Home Business NewsBusinessBusiness Growth News Ping An the largest global insurance company with almost $1.25trn in assets

Ping An the largest global insurance company with almost $1.25trn in assets

by LLB Finance Reporter
9th Mar 21 1:49 pm

Ping An Insurance is an insurance company based out of Shenzhen and was founded in 1988. Since then, the company has not only become one of China’s biggest companies, it has also grown to be the largest insurance company worldwide. According to data presented by TradingPlatforms.com Ping An’s total assets was the largest at an estimated $1.25trn, contributing to the largest market cap out of life insurance companies – $187bn as of 2021.

Ping An largest insurance company in many metrics, brand value grew by almost 20% in 2020

Ping An is the biggest insurer in the world with total assets of close to $1.25trn. Its market cap of $187bn as of 2021 is also the largest among life insurance companies. It is also the leading life and health insurance company based on revenue globally, with an estimated $184bn in revenue as of 2020. In 2020, Ping An experienced the largest growth in brand value, growing by almost 20%

Ping An is also ranked as the 17th largest brand in the world as of January 2021 with a brand value of $54.58bn As of February 2021, Ping An’s total issued capita on the Shenzhen Stock Exchange in China was listed as the fourth most valuable shares valued at 19.4bn Yuan or almost $3bn (March 2021 exchange rate).

Ping An has successfully expanded into the tech sector

Ping An’s rapid growth is largely attributed to smart business decisions that saw Ping An expand in the right directions. The insurance giant is also known to be an incubator for new fintech companies and has also consistently invested in their long-term digital capabilities.

Experts in McKinsey and Company said, “In the past five years, Ping An has accumulated nearly 500m online users, created 11 new digital platforms across industries, and increased its number of insurance agents to 1.4m, all armed with the company’s digital tools and apps. Ping An’s commitment to investing in emerging technologies has been a particularly important driver of this expansion: it now directs 1% of its annual revenue, around $1bn toward tech investment.”

Ping An’s commitment to innovation makes them one of the leading companies when it comes to tech investments. As of November 2020, Ping An owned the 9th most machine learning and artificial intelligence active patents equating to more than 3,000 patents.

The insurance giant also filed over 1,120 Blockchain invention patent applications globally, the third most by any company worldwide. Notably, Ping An is only behind other Chinese industry giants, Alibaba and Tencent in blockchain invention patent applications.

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