Ping An Insurance Included in Fortune's Global Top 500 List
Hong Kong, Shanghai, 9 July 2010 - Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or "the Group", HKEX: 2318; SSE: 601318) announced today that Ping An was ranked 383rd in U.S. Fortune magazine's Global Top 500 enterprises for 2010, jumping 79 places from its ranking in Fortune's 2008 list. The ranking also means Ping An has secured the No.1 spot among non state-owned Chinese enterprises in the list. This is yet another honor for Ping An this year, after it was listed among the top 500 companies in Forbes' "Global Listed Companies 2000" and U.K.'s Financial Times "Global 500."
Global Top 500 is an abbreviation for Fortune magazine's list of the world's 500 largest companies. The Fortune Global Top 500 and Forbes Global 2000 lists are well recognized international benchmarks in the global business community. Fortune ranks companies mainly according to the companies' annual revenues and profit levels. The Global Top 500 list has become the most authoritative ranking on companies' influence in the business sector, scale of operations and performance.
As an integrated financial services group with core businesses in insurance, banking and investment, Ping An successfully overcame the challenges brought by the global financial crisis in 2009 amid complex changes in the domestic and international financial markets, and was able to achieve sustainable and healthy growth in its three core businesses. Ping An posted total income of RMB152.8 billion and net profit of RMB14.5 billion in 2009, representing increases of 74% and 786% respectively from 2008 under International Financial Reporting Standards. Ping An Life's written premiums reached RMB134.5 billion, lifting market share by 2.5 percentage points over 2008 and making Ping An Life the second largest life insurance company in China. Premium income from property and casualty insurance business exceeded the RMB30 billion mark with a market share of 12.9%, making the Group the second largest property and casualty insurance operator in the market for the first time. Total assets of Ping An Bank reached RMB220.7 billion and the accumulated number of credit cards in circulation exceeded 3.4 million. Ping An Securities' investment bank business was ranked No.3 in the market while Ping An Trust claimed the No.1 spot in the market with RMB130.6 billion in assets. Ping An Asset Management achieved a total investment yield of 6.4% in 2009.
Apart from having achieved outstanding financial performance in 2009, Ping An remained committed to fulfilling its corporate social responsibility in the year. The Group made a number of performance pledges including Ping An Property & Casualty's pledge to reimburse claims below RMB10,000 within 3 days upon the submission of necessary documentations; Ping An Life's campaign to help customers lodge successful claims; 72-hour protection in the event of credit card lost, Ping An Bank's free global ATM cash withdrawals and online remittance, and E-banking security. Some of these pioneering services have become new benchmarks for the industry, a strong proof of the effectiveness of Ping An's strengthened integrated business platform.
In April this year, Ping An was included in the top 500 companies of Forbes' "Global Listed Companies 2000" and The Financial Times "Global 500" due to its phenomenal financial performance in 2009. Fifty-four companies from the Mainland, Hong Kong and Taiwan made it to the 2010 Fortune Global Top 500 list. Ping An, ranking 383rd, was one of the few non state-owned enterprises on the list alongside with other outstanding private enterprises such as Huawei Technologies (397th) and Jiangsu Shagang Group (415th).
