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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 2021 HKDUSD
Gross Profit----
Operating income268,371.55M34,526.84M
Income before tax159,369.86M20,503.43M
Net income122,471.12M15,756.29M
Diluted EPS6.890.88
Dividends Per Share2.860.36
Total Assets12,373.54B1,587.10B
Total liabilities11,055.20B1,418.00B
Total equity993,787.11M127,469.07M
Operating cash flow436,176.69M56,115.50M
Currency in HKDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 1,104.49B 1,274.03B 1,248.57B 1,352.31B 1,421.07B
Gross Profit -- -- -- -- --
Operating income 250,851.74M 299,536.54M 251,080.85M 291,126.47M 268,371.55M
Income before tax 147,128.12M 171,837.01M 183,144.52M 192,060.54M 159,369.86M
Net income 102,726.20M 127,215.08M 169,415.05M 160,799.39M 122,471.12M
EBITDA -- -- -- -- --
Diluted EPS 5.75 7.12 9.50 8.83 6.89
Dividends Per Share 1.81 1.99 2.26 2.56 2.86
Total Assets 7,775.81B 8,126.51B 9,178.32B 11,272.65B 12,373.54B
Total liabilities 7,070.05B 7,346.91B 8,224.87B 10,101.35B 11,055.20B
Total equity 568,231.99M 634,617.86M 752,994.80M 904,121.81M 993,787.11M
Operating cash flow 367,005.65M 284,951.17M 417,534.12M 507,719.49M 436,176.69M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 141,732.40M 162,555.55M 159,355.01M 174,357.15M 182,826.10M
Gross Profit -- -- -- -- --
Operating income 32,190.12M 38,218.15M 32,045.24M 37,535.67M 34,526.84M
Income before tax 18,879.96M 21,924.85M 23,374.58M 24,762.85M 20,503.43M
Net income 13,182.16M 16,231.49M 21,622.30M 20,732.27M 15,756.29M
EBITDA -- -- -- -- --
Diluted EPS 0.73 0.90 1.21 1.13 0.88
Dividends Per Share 0.23 0.25 0.28 0.33 0.36
Total Assets 994,693.16M 1,037.95B 1,177.94B 1,453.81B 1,587.10B
Total liabilities 904,411.06M 938,381.55M 1,055.58B 1,302.75B 1,418.00B
Total equity 72,689.03M 81,056.26M 96,639.39M 116,602.95M 127,469.07M
Operating cash flow 47,095.37M 36,357.19M 53,289.54M 65,461.55M 56,115.50M

Valuation Measures

Dec 2021
Operating margin18.88%
Profit margin8.61%

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
  • Finance Director & Chief Financial Officer: Zhi Chun Zhang


  • The Vanguard Group, Inc. (2.5%)
  • Baillie Gifford & Co. (2.4%)
  • BlackRock Fund Advisors (2.2%)
  • Capital Research & Management Co. (Global Investors) (1.3%)
  • Capital Research & Management Co. (World Investors) (1.2%)
  • Dimensional Fund Advisors LP (1.0%)
  • State Street Global Advisors Asia Ltd. (0.9%)
  • Fidelity Management & Research Co. LLC (0.8%)
  • First Sentier Investors (Hong Kong) Ltd. (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 28 Nov, 2022

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