Ping An advances green insurance, increases premiums in FY23

In its sustainability report, the insurer shared 10 achievements for 2023.

Ping An Insurance focused on five key areas in 2023 for the company to reach its sustainability goals. 

Mainly addressing customer needs, developing the "integrated finance + healthcare and elderly care" 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. 

In its recent release of the 2023 Sustainability report, Ping An highlighted 10 achievements:
1. Corporate Governance and Performance Metrics:

Ping An maintained its streak of cash dividend increases for 12 consecutive years, distributing a full-year cash dividend of RMB2.43 per share in 2023.

Performance metrics linking sustainability to senior management pay were introduced, aligning with global best practices in corporate governance.

2. Green Development and Insurance:

Ping An witnessed a remarkable 49% year-on-year increase in green insurance premium income, reaching RMB37.3b in 2023.

The Group's sustainable insurance premium income totaled RMB 557.7b, supporting economic development and environmental improvement.

3. Financial Inclusion and Accessibility:

Ping An expanded its financial services reach, operating 59,303 financial service points nationwide and providing comprehensive risk protection to over 2.29 million small and micro enterprises.

4. Responsible Investment and ESG Integration:

ESG factors were fully integrated into Ping An's investment decision-making process, with responsible investment of insurance funds reaching RMB725.3b.

Over 83% of the Group's insurance fund investment portfolio was managed by UN PRI signatories, reflecting a strong commitment to sustainable investment practices.

ALSO READ: Ping An posts $16.3b operating profit in 2023

5. Carbon Emissions Reduction and Green Operations:

Ping An demonstrated a 14% year-on-year reduction in carbon emissions, launching China's first carbon account system in the insurance industry to track and manage employee carbon emissions.

The group's per capita emissions decreased by 5.6% year-on-year, reflecting its commitment to green operations and environmental stewardship.

6. Healthcare and Elderlycare Ecosystem:

Ping An continued to advance its healthcare and elderly care ecosystem strategy, serving nearly 64% of its retail customers and contributing to over 73% of Ping An Life's new business value.

7. Employee Development and Welfare:

Ping An invested in employee training and welfare, offering 375 training courses and achieving an employee satisfaction score of 87/100.

Long-term incentive mechanisms, including the Core Personnel Stock Ownership Plan, were implemented, fostering employee engagement and ownership.

8. Customer Experience and Information Security:

Ping An enhanced consumer protection and experience, achieving a Net Promoter Score (NPS) of 59 in 2023 and improving information security governance.

The Group achieved ISO/IEC 27001/27701 certification with a 100% approval rate of annual certifications, ensuring the confidentiality and integrity of customer information.

9. Social Responsibility and Community Impact:

Ping An fulfilled its social responsibilities through initiatives such as the Rural Communities Support Program, providing RMB40.7b in industrial revitalisation assistance funds and supporting the construction of Ping An Hope primary schools.

10. Technological Innovation for Sustainable Development:

Ping An leveraged technology to drive sustainable development, achieving a total gross premium of RMB300.3b through self-service insurance renewals with AI guidance.

Technological solutions like the Disaster Risk System (DRS 2.0) facilitated disaster mitigation efforts, exemplifying Ping An's commitment to leveraging technology for societal benefit.