Reinsurance News
Ping An
Ping An’s operating profit rises to $5.3bn in Q1’24
24th April 2024
Ping An has announced a rise in operating profit for Q1 2024 to RMB38,709 million (USD 5.34bn) on the back of a solid performance and growth in both its Property & Casualty (P&C) and Life & Health (L&H) insurance businesses. The Chinese insurers’ P&C segment sustained steady growth and maintained high ... Read the full article
Ping An reveals 6.5% P&C revenue growth in 2023
21st March 2024
Chinese insurer Ping An has released its financial results for the end of 2023, revealing a steady 6.5% year on year growth in property and casualty (P&C) insurance revenue, amounting to RMB 313.458 billion. The company reported an overall combined ratio in P&C, excluding guarantee insurance, of 98.4%, an improvement from ... Read the full article
Lloyd’s to remain at One Lime Street until 2041: Sky News
16th November 2023
The specialist Lloyd's of London insurance and reinsurance marketplace has signed a deal with Ping An to remain at its iconic headquarters until 2041, according to a Sky News report. Sky News claims that after more than a year of negotiating, a long-term deal is closed to being agreed with the ... Read the full article
Ping An’s P&C unit posts 6.8% growth in first nine months of 2023
27th October 2023
Chinese insurer Ping An’s P&C unit reported a growth of 6.8% year on year in insurance revenue to RMB 235,538 million in first nine months of 2023, with operating profit attributable to shareholders of the parent company reaching RMB9,965 million. The company said overall underwriting combined ratio (COR) rose to 99.3% ... Read the full article
Ping An uses insurance as catalyst for conservation, ESG investment
23rd October 2023
Ping An Insurance (Group) Company of China, Ltd. has noted it continues to make strides in the realm of environmental conservation and ESG (Environmental, Social, and Governance) investment by utilising insurance as a catalyst for change. In a groundbreaking move, the company established the Ping An Biodiversity and Environmental Conservation Charitable ... Read the full article
Ping An’s P&C unit posts 7.8% growth in H1’23
30th August 2023
Chinese insurer Ping An's P&C unit reported a growth of 7.8% year on year in insurance revenue to RMB 155,899 million in the first half of 2023. The company said the unit maintained good business quality with steady growth in insurance revenue. Overall underwriting combined ratio remained healthy at 98.0% due ... Read the full article
Technology key to ESG reporting in business: Ping An Co-CEO
14th August 2023
On a recent podcast of the United Nations Environment Programme Finance Initiative, Jessica Tan, Co-CEO of Ping An Insurance Company of China, discussed how technology is a key enabler for robust environmental, social and governance (ESG) reporting in business. "Simply put, (ESG) is important for our clients, and it's important, therefore, ... Read the full article
Ping An processes over 200 million claims in 2022, averaging 600,000+ cases daily
11th May 2023
In 2022, Ping An's four insurance companies collectively processed more than 200 million claims, averaging over 600,000 cases per day, according to Ping An Insurance (Group) Company of China, Ltd.'s 2022 Annual Insurance Claims Report. This extensive coverage demonstrates the vital role that insurance claims services play in safeguarding people's livelihoods ... Read the full article
Ping An reports 49% growth in Q1 profits
27th April 2023
Chinese insurer Ping An has reported a 48.9% increase in net profit over the first quarter of 2023, ending the period at RMB 38,352 million (USD 5,537 million), including operating profit of RMB 41,385 million. The company attributed the improved performance to “in-depth” reforms, synergies in its integrated finance strategy, and ... Read the full article
AM Best affirms credit ratings of Ping An P&C
23rd March 2023
Global rating agency AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a+” (Excellent) to Ping An Property & Casualty Insurance Company of China, Ltd., (Ping An P&C). Best has confirmed that the outlook assigned to these ratings is stable. According to the ... Read the full article
Ping An says reinsurance will support HK Kimpton Hotel fire loss
6th March 2023
Chinese insurer Ping An has confirmed that its reinsurance arrangements will cover part of the large loss it expects to incur from the fire that recently engulfed the under-construction Kimpton Hotel in Hong Kong. A fire broke out on the construction site of the 42-story hotel in the early hours of ... Read the full article
Ping An P&C launches first ocean carbon sink index insurance policy for marine ecosystem
15th February 2023
Ping An Property & Casualty Insurance has launched its very first ocean carbon sink index insurance policy in the city of Dalian. This launch follows the firms pilot of its forest carbon sink remote sensing index insurance in 2021. Ping An P&C noted that the ocean carbon sink index insurance will provide ... Read the full article
Once again, UnitedHealth is the world’s largest insurer ranked by NPW
11th January 2023
Over 12% growth in net premiums written (NPW) in 2021 ensured that UnitedHealth Group Incorporated remains the world's largest insurance company when ranked by NPW, while global insurer Allianz sits atop the table when ranked by non-banking assets. Our directory of the World’s Largest Insurance Companies, which is ... Read the full article
Ping An highlights parametric and index insurance for combatting climate change
22nd November 2022
Richard Sheng, Secretary of the Board of Directors for Chinese insurer Ping An, has highlighted the role of parametric and index insurance in combatting the challenges of climate change. Speaking via videoconference on green and sustainable finance during the recent COP27 event, Sheng noted how his company has been exploring coverages ... Read the full article
Ping An’s Larsen sees significant opportunity in carbon transition
15th November 2022
With the COP27 conference underway, Jonathan Larsen, Chief Innovation Officer at Chinese insurer Ping An, says he sees significant opportunities for the insurance and reinsurance industries to finance the transition to a low carbon economy. "Ping An, as a very large China-based financial technology and health company, certainly has the ambition ... Read the full article