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Ping An Insurance (Group) Co. of China Ltd.

Company Background

Ping An Insurance Group is a Chinese financial conglomerate with banking, asset management and other units. It has nearly 90 million customers. Ping An was established in the southern city of Shenzhen, Guangdong Province, in 1988 as China's first joint-stock insurance company. It entered the banking business in 2006 when it purchased a bank in the city and renamed it Ping An Bank.


The company has 236,000 employees and 635,000 insurance agents. Many of the types of policies it promotes have not entered the mainstream in China. It ranks second in both the life and nonlife insurance markets in terms of premium revenues.


One of Ping An's key strengths is its ability to comprehensively offer a range of financial services, including insurance, banking, trust, securities, futures and asset management.


Ping An stands out among Chinese financial institutions for its aggressive acceptance of foreign capital. HSBC of the U.K. became its single largest shareholder in 2002. HSBC later sold its stake under a new management policy, making Thai conglomerate Charoen Pokphand Group the biggest investor. Other shareholders include Tamasek Holdings, an investment company owned by the government of Singapore.

Business Summary

Ping An Insurance (Group) Co. of China Ltd. engages in the provision of financial products and services. It operates through the following segments: Insurance, Banking, Trust, Securities, Other Asset Management, Technology, and Others. The Insurance segment offers life, property and casualty, pension, and health insurance services. The Banking segment undertakes loan and intermediary business, wealth management, and credit card services. The Trust segment provides trust services and undertakes investing activities. The Securities segment undertakes brokerage, trading, investment banking and asset management services. The Other Asset Management business segment provides investment management services and financial leasing business, reflecting performance of asset management and financial leasing and the other asset management subsidiaries. The Technology business segment provides financial and daily-life services through internet platforms such as financial transaction information service platform, health care service platform, reflecting performance summary of the technology business subsidiaries, associates and jointly controlled entities. The company was founded by Ming Zhe Ma on March 21, 1988 and is headquartered in Shenzhen, China.

Financial Highlights

Dec 2022 HKDUSD
Gross Profit----
Operating income179,539.09M22,928.20M
Income before tax111,229.29M14,204.64M
Net income97,418.95M12,440.98M
Diluted EPS5.500.70
Dividends Per Share2.770.35
Total Assets12,476.10B1,598.48B
Total liabilities11,156.55B1,429.42B
Total equity964,068.56M123,520.14M
Operating cash flow764,712.19M97,658.29M
Currency in HKDCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 1,274.03B 1,248.57B 1,352.31B 1,421.07B 1,303.30B
Gross Profit -- -- -- -- --
Operating income 299,536.54M 251,080.85M 291,126.47M 268,371.55M 179,539.09M
Income before tax 171,837.01M 183,144.52M 192,060.54M 159,369.86M 111,229.29M
Net income 127,215.08M 169,415.05M 160,799.39M 122,471.12M 97,418.95M
EBITDA -- -- -- -- --
Diluted EPS 7.12 9.50 8.83 6.89 5.50
Dividends Per Share 1.99 2.26 2.56 2.86 2.77
Total Assets 8,126.51B 9,178.32B 11,272.65B 12,373.54B 12,476.10B
Total liabilities 7,346.91B 8,224.87B 10,101.35B 11,055.20B 11,156.55B
Total equity 634,617.86M 752,994.80M 904,121.81M 993,787.11M 964,068.56M
Operating cash flow 284,951.17M 417,534.12M 507,719.49M 436,176.69M 764,712.19M
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 162,555.55M 159,355.01M 174,357.15M 182,826.10M 166,440.39M
Gross Profit -- -- -- -- --
Operating income 38,218.15M 32,045.24M 37,535.67M 34,526.84M 22,928.20M
Income before tax 21,924.85M 23,374.58M 24,762.85M 20,503.43M 14,204.64M
Net income 16,231.49M 21,622.30M 20,732.27M 15,756.29M 12,440.98M
EBITDA -- -- -- -- --
Diluted EPS 0.90 1.21 1.13 0.88 0.70
Dividends Per Share 0.25 0.28 0.33 0.36 0.35
Total Assets 1,037.95B 1,177.94B 1,453.81B 1,587.10B 1,598.48B
Total liabilities 938,381.55M 1,055.58B 1,302.75B 1,418.00B 1,429.42B
Total equity 81,056.26M 96,639.39M 116,602.95M 127,469.07M 123,520.14M
Operating cash flow 36,357.19M 53,289.54M 65,461.55M 56,115.50M 97,658.29M

Valuation Measures

Dec 2022
Operating margin13.77%
Profit margin7.47%

Key executives

  • President, Co-CEO & Executive Director: Yong Lin Xie
  • Co-CEO, Executive Director & Chief Actuary: Jason Yao
  • Co-CEO, Executive Director & Executive VP: Sin Ying Tan
  • COO & Director-Strategic Development Center: Xin Fu
  • Chief Financial Officer & Finance Director: Zhi Chun Zhang


  • The Vanguard Group, Inc. (2.6%)
  • BlackRock Fund Advisors (2.3%)
  • Baillie Gifford & Co. (2.0%)
  • Capital Research & Management Co. (Global Investors) (1.5%)
  • Capital Research & Management Co. (World Investors) (1.4%)
  • Dimensional Fund Advisors LP (0.8%)
  • State Street Global Advisors Asia Ltd. (0.8%)
  • Capital International Ltd. (0.8%)
  • Fidelity Management & Research Co. LLC (0.8%)

Contact Details

  • Website:
  • Address: Ping An Finance Center, 47-48-108-109-110-111-112 Floor, Shenzhen, 518033, China
  • Phone: +86.400.8866.338

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Last Updated on 31 Mar, 2023

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