Ping An Insurance is one of the world’s largest insurance companies and one of China’s biggest financial service providers. Founded in 1988 in Shenzhen, the company grew along with China’s economic development. Today, Ping An has extended its business ventures far beyond insurance services to include many other financial and medical services.
All-round talent
Ping An partly owes its success to its unique business strategy of being a generalist and a specialist at the same time. Under the umbrella of the Ping An brand, the company continues to expand its business operations. Through brands such as Ping An Securities, Ping An Bank, and Ping An Asset Management, the group offers a broad range of financial services. These subsidiaries are very successful in their field of operation. For instance, Ping An’s private banking division, as well as its securities firm, are among the leaders in their industry.
To maintain its role as a market-leading all-rounder, Ping An emphasizes investment in new business ventures and innovation. The company maintains several research institutes and laboratories and has cooperation with China’s leading universities such as Peking University, Qinghua, and Fudan University. In addition to that, Ping An invests a significant share of their profits into new technologies through their Ping An Technology unit, which aims to develop artificial intelligence, blockchain technology, and smart cities. As a result, measured by the number of blockchain invention patent applications, Ping An is in third place worldwide.
Strong associates
With the application of modern technology, Ping An strives to further the reach of their traditional services to new customers. Therefore, Ping An has developed a comprehensive assortment of FinTech subsidiaries. For instance, the technology as a service company Ping An One Connect brings digital infrastructure to small and medium-sized financial institutions. Lufax Holding provides personal finance solutions and One Transact is a digital payment service company that partners with Tenpay and Alipay.
Besides FinTech ventures, several of Ping An’s associate enterprises also expand their operations into China’s booming MedTech industry. Ping An Good Doctor is a telehealth company that provides direct online medical services. Ping An Health Connect strives to develop an AI-supported health insurance business. Given Ping An Group’s tech investments, it is likely that the enterprise will bring about more AI and blockchain-related startups.
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