Ping An's Remarkable Achievement: Sixth Director of the Year and First Climate Governance Award

Ping An Insurance Celebrates Award Wins

Ping An Insurance (Group) Company of China, Ltd., commonly referred to as Ping An, has recently accomplished a significant milestone in corporate governance by winning the Director of the Year Award and the inaugural Climate Governance Award from the Hong Kong Institute of Directors (HKIoD). This recognition, awarded on November 28, 2024, marks the sixth instance where Ping An's Board of Directors has been honored with the Director of the Year Award.

The recognition from HKIoD not only acknowledges the exemplary performance of Ping An's board but also highlights the company's commitment to sustainable governance practices. This award reflects the dedication of Ping An’s board members in prioritizing the interests of shareholders while fostering the long-term development of the company, particularly within the realms of integrated financial services, healthcare, and senior care.

Mr. Ng Sing Yip, an Independent Non-executive Director, accepted the awards on behalf of the board. In a statement, he emphasized that Ping An's status as a world-leading provider of integrated financial, healthcare, and senior care services directly correlates to its high standards of corporate governance and the steadfast trust it has cultivated with stakeholders. The award presentation also featured prominent board members, showcasing a diverse and accomplished leadership team that includes professionals from various sectors such as insurance, banking, accounting, and technology.

Since its inception in 1988, Ping An has developed into one of the most comprehensive integrated financial service providers on the mainland, actively engaging in innovative strategies to drive its business forward. The company's board is composed of 15 directors with diverse expertise, including six independent non-executive directors, making up 40% of the board. This exceeds the industry average, underscoring Ping An’s commitment to maintaining a balanced and robust governance structure.

In 2023 alone, the board successfully facilitated 26 training sessions focused on corporate governance and sustainable development, ensuring that all members are well-versed in the current trends and challenges within the industry. Over the past two decades, the board has conducted on-site reviews at various operational levels, gathering employee feedback to continuously improve operations and management practices across the business.

The strategic leadership demonstrated by Ping An’s Board of Directors has positioned the company for burgeoning growth across its three core businesses: life and health insurance, property and casualty insurance, and banking—all of which recorded substantial increases in operating profit in the first three quarters of 2024. The overall operating profit attributable to shareholders reached RMB113.82 billion, an increase of 5.5% year-on-year, while revenue surged to RMB775.38 billion, marking a 10.0% improvement.

Amidst a rapidly evolving market landscape, Ping An has shifted its focus from cross-selling services to comprehensive customer management. Notably, as of September 30, 2024, the company has grown its retail customer base to 240 million, reflecting an increase of 3.8% for the year. The retention rates are particularly impressive, with 98.0% of customers maintaining relationships with the Group, and over 25% holding more than four contracts.

Ping An is increasingly recognized for its healthcare and senior care initiatives. Over 19.5 million life insurance customers have engaged with services within Ping An's health and senior care ecosystem, following the innovative and integrated model that promotes holistic support for senior citizens.

Moreover, the company has pledged to achieve carbon neutrality across all operations by 2030, taking substantive steps toward integrating environmentally sustainable practices within its corporate governance framework. In 2023, Ping An introduced a carbon account system for its employees, monitoring low-carbon behaviors and contributing to corporate climate governance initiatives.

The recognition from the HKIoD is the culmination of Ping An’s relentless pursuit of excellence in corporate governance and its efforts in sustainable development, which have garnered the company prestigious ratings from various industry evaluators. With an A rating from MSCI ESG Ratings for the past two consecutive years and being named