Ranked #1 in Multiline Insurance and Brokerage in APAC
HONG KONG and SHANGHAI, November 15, 2022 /PRNewswire/ — Ping An Insurance Company (Group) of Chinaltd. (“Pinganor the “Group”, HKEx: 2318; SSE: 601318) announced that it has been rated A in Morgan Stanley Capital Investment’s (MSCI) 2022 ESG Ratings, ranking No. 1 in the insurance industry and multi-line brokerage in APAC.Last year’s BBB upgrade recognizes Ping An’s outstanding performance in the area of “access to finance” and substantial improvements in the area of “responsible investment, vulnerability to climate change, corporate governance and business behaviour”. Ping An’s consistent implementations of responsible investment initiatives with a five-year green finance goal also contributed to its score, according to the MSCI ESG Rating report.
Support the development of the real economy and innovations in inclusive finance
Ping An maintains a “people-centered” philosophy, strengthening financial support in areas such as the development of the real economy, small, medium and micro-enterprises, agriculture, rural areas and farmers. Using a combination of insurance funds, bank credit and asset management, and other financial resources, Ping An invested more 5.9 trillion RMB support the real economy from September 30, 2022. Through the Ping An Rural Communities Support program, the Group provided nearly 50 billion RMB for poverty reduction and industrial revitalization from September 30, 2022.
Ping An’s the pursuit of innovation in insurance products aims to make insurance an economic “shock absorber” and a social “stabilizer”. For example, Ping An Property & Casualty created Catastrophe Parametric Insurance, which uses heavy rain and typhoon data as parameters for insurance payouts. Once the conditions for compensation are met, the amount of compensation can be determined without on-site inspection or damage assessment, which helps to speed up post-disaster reconstruction and the resumption of business activities. With the insurance payments accumulated in Guangdong province reaching nearly 300 million RMB over the past five years, the Group’s innovations in insurance have supported rapid reconstruction and the resumption of production in disaster areas and improved capacities for managing climate risks.
Promote responsible investment and green finance
Pingan is committed to promoting green finance and green development. It is to support China aims to peak carbon emissions by 2030 and achieve carbon neutrality by 2060 through its green finance initiative. In 2021, Ping An announced its targets for annual growth rates for its green investments of at least 20%, green insurance premiums of at least 70% and green credit balance of at least 20%. Pingan aims to achieve the global objectives by 2025, with investments and appropriations of 400 billion RMB and the total green insurance premiums of 250 billion RMB. From September 30, 2022, Ping An’s green investments and financing totaled approximately 319.8 billion RMBand its green banking business totaled 184.2 billion RMB. Premium income from environmentally sustainable insurance products amounts to approx. 110.5 billion RMB in the first nine months of 2022.
Ping An was the first financial company on the continent China to publish a TCFD (Task Force on Climate-Related Disclosures) report in 2019. It identified the types of risks linked to climate change, the temporal dimensions, the levels of impact and the sectors of activity concerned. It assessed exposure to banking and investment climate risks and mitigated financial risks related to climate change by deploying green and low-carbon assets and reducing the proportion of investment in brown assets.
Integrating Fundamental ESG philosophies in corporate governance
Ping An has integrated fundamental environmental, social and governance (ESG) philosophies and standards into its business management, drawing on international best practices. It has implemented a professional sustainability management framework to guide its business practices. The board of directors of Ping An developed and monitored the Board’s diversity policy
ensure a balance of Board members in terms of diverse skills, experience and perspectives, and thereby increase the effectiveness of the Board and maintain a high level of corporate governance, drive corporate reform, prevent risks and protect investor rights. Respect the principle of openness and transparency in the disclosure of information, Ping An enhanced its enterprise value and maintained constructive communications with shareholders and investors. It has enhanced mutual trust with capital markets by proactively communicating its key business achievements, including the implementation of integrated financial strategies and its healthcare ecosystem strategy, as well as initiatives to maintain strong relationships with its customers.
Ping An will continue to embed social values into its business to provide customers with “worry-free, time-saving and cost-saving” experiences in financial and healthcare services. The Group will continue to improve and implement ESG-related policies, strengthen ESG governance and focus on sustainability strategies – increasing value for customers, employees, shareholders and stakeholders.society.
About Ping a group
Ping An Insurance Company (Group) Chinaltd. (“Pingan“) 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. Pingan 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”. Pingan 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. Pingan ranked 17th in the Forbes Global 2000 list in 2022 and ranked 25th in the Fortune Global 500 list in 2022.
For more information, please visit www.group.pingan.com and follow us on LinkedIn – PINGAN.
SOURCE Ping An Insurance Company (Group) of Chinaltd.