Insurance

Ping An announces that it has been named World's Most Valuable Insurance Brand

Ping An Insurance (Ping An) has announced that it has been named as the world's most valuable insurance brand in a recent brand valuation report conducted by consultancy Brand Finance.

The Global 500 200 Ranking report, which first began in 2007, placed Ping An at a global ranking of 9th, reporting that Ping An’s brand value increased 20% year on year to USD60.6 billion. The ranking has meant that the insurance firm has held its spot for the fourth year in a row.

In the 2020 edition of the report, Brand Finance brough into consideration the impact of the Covid-19 pandemic, enterprise value, estimating the likely impact on brand value for each sector. The Brand Finance Insurance 100 evaluates the brand value of a company in three aspects: the Brand Strength Index, Brand Royalty Rate and Brand Revenues, according to a press release by Ping An.

Following the publication of the report, Brand Finance said: “Ping An's commitment in expanding its business portfolio to non-insurance sectors and digital development have made it stand out from its peers.”

During Q1 2020, Ping An continued to enhance its technological capabilities, in order to provide high quality products and services to customers amidst the Covid-19 epidemic. Ping An delivered solid results in the first quarter of 2020, according to the firm: operating profit attributable to shareholders of the parent company rose 5.3% year on year toUSD5,073 million, and operating profit after tax of the life and health insurance business rose 23.0% year on year to USD3,467 million, reportedly due to its efforts in developing innovative online operating models. Ping An acquired 8.71 million new retail customers during the period.

Ping An said: “Going forward, Ping An will continue to adhere to its customer-centric philosophy and apply technological innovations to the development of retail financial products and the improvement of customer services. Under our 'finance + technology' and 'finance + ecosystem' strategies, Ping An aims to empower financial services with technologies. Ping An will seize development opportunities for FinTech and HealthTech, to make significant contributions in constructing smart city, fulfilling its social responsibility and safeguarding people's livelihoods.”

In addition to Ping An's achievements, Chinese insurance brands in general have a significant presence in the Brand Finance Insurance 100 2020 ranking, with a total of 12 Chinese insurers featured, says Ping An. The total brand value of these Chinese insurance brands reached USD151.5 billion, and the five Chinese insurance brands featured in the top 10 are Ping An, China Life, AIA, CPIC and PICC.