Ping An Insurance (Group)

Ping An Insurance (Group) Company of China, Ltd ("Ping An" or "the Group") is the first integrated financial services conglomerate in China that blends its core insurance operations into securities brokerage, trust and investment, commercial banking, asset management and corporate pension business to create a highly efficient and diversified business profile. The Group was established in 1988 and headquartered in Shenzhen, Guangdong Province, China. It has been listing its H-Shares on the Hong Kong Stock Exchange under the name "Ping An" and stock code "2318" since June 2004. On March 1, 2007, Ping An debuted trading of its A-Shares on the Shanghai Stock Exchange under the name "Ping An of China" and stock code "601318".

The Group is the holding company of the following subsidiary companies: Ping An Life Insurance Company of China, Ltd. ("Ping An Life"); Ping An Property & Casualty Insurance Company of China, Ltd. ("Ping An Property & Casualty"); Ping An Annuity Insurance Company of China, Ltd.; Ping An Asset Management Co., Ltd.; Ping An Health Insurance Company of China, Ltd.; China Ping An Insurance Overseas (Holdings) Limited; China Ping An Trust & Investment Co., Ltd., and Shenzhen Ping An Bank. China Ping An Trust & Investment Co., Ltd. holds Ping An Securities Company; and Ping An Overseas holds China Ping An Insurance (Hong Kong) Co., Ltd., and Ping An of China Asset Management (Hong Kong) Co., Ltd.

As at 30 June 2008, under International Financial Reporting Standards (IFRS), consolidated total assets and total equity of the Group were RMB 688,773 million and RMB 87,928 million respectively; under PRC Accounting Standards, the Group’s total assets were RMB 643,606 million and total shareholders’ equity was RMB 80,955 million.

In July 2008, Fortune Magazine released the annual list of Global 500. Ping An, based on its operating income of USD18bn in 2007, debuted as No.462 among the 500 largest companies in the world, and ranked No.1 among the Chinese non-SOEs in the list.

In April 2008, Forbes Magazine released the annual list of Global 2000. Ping An was again among the 500 largest companies in the world, ranking No.293, up 147 places from 2007. Among 151 Chinese companies in the list, Ping An ranked No.9, and again No.1 among the non-SOEs. Meanwhile, in the list of FT Global 500 of largest companies in terms of market values in 2008 released by Financial Times, Ping An ranked No.140 among companies around the world, and No.4 in the global insurance industry.

The Group provides financial services including insurance coverage, investment and wealth management for about 40.95 million individual clients and about 1.97 million corporate clients. It has about 315,000 life insurance sales agents, over 70,000 full-time employees, and more than 3,000 branch- and sub-branch-units and sales offices. During Jan 1 ~ Jun 30, 2008, Ping An realized a total income of RMB 63,633 million and a net profit of RMB 9,719 million on the IFRS basis. In terms of premium incomes, Ping An Life is the second largest life insurance company in China, and Ping An Property & Casualty is the third largest property and casualty insurance company in China.

Ping An's mission is to fulfill its commitments to its investors, customers, employees and society. Ping An's goal and commitment to investors is to produce stable returns and boost asset values. Ping An's commitment to customers is to provide the best services with integrity. Ping An's commitment to employees centers on being a responsible employer and providing the conditions for better living and career development. Last but not least, Ping An's commitment to Society is based on Ping An's desire to feed back to the society and contribute to the development of the country. Ping An focuses on value creation and the pursuit of excellence. Ping An advocates that each employee be a person of integrity and value by highlighting individual virtues such as "honesty, trustworthiness, entrepreneurship, and achievement," and team qualities such as "unity, vitality, learning and innovation". The mechanisms of "competition, motivation, elimination" are implemented, together with a distinctive, professional, advanced and long-term business philosophy.

As a pioneer in China’s emerging financial services industry, Ping An also takes it a mission to serve as a leader in corporate social responsibility. It has one of the largest and longest-established corporate philanthropy programs in China, ranging from education, social health and medical, and disaster rescue. By the end of 2007, Ping An had spent RMB 11 million building 52 Hope Primary Schools in China. Ping An has also given study grants worth more than RMB 6 million to outstanding university students in need in a “Ping An Elite University Student Grant” program for four consecutive years, and donated over RMB 1 million to support "China Children Protection and Education Program" for five consecutive years. Ping An has also donated blood donation vehicles worth more than RMB 10 million to the Red Cross Society of China and the blood donated by its employees reached 800 million cc. Ping An provides accident and critical illness insurance coverage for those who donated hemopoietic stem cells (HSC) starting in 2003 and until 2010. The premiums of the donated policies exceed RMB 300 million.