Euromoney Names Ping An Best Managed Insurance Company in Asia

Euromoney Names Ping An

Best Managed Insurance Company in Asia

Shenzhen, September 20, 2006 – Ping An Insurance (Group) Company of China Ltd. (“Ping An” or the “Group”, HKEx: 2318) has been named the best managed insurance company in Asia by Euromoney magazine, one of the world’s most respected financial publications. Ping An was also number one in China and number five in Asia in its eleventh annual survey of the best managed companies in Asia, which was based on interviews with analysts from more than 100 banks and research institutions in Asia.

In the course of the survey, analysts commented that Ping An has been a pioneer in many respects, particularly the hiring of senior managers with international experience, strong corporate governance, and market-based operations. Ping An was a leader in each of these areas relative to other mainland companies. The company has pioneered an advanced management system capable of aligning global standards with local advantages, making it a model for other Chinese and Asian companies in the insurance industry.

Ping An’s top ranking by Euromoney reflects increasing professionalism on the part of the Chinese insurance industry. Under the government’s current Five Year Plan, improving corporate management and corporate governance has become one of the top priorities for the insurance industry. At the National Insurance Working Conference that was held at the beginning of 2006, CIRC Chairman Wu Dingfu urged insurance and asset management companies to strengthen management and corporate governance systems.  Over the past year, the China Insurance Regulatory Commission (“CIRC”) has organized a number of courses on corporate governance and related topics for district representatives from the CIRC and senior management of all major insurance companies at the Ping An School of Financial Services.

Business professionals globally recognize Euromoney’s awards and rankings for their objectivity and stringent professionalism. The survey of best-managed companies in Asia has become an authoritative benchmark of the best performers overall and within individual industries. In the insurance industry, this year Ping An was joined by major Asian insurers including second ranking China Life Insurance Company Ltd., third-ranked Cathay Life Insurance Company Ltd. (Taiwan), and fourth ranking Great Eastern Life Ltd. (Singapore). 

From its inception in 1988, Ping An has been a pioneer in China’s financial services industry. It was China’s first joint equity insurance company, and later became China’s first insurance company with foreign capital and its first financial services conglomerate with institutional shareholders.

Over the past 18 years, Ping An has been responsible for numerous breakthroughs in the Chinese insurance industry and set new standards in corporate governance, international management, and advanced operating systems. Its foreign shareholders have helped Ping An improve operations and decision making quality, particularly with respect to its management system and corporate governance. Management excellence has proven to be a stable foundation for growth, and even during the highly competitive market environment of the first half of 2006, Ping An was able to maintain robust growth. During the first half, Ping An’s total assets and net profits achieved record levels. Net profit was up 85 percent in the first six months to RMB 4,162 million.

In addition to Euromoney, a number of other international media have recognized Ping An for its unique combination of rapid growth and sound management.

The “2006 Forbes Global 2000” ranked Ping An 537 globally and seventh among mainland companies. Business Week ranked Ping An sixth in its first survey of “China’s Top 20 Brands.” The International Institute of Management Development (IMD), a top tier global business school based in Switzerland, includes Ping An among its prominent case studies.