HONG KONG and SHANGHAI, April 15, 2024 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An", the "Company" or the "Group", HKEX: 2318 / 82318; SSE: 601318) has published the "Ping An Sustainability Report 2023: Together With Hope" (hereafter "the Report"). The Report highlights the Group's innovation and practices in sustainable development in 2023 in five areas, including sustainable development and strategy management, sustainable business, sustainable operations and community, sustainable governance and Task Force on Climate-Related Financial Disclosures (TCFD) report. This is the 15th consecutive year Ping An has released a sustainability report.
Sustainable development is one of Ping An's development strategies and the basis for maximizing the Group's long-term value. Ping An continues to focus on addressing customer needs, developing the "integrated finance + healthcare and elderlycare" strategy, improving corporate governance and risk management and control mechanisms, pursuing green and low-carbon development, and contributing to China's "dual-carbon" goals – to reach peak carbon emissions by 2030 and carbon neutrality by 2060. The Group is committed to creating robust and sustainable long-term value for customers, employees, shareholders and society.
10 highlights of Ping An's sustainable development in 2023
Technology-driven sustainable development
Ping An widely utilizes the leading technological capabilities to empower its main financial businesses, achieving cost reduction, efficiency improvement and promotes sustainable development. In 2023, Ping An achieved a total gross premium of RMB300.3 billion through customers' self-service insurance renewals with AI guidance, an increase of 13% year-on-year; AI service representatives provided customer service about 2.22 billion times. Ping An P&C's Disaster Risk System (DRS 2.0) and catastrophe emergency service platform developed by provides strong technological support for disaster mitigation. The system covers eight kinds of disaster risk maps, including typhoons and rainstorms, and 15 disaster early warnings. In 2023, Ping An issued 572,000 warnings about the potential impact of typhoons, rainstorms, floods and other disasters and sent 8.57 billion early warning messages, covering 87.04 million individuals and enterprises, and provided on-site hazard investigation and other services for more than 52,000 customers.
Sustainable supply chain
Ping An integrated ESG requirements into its closed supply chain management, from selection and verification, management and integrity to tracking and feedback, and focuses on suppliers' ESG performance in aspects of information security, employee rights and interests, and environmental protection. Ping An has added ESG requirements to existing supplier contracts, including information security and privacy protection, low-carbon and green technology transformation and development, labor rights protection and employee development, 100% of supplier contracts have included sustainability requirements. In 2023, Ping An provided targeted education on ESG management requirements and ESG risk practice for suppliers, with annual training coverage of 100%. The Group eliminated 393 suppliers due to failure to meet sustainable development and other requirements.
Industry leadership
Ping An continues to leverage its influence in sustainable development in the industry as well as strengthen internal management. In 2023, Ping An Group participated in the formulation of two industry-wide ESG standards: 1) the self-regulatory Green Insurance Classification Guidelines (2023 Edition) covering green insurance products, green investment of insurance funds and green operation of insurance companies and 2) the Guidance for Disclosure of Environmental, Social and Governance (ESG) Information for Insurance Institutions. The latter is the first domestic self-regulatory document for enhancing ESG disclosure frameworks and content in the insurance industry. Furthermore, Ping An became the first asset owner signatory from Chinese to the UN Principles For Responsible Investment (UNPRI) and the first company in Chinese mainland to sign the United Nations Environment Program Finance Initiative (UNEP FI) Principles for Sustainable Insurance (PSI) and Climate Action 100+.
In 2023, Ping An maintained "A" in MSCI ESG Ratings and remained No. 1 in the multiline insurance and brokerage industry in the Asia Pacific region. The Group was also awarded Top 1% of Chinese Companies in the S&P Global ESG Score by S&P's Sustainability Yearbook (China) 2023. Ping An has also received a "Low Risk" ESG Risk Rating from Sustainalytics, ranked #1 in Mainland China's insurance sector.
The sustainability report was compiled in accordance with the Environmental, Social and Governance Reporting Guide of the Stock Exchange of Hong Kong Limited and with reference to the Guidelines on Environmental Information Disclosure for Financial Institutions in Shenzhen, Global Reporting Initiative (GRI) Sustainability Reporting Standards, Guidelines on Environmental Information Disclosure for Financial Institutions issued by Insurance Association of China, as well as the Sustainability Accounting Standards on Commercial Banks, Insurance and Asset Management & Custody Activities published by the Sustainability Accounting Standards Board (SASB). Deloitte Touche Tohmatsu Certified Public Accountants (LLP) has carried out an independent third-party assurance on the Report. To access the full report, please click here.
About Ping An Group
Ping An Insurance (Group) Company of China, Ltd. (HKEx:2318 / 82318; SSE:601318) strives to become a world-leading integrated finance and healthcare services provider. With 232 million retail customers, Ping An is one of the largest financial services companies in the world. Under the technology-driven "integrated finance + healthcare" strategy, Ping An provides professional "financial advisory, family doctor, and elderlycare concierge" services. Ping An advances intelligent digital transformation and employs technologies to improve the quality and efficiency of its financial businesses and enhance risk management. The Group is listed on the stock exchanges in Hong Kong and Shanghai. As of the end of 2023, Ping An had RMB11,583,417 million in total assets. The Group ranked 16th in the Forbes Global 2000 list in 2023 and ranked 33rd in the Fortune Global 500 list in 2023.
For more information, please visit www.group.pingan.com and follow us on LinkedIn - PING AN.
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