Ping An Insurance Received "The Most Respectable Enterprise Award"

Results of “The 4th Most Respectable Enterprise Award in China” were announced by Peking University on the 27th of April, 2005. In recognition of outstanding operating results, excellent customer service and corporate citizenship, Ping An was selected as one of the winners for the fourth consecutive year, and was the only insurance company to receive this award.
Winners of the award included China Merchant Bank, Nokia, IBM, Samsung, Huawei, ZTE as well as 13 additional companies. “These companies are not only the most respectable, they are role models for companies that strive to be outstanding enterprises.” The Economic Observer commented, one of the organizers of the award.

The award was jointly organized by Peking University and The Economic Observer. Since it was introduced in 2001, it has received strong support from the business and academic community, the media and the general public. This year’s selection process consisted of three phases with additional comprehensive criteria. Phase one was an initial evaluation followed by a survey among MBA and EMBA students of tertiary institutions. Then a panel of selected academics, economists and newspaper editors made their judgment based on eight areas, including social responsibility, innovation, corporate image, financial performance, etc. The best twenty companies were named the winners.

This is the fourth consecutive year that Ping An has received the award. This year, the Company’s outstanding performance in the international market was highly commended by the panel. The Company’s IPO was the largest in 2004 with an oversubscription of 58 times. At the same time, Ping An’s innovative ideas in products, service scope, management, operational approach and systems were also well received by the international market. Upon listing in the first year, Ping An achieved outstanding results. According to the latest annual report, the Company has materially improved its profitability. Net profits in 2004 have increased by 34.3% to RMB 3.116 billion. In April this year, Ping An ranked 539th in Forbes Global 2000, which was the 10th highest ranking among Chinese companies. In November 2004, Ping An was awarded the “Best Investor Relations for an IPO in Asia” and the “Best Investor Relations for an IPO in China” by Investor Relations Magazine. These awards not only recognized Ping An as a reputable enterprise, they were an honor for all Chinese companies that received recognition.

Ping An’s community services philosophy also matched the award’s objective. According to the Company’s Executive Vice President Mr. Sun Jianyi, Ping An has launched a “Corporate Citizenship model” with charity and education as the key part. In 2004, Ping An began to support the establishment of a blood bank and provided accident and critical illness insurance coverage for those who donated blood. The premiums of the granted policies totaled over RMB 100 million. The Company also made a contribution of over RMB 1 million to the “Ping An Outstanding Student Program”, which provided sponsorship to outstanding students facing financial difficulties, encouraging them to explore innovative ideas in developing the insurance and financial industries. Ping An’s charitable initiatives were well received by the community. In December 2004, the Company was selected as one of the winners of the “Best Corporate Citizenship in China”, an award jointly organized by the 21st Century Business Herald and Sino-Euro Business Administration School.

Ping An’s excellent customer service is also widely recognized by the community. Ping An was the first insurance company to organize a “Customer Service Festival” in the life insurance market ten years ago. It was also the first insurance company to launch simplified policy terms, a pocket-size “Customer Rights Manual,” and a special service platform for VIP customers to help customers better understand their policy terms, rights, protection and claims. This year, the Company was awarded the “Most Trustworthy Insurance Company” by the huxun.com website, the “Favorite Brand in China’s Insurance Sector” by a national consumer poll and the “Most Credible Company Award” by the China Foundation of Consumer Protection.

“Ping An is delighted to receive the award, but compared to other reputable companies around the world, and in consideration of the increasing customer demand for quality services, there is still room for improvement. We will further strengthen our fundamentals, credibility and management while placing a high priority on social responsibility,” said Mr. Sun. “The ‘Most Respectable Enterprise Award’ marked a new standard in the market. It encourages companies to take a balanced position when handling the interests of different stakeholders, and as a result, establish a reputable, ethical and responsible image. This should be the mission of Ping An and other outstanding companies in China.”