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Introduction
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Ping An Insurance
(Group) Company of China, Ltd | Affairs
In April 2007,
Ping An was enlisted by the Forbes Global 2000 for its outstanding
operating performance and strong earnings growth, ranked the 440th
overall, up a significant 97 places from 2006. Ping An ranked the 36th out
of the 114 companies listed in the insurance category; the 11th out of the
44 listed in the China-listed company category; and the No.1 out of all of
the companies in the non-state-owned enterprise (non-SOE) category.
April 2007, Ping An was selected again as one of “The Most Respected
Enterprises In China” by Economics Observer newspaper in conjunction with
Beijing University Management Research Center. Ping An was the only
insurance company that has been honored for six consecutive year from
2001to 2007 to receive this award.
Affairs in history →
March 21 1988, Ping An Insurance Company came into existence in Shenzhen
China. Which is the first parochial ,joint-stock Insurance company in
china.
April 15 1988,Ping An accept the first insurance of 30.721 million.
On September 29 1992,
Ping An was formally renamed as Ping An Insurance (Group) Company of
China, Ltd
In 1995, policy fees
exceeds 5,000 million ，Total assets exceeds 8,000 million。
In 1996,policy fees
exceeds 10,000 million, employee number overstuff exceeds 50
thousand.
June 14 1999,24 delegacy of Ping An entered MDRT.
Earnings of year 2000
exceeds 1,000 million, assets quality is the primacy in financial
enterprises, Total assets income was the
runner-up in top 25 Insurance
Companies of Asia。
Ping An had the state join into Europe
Insurance alliance, which is the
only enterprises in Chinese Mainland.
Prepared and constructed 27 "Hope" benevolent
Schools all over the nation.
Ping An Renamed to "Ping
An Insurance (Group) Company of China, Ltd" in 2001.
In 2001,policy fees
exceeds 42,000 million, total assets exceeds 100,000million.
The board chairman of Ping An —— Mr Mingzhe Ma
came in director of LOMA and LIMRA. Mr Mingzhe Ma is the only person who
gained the both laurels the whole world.
September 15，Ping An service call 95511 went into
operation.
2002年10月8日 HSBC of Hong Kong became a shareholder
OF Ping An.
February 14 2003,Ping An became the state
Ping An Insurance (Group) Company of China,
Ltd. which constituted by Ping An P&C, Ping An Life, Ping An trust
and Ping An overseas investment, from then on, Ping An became a integrated
financial insurance group.
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Ping An was listed on the Hong Kong Stock Exchange on 24 June 2004 with
the stock name of “ Ping An of China ” and the stock number of "2318". The
market value of the Group exceeded US$10,000 million and is one of the
constituent stocks of MSCI China Index and Hang Seng Index. In November,
the company was recognized as the “Best Investor Relations for an IPO in
Asia ” by Investor Relations Magazine.
Since the commencement of the reform program in the property and casualty
business at the end of 2003, Shanghai was selected to be the first trial
run city in March 2004 and was proved successful in six months time. In
October, the program was launched in Beijing , and will gradually be
implemented to additional cities in 2005. This is a customer-oriented
program which aims to create a professional, efficient and stable agency
force through better customer and market segmentation, and job function
definition. It is believed that the program will help maintain the
company's core competitiveness and provide the best services to customers.
After the donation of 38 blood donation vehicles in 2002, Ping An
offered one-year serious disease and accident insurance policies to people
who have donated their hemopoietic stem cells (HSC) to the China Red Cross
from 2003 to 2006 on 29 March 2004 . The total endowed insured amount is
more than RMB100 million. As of December 2004, 182 donors have been
awarded this insurance policy with a total endowment of RMB63.7 million.
The company also organized a quiz game to promote HSC knowledge. In order
to recognize Ping An's contribution, the company was awarded the “2004
Best Blood Donation Promotion Award” by the Ministry of Health, the Red
Cross Society of China and the People's Liberation Army's Health
Department.
At the end of 2004, Ping An launched the “Olympics Project”
following the key qualities of the Olympic Games ?C unity, enthusiasm and
competitive spirit. The objective of the project is to improve the current
operating system and customer segmentation to provide the most
comprehensive services, further strengthen the company's position as a
leading international financial holding company and maintain a stable
growth in profits and returns.
Following the approval from the China Banking Regulatory
Commission, Fujian Asia Bank Ltd., jointly acquired by Ping An and HSBC,
was renamed Ping An Bank Limited o n 8 March 2004 . The headquarters was
relocated to Shanghai in the same year with a new branch office that was
opened in Fuzhou . Ping An Bank is able to leverage the strong IT network,
risk management system and resources of the group and fulfill the needs of
its customers. This is an important milestone of the company in becoming
an integrated financial group.
On 1 December 2004 , the Company's plan to set up an elderly
insurance subsidiary has been approved by the China Insurance Regulatory
Commission (CIRC). Ping An is one of the pioneers in this sector, which
allows the company to gain first mover advantage. In September 2004,
preparation of establishing Ping An Health Insurance Company of China,
Ltd. was approved by the CIRC. The establishment of these two subsidiaries
marks an important breakthrough for the company in providing specialized
insurance products.
On 17 September 2004 , Ping An held a foundation stone laying
ceremony in Shanghai Pudong for its national customer service support
centre. Th e centre will play a key role in improving the company ' s
customer services standard.
Ping An Life launched the sales support system on 10 November
2004 . A service platform is established for agents where alerts, news
update, enquiry centre, sales support, morning meeting and exchange forum
are provided. This as a result help improve the services standard of the
sales force, which is a key competitive advantage of Ping An.
On 21 December 2004, Ping An was selected as one
of the winners of the “Best Corporate Citizenship in China,” an award
jointly organized by the 21st Century Press Series and China Europe
International Business School. The company ' s responsible image to
shareholders, customers, employees and the community in the past 16 years
was highly appraised and it was the only financial institution that
received the award. In the same year, the company also received the “ 2003
Best CRM Company Award ” from Greater China CRM in January, the “ Most
Respected Company ” by Peking University and the Economic Observer in May.
The company ' s “ Intelligent Learning System ” also received the “
Outstanding Training System Award ” from the China Foundation for
Development of Financial Education in November.
After a two-year preparation, Ping An
successfully completed a trial run of its “ IT crisis recovery system ” on
11-12 December 2004. The trial run lasted for 28 hours and over 100
technicians participated. This demonstrates the company ' s ability to
manage crisis. As technology is becoming more and more important in the
operation of a financial institution, the establishment of reliable and
efficient system is crucial in protecting customers ' data and a smooth
operation.
On 12 January 2004 , Ping An signed a strategic
cooperation agreement with HSBC. Under the agreement, customers holding
HSBC's China Medical Card can call Ping An's 95512 emergency hotline for
assistance in China . Ping An is the first company in China providing
similar services.
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Ping An Insurance became the only China-based insurance company to be
included in the list of the world's 2,000 largest companies compiled by
the Forbes Magazine in April, 2005. It was ranked the 10th among the
category of Chinese companies and the 539th overall. It was also ranked
the 9th in the list of 100 strongest listed companies compiled by Fortune
Magazine Chinese version as it joined the list for the first time as a
listed company. In a survey conducted in August by the UK-based financial
press Financial Times, Ping An was recognized as "Top 10 World-class
Chinese Brands", as No.1 among all Chinese finance companies. In
September, Ping An Insurance was ranked No.3 in corporate governance
performance among a list of "Best Insurance Companies In Global Emerging
Markets" and No.1 among insurance companies operating in China, according
to a survey by Euromoney Magazine in September.
In May 2005, Ping An Health Insurance Company of China received the green
light from the China Insurance Regulatory Commission to commence business.
In June, Ping An Asset Management Company received an approval to commence
business and became the first domestic institution which is allowed to
invest in overseas markets. It became one of the largest institutional
investors in the domestic capital markets. On August 2, Ping An Annuity
Insurance Company of China, the first company in China specializing in
annuity insurance, was granted two licenses as a trustee and an investment
manager for Enterprise Annuity programs. Following the launch of these
specialist units, Ping An moved a step forward to become an integrated
financial services provider.
After a brief period of adjustment under a
difficult operating environment, Ping An Life Insurance Company of China
launched a series of strategies to make a return to robust growth in 2005.
These strategies included building a systematic organizational structure,
optimizing product mix, strengthening team management and enhancing
productivity for the individual staff members. New products received warm
responses from the market while activities to celebrate the tenth
anniversary of the "Customer Service Day" were overwhelmingly welcomed. In
addition, the individual life business was on the track for recovery,
raising morale of the distribution teams to a new high. The overall
business returned to a health track of rapid growth, reflecting the rich
potential of this unit.
In November 2005, Ping An Insurance Group raised
the paid-up capital of Ping An Trust and Investment Company by RMB1.5
billion to RMB4.2 billon from RMB2.7 billion, making the unit the largest
trust company in China by capital. Meanwhile, Ping An Trust injected
RMB500 million of capital to Ping An Securities. Ping An's consumer
finance unit, Ping An Easy Money, commenced business on December 14. This
marked a breakthrough for Ping An in the personal consumer finance market.
In January 2005, Ping An of China became the
first mainland insurance company allowed to invest its foreign exchange
funds in offshore markets, with a quota of US$1.75 billion. The company
has a high quality investment management team and comprehensive back-end
technical support. It has over the last few years developed an investment
management platform and a risk management system that align with global
best practices.
Ping An Bank's head office was relocated to the
Jingan Squaure in Shanghai from Fuzhou on July 5 2005. This Shanghai head
office is expected to be better able to provide a comprehensive range of
financial services, insurance products to Ping An's high-quality clientele
who are located in the Yangtze River Delta area and coastal cities. Ping
An Bank is taking this unique opportunity to accelerate its developments
to grow commercial banking into one of the core businesses of the Ping An
Group as a whole.
Ping An started to implement a performance-driven
accountability system across all business units within the first half of
the year. This system had been in practice among the senior management
officers and division supervisors for three years. More guidelines were
introduced to both the life and property and casualty business units to
strengthen rule-based operation across the organization.
In January 2005, Ping An Property & Casualty
Insurance set up four regional offices in China and launched a set of
guidelines to create a region-specific business management system. These
helped strengthen the management of the head office in Shenzhen in the
regional business units. In September, as part of a broader
customer-driven strategy, Ping An Property & Casualty initiated a reform
on its organizational structure, pursuant to which the firm would be
divided into six major administrative units: group business, individual
business, claims approval, customer service, actuary/IT, and
administration/finance. The backend support to the front-line sales is
greatly enhanced.
After the occurrence of the tsunami catastrophe
in Eastern Asia , Ping An Insurance promptly escalated its overseas rescue
system and supported rescue actions by providing premium-waived coverage
to the national rescue team. On July 29 2005, six Chinese tourists who
purchased Ping An's overseas travel emergency rescue insurance experienced
a fatal traffic accident in Austria. Ping An Insurance and its emergency
rescue partner " Euro Alarm " promptly started an emergent rescue mission,
the largest of its kind by Ping An.
Ping An considers its corporate citizenship as a
guiding principle for its business operations. It aspires to create the
best value for its shareholders, customers, employees and the society with
strict adherence to highest business ethics. In 2005, Ping An was actively
involved in a number of social activities, such as charity education, red
cross services and disaster aids, etc. The company was named "The Best
Chinese Corporate Citizen" by mainland newspaper 21st Century Business
Herald, "The Most Excellent Chinese Corporate Citizen in 2005" by Ministry
of Civil Affairs Corporate Citizen Working Committee. It received the
"China Charity Award" from Ministry of Civil Affairs, and was named "The
Most Respected Chinese Enterprise" by Peking University and Economic
Observer daily for four consecutive years.
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9 January, 2006 was a significant day in Ping An's history of development.
The market capitalization of Ping An exceed HK$100 billion for the first
time. As early as in July 1995, Dr Peter Ma, Chairman of Ping An,
recommended to 1,000 Ping An staff The Legend of Trillions, a book about
the development of Taiwan's Cathay Life Insurance. He then wrote a review
titled Make A Legend of Ping An Together after he finished reading the
book so as to encourage all staff to create "a bigger miracle than the one
Cathay Life Insurance has done". Ten years passed quickly, yet the Ping An
people do have made the legend a reality. Encouraged by policy directives
announced via "Opinions on Reforms of the Insurance Industry in China" by
the State Council, Ping An's core businesses and investment income enjoyed
sustaining growth. These achievements were warmly welcomed by the capital
market. On 15 December, 2006, Ping An saw its market capitalization
surpass the HK$200billion mark.
On July 28, 2006, Ping An announced that it would
acquire a 89.24% interest in Shenzhen Commercial Bank for RMB4.9 billion.
Upon approval by the China Banking Regulatory Commission, Shenzhen
Commercial Bank officially joined the Ping An Family by the end of the
year. Established in 1995, Shenzhen Commercial Bank is the first bank in
the PRC that focuses on a single city. It spent several years exploring a
proper business model and put in place modern management and organization
systems as in other modern commercial banks. The bank's development
progressed rapidly with it branch network extending the reach to every
corners of the city. The addition of Shenzhen Commercial Bank
significantly enhanced Ping An's capability in commercial banking and
moved the Group a step closer to its goal of becoming an integrated
financial service provider ready to provide a multitude of products to a
single client.
On May 26, 2006, as a magnificent gift to Ping
An's 18th anniversary, Ping An School of Financial Services officially
opened. A tree-planting ceremony commemorating the opening was hosted and
attended by Wu Dingfu, Chairman of the China Insurance Regulatory
Commission, and Xu Zongheng, Mayor of Shenzhen. Ping An has invested
RMB450 million in this school in an effort to realize its core mission of
"Converting Knowledge into Value". The school will play an important role
in helping the Group plan and integrate its training resources better. For
many years, Ping An has dedicated to creating a good training environment
to help all its staff upgrade their capability and value through a
well-planned training curriculum and with world-class training facilities.
The Ping An School of Financial Services will enhance the competitiveness
of Ping An's team, contributing to the ultimate establishment of a
knowledge-based business platform with major strengths in information
sharing and value maximization.
A new back-office centre supporting all of the
Group's operations commenced operation on June 3, 2006 in Zhangjiang
District in Shanghai. This Zhangjiang centre was established in accordance
with global best practices for financial services back-office operations.
After 5 years of ardent planning and construction efforts, the centre has
evolved into an integral part of Ping An's a customer-driven, one-stop
standardized platform. As part of Ping An's core strategy to groom itself
into a leading player in the industry, the Zhangjang centre adopts a
unified protocol for all service deliveries, customer information sharing
and back-office support. This unified protocol contributes positively to
cost control and risk management, two indispensable element that
strengthen Ping An's core competences.
On September 20, 2006, Ping An was again ranked
the NO.1 among all mainland-Chinese companies and insurance companies in
Asia in "Asia's Best Managed Companies 2006", an annual enterprise ranking
exercise by London-based Euromoney Magazine, for its outstanding
performance in company governance, quality management and marketing
strength. Ping An was also ranked the No.1. In recent years, Ping An has
made solid progresses in institutional reforms and management platform
building. All Ping An staff members have instituted good planning, strict
adherence to company policies and principles into their code of best
practices. This enhancement in Ping An's corporate culture can help boost
the momentum and appetite for innovative ideas for its team, an
instrumental step towards better capability in implementing the company
strategies.
On June 28, 2006, Ping An announced the
establishment of China Ping An Asset Management (Hong Kong) Company
Limited. Together with Ping An Asset Management Company Limited located in
Shanghai, the Group has created an integrated system for its asset
management businesses, contributing to the ultimate establishment of a
world-class investment management platform capable of making global asset
allocations under one roof. Since the release of the policy document
Several Opinions on Reform and Development of the Insurance Sector by the
State Council in 2006, asset management units created and run by insurance
companies are allowed to expand their business scope and insurance
companies are allowed more flexibility in investing their funds. Ping An
fully utilized opportunities prescribed in this policy document as it
designed asset management as one of the three basic pillars of its
business mix, in addition to insurance and commercial banking. Also during
the same year, Ping An's trust business enjoyed rapid development with
assets entrusted breached the RMB10 billion mark. Meanwhile, Ping An
Securities became one of the 18 securities brokerages approved by the
Securities Association of China to conduct a new series of "innovative
businesses", including sponsoring and underwriting of initial public
offerings (IPO) of new shares. Since then, Ping An Securities successfully
obtained approvals from the China Securities Regulatory Commission for
IPOs transactions it sponsored for 10 companies, representing a success
rate of 100% and was ranked the first in the industry. Seven of these
finally completed their IPOs, the highest in the industry in terms of deal
volume. Ping An Securities' deal volume for sponsoring non-tradable share
reform projects was also ranked the fourth in the industry. It was named
"The Best Sponsoring Agent for Small and Medium Cap Companies of 2006" by
the Shenzhen Stock Exchange.
In 2006, China Insurance Regulatory Commission
conducted a poll on customer satisfaction about their life insurers. Ping
An Life received the highest cores for measures on customer satisfaction
and loyalty and above-average scores for measures on after-sale services,
popularity of products and claim effectiveness. Ever since Ping An
established a target to put in place a "3A" service system in 2000, it has
been enhancing its customer service back-end system in an effort to
provide better service. It also upgraded its service for customers in the
VIP bracket across the board and implemented other including customer
service outlets, call centers and streamlining claim procedures, so as to
meet the diversified needs of the customers. Ping An's products won five
awards in "The First Innovative Insurance Product Awards China" in the
life, wealth management and pension categories.
Ping An announced on September 14, 2006 creation
of a RMB10 million China Ping An Charity, the largest of its kind by
insurance companies in China, to subsidize talented university students
who cannot afford tuition fees. This is one of the largest charitable
projects that Ping An has ever invested since the company was established.
In the recent years, Ping An has been allocating resources to build better
corporate citizenship. It released for the first time an annual report on
corporate citizenship during its 18th anniversary. It also invested RMB 1
million to create a nationwide network of Ping An Hope Primary Schools and
another RMB 1 million to put in place library facilities in these schools.
Meanwhile, Ping An initiated the establishment of "The Corporate
Citizenship Alliance of China". Because of its outstanding performance in
charity, Ping An was named for the Most Responsible Enterprise 2006, and
the Most Respected Enterprise for the fifth year in a roll, and the Best
Corporate Citizen in China for the third consecutive year.
In 2006, with an approval the China Insurance
Regulatory Commission, Ping An Property & Casualty Company of China raised
RMB 1.4 billion of capital, boosting its registered capital to RMB3
billion. The move made it one of the top three property and casualty
insurer in China. This unit achieved very good results during the year and
had been able to achieve all targets for the year 40 days ahead of the
scheduled deadline, thanks to its team effort in strengthening development
of its three key products and better coordination of sales efforts through
channels. On 4 June 2006, Ping An Property & Casualty secured an insurance
policy for the "South-North Water Transfer Project", the world's largest
irrigation work with the amount insured reaching RMB12.3 billion.
On December 15, 2006, the reorganization of Ping
An Annuity Insurance Company of China Limited was approved by the China
Insurance Regulatory Commission. Following a customer-driven strategy,
Ping An Annuity will establish 35 branches and 127 sub-branches in an
effort to create a platform for distribution of group products. Ping An
Annuity aspires to play an important role in development of China's
Enterprise Annuity system. After the reorganization, Ping An Annuity will
have in place a more extensive sales network, a more integrated network of
distribution intermediaries, a better product mix, better technical
back-up support and a stronger team of talents to provide customers more
professional protection against risks and annuity management services.
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