(Hong Kong, Shanghai, 9 February 2022) Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An” or the “Group”, HKEx:2318; SSE:601318) is featured in The S&P Global Sustainability Yearbook 2022 for its commitment to progress in sustainability.
Each year, S&P publishes the Global Sustainability Yearbook, the world’s most comprehensive publication of its kind, based on information collected through the S&P Global Corporate Sustainability Assessment (CSA). The CSA is an annual evaluation of companies’ sustainability practices. This is the second time Ping An has been recognized in the Yearbook. To be listed in the book, companies must score within the top 15% of their industry and must achieve an S&P Global ESG (environmental, social and corporate governance) Score within 30% of their industry’s top-performing company. In 2021, the CSA assessed over 7,500 companies, collecting 13.4 million data points across 61 industries. Only 716 companies internationally with top scores made it into the 2022 yearbook, including five mainland Chinese companies.
S&P Global said the time and effort Ping An invests into addressing the world’s biggest sustainability challenges sets the Company apart from its industry peers.
Driven by its sustainability strategy, Ping An has integrated core ESG philosophies and standards into its corporate governance and management framework. It has built a scientific and professional sustainability management framework to guide its business practices.
In terms of environmental impact, Ping An issued its second Climate Risk Management Report in 2021 in accordance with the recommended framework of the Task Force on Climate-Related Financial Disclosures（TCFD）. The report highlighted the innovation and standardization of its climate risk governance model. Ping An also upgraded its Green Finance initiative in April 2021, pledging that the Group will focus on green insurance, investment, credit, operations, and charity initiatives to support societal green transformation and sustainable development. Ping An has set targets for 2025 for investment and credit of RMB400 billion and total green insurance premiums of RMB250 billion by 2025. The Group is also working toward operational carbon neutrality by 2030.
Ping An has adopted global best practices in governance. The Group established a distinctive “251” risk management framework to prevent and resolve major financial risks: 2 refers to the dual risk matrix management and control system of the group and subsidiaries; 5 refers to information security risk, asset quality risk, liquidity risk, operational compliance risk and brand reputation risk; and 1 refers to a collaborative risk management and control platform of unified standards and requirements for the Group’s overall risk governance structure, management system and information systems.
In terms of social responsibility, Ping An continues to advance the Ping An Rural Communities Support program. Since the launch of the program in 2018, Ping An has provided RMB41.85 billion for poverty alleviation and industry revitalization. In 2021, Ping An provided RMB 12.016 billion in industrial poverty alleviation funds.
Ping An said it is a great honor to be included in the S&P Global Sustainability Yearbook 2022. Going forward, the Group will adhere to its sustainability philosophy and continue to integrate ESG into the business development to improve risk management and achieve stable business growth to create long-term value for investors.