Business
Ping An Insurance Group started off in 1988 as a property and casualty insurance company, later diversifying into insurance, banking, asset management, financial services and healthcare services.[8]
Ping An has licenses to offer financial services, including insurance, banking, trusts, securities, futures and financial leasing.[9]
Ping An has also adopted an integrated financial model on a mix of business lines, including life insurance, P&C insurance, banking and securities.[10] The company invests 1% of its revenues into R&D each year to branch out its businesses, adopt technology and support the building of its healthcare and senior care ecosystem.[11]
Since the mid-1990s, Ping An has been subsequently taken investments from overseas firms such as Morgan Stanley and Goldman Sachs in 1994. In 2002 HSBC took a large equity interest in Ping An.[12] In early 2008, Ping An agreed to take a 50% share in Fortis Investments, a subsidiary of Fortis,[13] which had taken over ABN AMRO Asset Management as a result of the split up of ABN AMRO in late 2007; the deal was canceled in October 2008.[14]
In June 2009, Ping An became a strategic investor in Shenzhen Development Bank[15] (now part of Ping An Bank).
In 2012, the company created Ping An Ventures, a $150M VC fund which invested in over 100 companies, such as Didi Chuxing, Hycor Biomedical, Meituan, Oscar Health, Payoneer, Taulia, and others.[16][17] In 2014, together with SBT Venture Capital Ping An led a $27M funding round for eToro.[18]
In 2016, Ping An Healthcare and Technology (Ping An Good Doctor) completed a Series A funding round of a total of US$500 million, making its valuation hit US$3 billion. Ping An also bought a 48% stake in Chinese car website Autohome Inc. from Telstra Corp. for $1.6 billion.[19]
In February 2018, three technology subsidiaries of Ping An completed private placement financing, which received positive responses particularly from international institutional investors. They were Ping An Healthcare and Technology Company Limited, Ping An Medical and Healthcare Management Co., Ltd and OneConnect Financial Technology Co., LTD.[20]
In June 2019, Ping An One Connect Bank officially commenced operation after receiving a virtual banking license from the Hong Kong Monetary Authority in May 2019. In December 2019, OneConnect Financial Technology was listed on the New York Stock Exchange.[21]
In 2019, Ping An became the first insurance company from mainland China to be selected for the Dow Jones Sustainability Emerging Markets Index (DJSI).[22]
In October 2020, Lufax, one of China's leading online wealth management platform, listed on the New York Stock Exchange.[23]
In May 2021, Ping An released the Ping An Zhen Yi Nian healthcare brand. The product line was mainly targeted at supporting urban elderly care communities, and integrates corporate finance, medical care and health technology.[24]
In July 2021, Ping An and Shionogi signed agreements to launch joint ventures in Shanghai and Hong Kong. Ping An-Shionogi is a Healthcare as a Service (HaaS) enterprise, an integrated medical and healthcare platform for public health and patients. The joint venture is a collaboration between the Ping An and Shionogi on drug research, development, production and sales.[25]
In October 2021, Ping An Bank rolled out services under the Cross-boundary Wealth Management Connect pilot scheme.[26]
In January 2022, Ping An Life (a subsidiary of Ping An) received approval from the CBIRC for its investment in New Founder Group.[27]
In July 2022, OneConnect (Ping An's fintech subsidiary) listed on the main board of the Hong Kong Stock Exchange by way of introduction and dual-primary listing.[28]
In February 2023, Ping An Bank Hong Kong Branch was granted an insurance agency license by the Hong Kong Insurance Authority.[29]
In November 2023, it was entered into the MSCI KLD 400 Social Index.[30]
As of 30 June 2024, Ping An has grown its health ecosystem in China by partnering with the country's top 100 hospitals and 3A hospitals, 50,000 in-house and contracted external doctors and 233,000 pharmacies.[31] Ping An's home-based senior care services covered 64 cities across China with over 120,000 customers entitled to the benefits.[32] Customer's entitled to service benefits in the healthcare and elderlycare ecosystem accounted for over 68% of Ping An Life's new business value in 2024.[33]
In February 2025, Ping An Healthcare and Technology announced that its artificial intelligence model and its platform designed for doctors now have built in access to DeepSeek's model. Ping An said access to DeepSeek's model will help to further enhance its medical services by assisting doctors in making more accurate diagnoses and providing personalized health management. Ping An Healthcare and Technology is undergoing further research and development of AI technology.[34]
