Insurance
Insurance Business
Ping An’s insurance businesses offer life, health, pension, and property and casualty insurance services.
Life and Health Insurance
Ping An conducts its life and health insurance business through Ping An Life, Ping An Annuity, and Ping An Health Insurance.
The Chinese life insurance market has bright prospects in the long run, given the growing demand for comprehensive health and senior care services.
By upgrading its “insurance + service” solutions, Ping An Life continues to strengthen its presence in the health and senior care sectors to provide customers with professional and personalized services. Life & Health new business value (NBV) grew 11.0% year-on-year to RMB22,320 million. NBV of the agent channel, and NBV per agent increased by 10.8% and 36.0% year on year, respectively, in the first half of 2024.
Under a customer-centric philosophy, Ping An Life is continuously diversifying and upgrading its insurance product portfolio to provide more comprehensive productions.
Insurance Products
Ping An Life focuses on core customer demands for health protection, pension reserves, and wealth management, amid increasing household wealth, accelerating aging of the population, and diverse insurance protection needs in China.
Insurance + Healthcare
Healthcare management covers customers' every life stage with family doctor services, health assessments, reward programs, and an array of health plans. Ping An aims to retain customer loyalty with high quality premium products and services.
Insurance + Senior Care
Senior care includes home-based and high-end care, combining financial protection with healthcare and tailored concierge services to meet the daily needs of senior living. Ping An's vision is to provide a happy, healthy and fulfilling life for seniors.
“Insurance + service” offerings gained traction in 2024. Ping An Life provided health management services to nearly 16 million customers in the first half of 2024. Over 120,000 customers qualified for home-based senior care services, covering 64 cities across China as of June 30, 2024. Ping An also unveiled premium health and senior care communities in five cities, currently under construction and set to open in 2025.
Property and Casualty Insurance
Ping An Property & Casualty covers all lawful property and casualty insurance businesses, including auto, corporate property and casualty, engineering, cargo, liability, guarantee, credit, home contents, accident and health, and international reinsurance.
Ping An P&C uses new technologies to promote online customer development and enhance services. The Ping An Auto Owner app had over 218 million registered users as of June 30, 2024, with over 142 million vehicles linked to it. Monthly active users of the app exceeded 37.88 million in June 2024.
The Ping An Auto Owner app’s artificial intelligence (AI) image recognition accurately matches each insurance claim with databases covering vehicles, auto parts, repair facilities and costs for services. In a matter of seconds, insurance companies can determine the appropriate damages to be paid out, reducing costs related to claims process inefficiencies and risk of insurance fraud. The solution integrates third-party services, including towing, parts providers and claims adjusters.
Insurance Funds Investment Portfolio
Ping An’s insurance funds investment portfolio is comprised of investable funds from Life, Health, and P&C insurance businesses. As of June 30, 2024, the company’s insurance funds investment had grown 10.2% year-on-year to more than RMB5.20 trillion.
Ping An upheld a balanced and prudent approach to its insurance funds investment portfolio under the guidance of long-term strategic asset allocation in the first half of 2024. Via active and disciplined tactical operations, the portfolio achieved an annualized comprehensive investment yield of 4.2% in the first half of 2024, up by 0.1 pps year-on-year.