Ping An innovates with technologies to support China’s transition to a low-carbon economy

HONG KONG and SHANGHAI, November 11, 2022 /PRNewswire/ — The financial sector has profitable opportunities to finance climate change, according to Jonathan LarsenChief Innovation Officer of Ping An Insurance (Group) Company of Chinaltd. (“Ping Anor the “Group”, HKEx: 2318; SSE: 601318).

Ping Anlike a big one Chinabased on financial technology and healthcare, certainly has the ambition to be at the forefront of the highest standards in ESG reporting and conduct,” said Mr. Larsen, speaking at the Singapore Fintech Festival. The Group’s efforts to measure and track its environmental impact and create an ESG rating framework for other companies demonstrates its commitment to be “a constructive force in introducing global standards for Chinese companies, starting with ourselves.” “, did he declare.

Ping An’s artificial intelligence-based ESG assessment system, launched in 2021, helps drive responsible investment in China. It covers over 4,500 A-share listed companies and over 2,700 Hong Kong-listed companies. It rates more than 4,600 corporate credit bond issuers and 58,000 green bonds in the bond market, and nearly 140 fund management companies and more than 14,900 funds in the fund market.

Ping An also stimulates business innovation to support China transition to a low-carbon economy. In May, Ping An Bank (SZ: 000001) launched a personal carbon account platform, Low Carbon Home, for its 110 million UnionPay credit and debit card customers. The platform calculates customers’ personal carbon emissions reductions based on their spending habits. By showing individual customers how their low-carbon behaviors help protect the environment, the program can motivate them to do more. “It’s definitely a profitable opportunity for us and it puts customers in control of their emissions profile,” Mr. Larsen said. In addition, Ping An Bank is developing a carbon emissions monitoring platform based on Internet of Things (IoT) technology and has already landed its first pilot in October 2021. The platform monitors carbon emissions data in real time, which is useful for quality audits and post-credit management of carbon assets, as well as for evaluating the environmental performance of clients.

In the insurance industry, there are also significant opportunities for innovation in managing disasters caused by extreme weather events, Larsen said. Ping An Property & Casualty launched its National Disaster Risk 2.0 Platform in 2021 to help control and mitigate risks in agriculture. The platform draws on 1.4 billion national disaster data points, internal underwriting and claim records to assess the risks of nine types of natural disasters and can be used to send early warnings to homeowners business, homeowners and car owners. More than 170,000 disaster prevention warnings and disaster prevention information were sent to more than 50,000 farmers in 2021, resulting in a total reduction of farmers’ losses by 38.25 million RMB.

With the international COP27 ongoing climate change conference, “there are reasons for optimism” on the scale China is driving positive change,” said Larsen. In Shenzhenwhere Ping An At its headquarters, at least half of the cars in the city of 18 million are electric cars, he noted, and the country is making “tremendous progress” in renewable energy. Through its “Ping An Auto Owner” app, Ping An Property & Casualty has launched exclusive services for electric car owners. With the fast charging battery finder service, users in over 300 cities can find the nearest charging battery with a click of the app button.

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About Ping An Group

Ping An Insurance Company (Group) Chinaltd. (“Ping An“) aims to become a world leader in retail financial services. With nearly 228 million retail customers, Ping An is one of the largest financial services companies in the world. Ping An advances intelligent digital transformation and uses technologies to improve the quality and efficiency of its financial activities and improve risk management. The company believes that “expertise creates value” and “expertise makes life simple”. Ping An develops the “integrated finance + health” service system and builds the “finance + elderly care” and “finance + health” industrial ecosystems to provide professional services of “financial consulting, family doctor and concierge services to the elderly”. As China first stock insurance company, Ping An is committed to the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchange in hong kong and Shanghai. Ping An ranked 17th in the Forbes Global 2000 list in 2022 and ranked 25th in the Fortune Global 500 list in 2022.

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SOURCE Ping An Insurance Company (Group) of Chinaltd.


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