Ping An of China

Ping An Insurance Company was founded on March 21, 1988, and officially opened for business on May 27 of the same year. The company is registered in Beijing and headquartered in Shenzhen. On June 4, 1992, with the approval of the State Council, it was renamed "Ping An Insurance Company of China." On January 16, 1997, with the approval of the State Council, it was renamed "Ping An Insurance Company of China, Ltd." In February 2003, with the approval of the State Council, the company completed its separation restructuring and was renamed "Ping An Insurance (Group) Company of China, Ltd." The group established and controlled Ping An Life Insurance Company of China, Ltd., Ping An Property & Casualty Insurance Company of China, Ltd., Ping An Insurance Overseas (Holdings) Limited, and Ping An Trust & Investment Company. The company's operating area covers the whole country and overseas regions and cities where it has branches, and it may operate all types of insurance (including various statutory insurance) and international reinsurance business. Ping An is China's first joint-stock insurance company and also China's first nationwide insurance company with foreign equity participation. It has now formed a close, efficient and diversified structure centered on insurance and integrating securities, trust, investment and overseas business. After the separation reform, Ping An has given full play to the group's comprehensive advantages in strategic research, institutional innovation, product development, investment operations, risk control, IT platforms, human resources, brand management and other aspects, effectively integrated various resources, and established a comprehensive competitive advantage based on specialized operations. Ping An Insurance Company of China is a company full of vigor and vitality. From the first domestic joint-stock insurance enterprise with only 13 people to the country's second-largest insurance company and comprehensive financial service provider with more than 36 million individual customers, nearly 40,000 employees and about 200,000 sales personnel, Ping An's 18-year milestones are regarded as a model of the growth of Chinese financial enterprises. On January 9, 2006, Ping An's stock price historically exceeded HKD 100 billion, and Ping An of China ranked among the world's large financial institutions. Ping An is a highly internationalized insurance company in China. In addition to introducing foreign employees, it has also established friendly exchanges with more than 160 insurance companies internationally. Ping An of China, a small property insurance company that started in Shekou, Shenzhen, has grown into one of the Chinese-funded companies with the most internationalized and standardized management and operations, and is gradually moving onto the international stage. The Beijing Branch of Ping An Insurance Company of China, Ltd. was established on November 19, 1993. The company fully implements modern management and has established a corporate system with Ping An characteristics and modern enterprise features. The company pursues the service tenet of "Reputation First, Efficiency First, Customer First, Service Supreme." Ping An Property Insurance took the lead in implementing an advanced underwriter and claims adjuster system in the domestic insurance industry, giving the company a relatively high level of business management. In the first half of 2006, the branch's premium income reached RMB 582 million, with a market share of 14.8%, ranking among the top in the Beijing insurance market. After years of hard work, the Beijing Branch of Ping An Insurance Company of China, Ltd. has achieved considerable development in business scale. It has successively underwritten major risks such as the Wangfujing Grand Hotel, Bank of China, China National Chemicals Import and Export Corporation, China Minmetals Group, China Tobacco Import and Export Corporation, Huaneng Beijing Thermal Power Plant, Chia Tai (China) Investment Co., Ltd., and Beijing Bus Co., Ltd. In addition, in addition to general business of commonly used insurance types, the Beijing Branch of Ping An Insurance Company of China also handles high-risk businesses such as oil fields, power stations, aviation and aerospace. Ping An's presence can be seen everywhere in poverty alleviation, disaster relief and educational assistance. Since 1993, Ping An has donated funds to build 39 "Ping An Hope Primary Schools" in 22 provinces and municipalities directly under the Central Government across the country, with a total investment of more than RMB 8 million. In terms of disaster relief and poverty alleviation, Ping An's donations in the past two years have exceeded RMB 20 million. This year, Ping An will also invest RMB 1 million to complete the nationwide layout of Ping An Hope Primary Schools; Ping An will also invest RMB 1 million for the construction of libraries in 39 Ping An Hope Primary Schools; and similarly invest RMB 1 million to subsidize impoverished college students. In addition, Ping An has carried out the "China Children's Ping An Action," the "Ping An of China Elite College Student Inspiration Plan" and other projects for many consecutive years, with project investments of more than RMB 1 million each. Ping An "Firsts": The first socialist joint-stock insurance enterprise; the first national insurance enterprise to carry out life insurance marketing business in mainland China; the first insurance enterprise to introduce the underwriting and claims mechanism in mainland China; the first insurance enterprise to hire an international accounting firm in mainland China; the first insurance enterprise to hire a world-class international management consulting firm (McKinsey) for management consulting in mainland China; the first enterprise in mainland China to operate a football club and participate in the Jia-A League; the first insurance enterprise in mainland China to carry out overseas emergency assistance projects; the first insurance enterprise in China to conduct pilot insurance system reform and introduce competition mechanisms into China's insurance market; the first insurance enterprise in mainland China to absorb foreign equity participation; the first insurance enterprise in mainland China to hire international actuaries; the first insurance enterprise in mainland China to implement internal separation of property and life insurance; and the first insurance enterprise in mainland China to launch investment-linked insurance.