The biggest insurance companies in the world: Ping An Insurance

Ping An's rapid growth is the result of corporate decisions that have steered the company's development towards the fastest growing sectors of the global insurance market

by Lorenzo Ciotti
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The biggest insurance companies in the world: Ping An Insurance

Ping An Insurance, founded in Shenzhen, China in 1988, is the largest insurer in the world with total assets close to $1.25 trillion, according to TradingPlatforms.com. Its market capitalization reached $187 billion in 2021.

It is also the top life and health insurance company by revenue globally, with estimated revenues of $184 billion as of 2020. The financial group is the first Chinese asset owner to have signed Climate Action 100+ and the United Nations' Principle of Responsible Investment (UNPRI).

PRI chief Reynolds called Ping An's decision a milestone on China's road toward the full embrace of ESG. Ping An's rapid growth is the result of corporate decisions that have steered the company's development towards the fastest growing sectors of the global insurance market.

Ping An was recognized in The S&P Global Sustainability Yearbook 2022, the world's most comprehensive publication of its kind, for its commitment to progress in sustainability by scoring within the top 15% of the insurance industry and achieving an S&P Global ESG Score within 30% of the industry's top performing company.

The biggest insurance companies in the world: Ping An Insurance

McKinsey and Company experts explained: "Over the past five years, Ping An has amassed nearly 500 million online users, created 11 new digital platforms across all industries, and increased the number of insurance agents to 1.4 million, all armed with the the company's digital tools and apps Ping An's commitment to investing in emerging technologies has been a particularly important driver of this expansion: it now directs 1% of its annual revenue, approximately $1 billion, towards technology investments." In 2022, Ping An ranked 17th on the Forbes Global 2000 list and 25th on the Fortune Global 500 list.

Ping An ranked 21st among the World's top 500 Most Valuable Brands and fourth among global financial enterprises in the Global 500 2022 Report by Brand Finance. The company is considered to be the world's largest insurer, with US$121.7 billion net premiums written in 2020.

Its market capitalization was US$136 billion in March 2021, making it the largest insurer in the Asia-Pacific region. Ping An Insurance is one of the top 50 companies in the Shanghai Stock Exchange. It is also a constituent stock of Hang Seng Index, an index of the top 50 companies in the Hong Kong Stock Exchange.

Ping An Insurance was also included in the pan-China stock indices CSI 300 Index, FTSE China A50 Index and Hang Seng China 50 Index. Ping An is a signatory of the United Nations-supported Principles for Responsible Investment (PRI), and was the first asset owner in mainland China to join.

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