Ping An Insurance

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Lore & Background

Ping An started in 1988 as a property and casualty insurance company, later diversifying into life insurance, banking, securities, and healthcare. Since the mid-1990s, it has taken investments from overseas firms such as Morgan Stanley and Goldman Sachs in 1994, and HSBC took a large equity interest in 2002. In early 2008, Ping An agreed to take a 50% share in Fortis Investments, a subsidiary of Fortis; the deal was canceled in October 2008. In June 2009, Ping An became a strategic investor in Shenzhen Development Bank (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, Meituan, and Oscar Health. In 2014, together with SBT Venture Capital, Ping An led a $27M funding round for eToro. In 2016, Ping An bought a 48% stake in Chinese car website Autohome Inc. from Telstra Corp. for $1.6 billion. In 2019, Ping An became the first insurance company from mainland China selected for the Dow Jones Sustainability Emerging Markets Index. In May 2021, Ping An released the Ping An Zhen Yi Nian healthcare brand. In July 2021, Ping An and Shionogi signed agreements to launch joint ventures in Shanghai and Hong Kong. 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.

Reader's Guide

Ping An Insurance is a major Chinese financial conglomerate that has expanded from insurance into banking, asset management, healthcare, and technology. Its inclusion in major indices such as the Hang Seng Index, CSI 300, and FTSE China A50 reflects its prominence in Chinese and global markets. The company invests 1% of its revenues into R&D each year to branch out its businesses and support the building of its healthcare and senior care ecosystem. Ping An's ownership structure has been noted as unclear by some observers; Richard McGregor, author of *The Party: The Secret World of China's Communist Rulers*, said that 'the true ownership of large chunks of its shares remains unclear' and that the ownership is a 'murky structure'. In October 2012, *The New York Times* reported that relatives and associates of Chinese Premier Wen Jiabao controlled stakes in Ping An worth at least US$2.2 billion in 2007. The company's technology subsidiaries, including OneConnect and Ping An Good Doctor, have expanded overseas; OneConnect serves 100+ customers in 20 countries and regions mainly in Southeast Asia. As of 30 June 2024, Ping An's home-based senior care services covered 64 cities across China with over 120,000 customers entitled to the benefits, and customers entitled to service benefits in the healthcare and elderlycare ecosystem accounted for over 68% of Ping An Life's new business value in 2024.

Did You Know?

• Ping An literally means 'safe and well' in Chinese.
• In 2019, Ping An became the first insurance company from mainland China selected for the Dow Jones Sustainability Emerging Markets Index.
• Ping An's $150M VC fund, Ping An Ventures, invested in over 100 companies including Didi Chuxing, Meituan, and Oscar Health.
• As of June 2024, Ping An's home-based senior care services covered 64 cities across China with over 120,000 customers entitled to benefits.
• In February 2025, Ping An Healthcare and Technology integrated DeepSeek's AI model into its platform for doctors.