Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An” or the “Group”, HKEx:2318; SSE:601318) is pleased to announce that the Group has been named Insurance Company of the Year, ESG, China at The Asset Triple A Insurance Awards 2021.
The Triple A series of awards of The Asset magazine have been held for more than 20 years, and is widely recognized by the industry. The Insurance Awards showcase the industry leaders that demonstrated best service quality and best commitment to environmental, social and governance (ESG) standards with solid business growth.
The Asset said: “As one of the largest insurers in China, Ping An has shown its unreserved commitment to corporate social responsibility through its poverty alleviation programs and philanthropy investments. Ping An has provided more than 700 sustainable insurance products, and is planning to roll out sustainable insurance policies for corporate customers that exceed the limit of emissions based on unintended misoperation and other conditions.”
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Driven by its sustainability strategy, Ping An integrates ESG core philosophies and standards into its corporate governance and management. It has built a scientific, professional sustainability management framework to guide its business practices. The Strategy and Investment Committee under the Board of Directors of the Group oversees all ESG issues. The Investor Relations and ESG Committee under the Group Executive Committee is responsible for daily ESG work.
Ping An is supporting the decarbonization of the global economy in line with the Paris Agreement on climate change goals and China’s carbon neutrality goal. In 2021, Ping An upgraded its green finance initiative in five aspects – green operations, green assets, green insurance, green public welfare and green technology. Ping An’s responsible investments amounted to nearly RMB1.21 trillion as of June 30, 2021. The balances of inclusive loans and green loans were RMB426.4 billion and RMB57.1 billion respectively. The Group has pledged to raise its green investments and green loans to RMB400 billion, and green insurance to RMB250 billion by 2025. Ping An is also committed to achieving operational carbon neutrality by 2030.
In terms of corporate social responsibility, Ping An continues to grow the Ping An Rural Communities Support program. The Group cumulatively provided RMB36,024 million for poverty alleviation and industry revitalization as of June 30, 2021.
Ping An said: “Ping An aligns and integrates the key areas of the Company’s business development with the United Nations Sustainable Development Goals (SDGs), and actively pursues the global SDGs for both business values and social values. Going forward, we will continue to expand the application of ESG across the Group to improve risk management and achieve stable business growth to create long-term value for investors.”
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