for customers, employees, shareholders and society.
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