Ping An Recognised for Top ESG Practices in China
Ping An Insurance
Ping An Insurance Company of China, Ltd. has distinguished itself as a leader among nearly 1,600 Chinese companies by demonstrating a strong commitment to long-term sustainability and exemplary ESG practices.
The company's exceptional performance in environmental, social, and corporate governance (ESG) has earned it a coveted spot in the S&P Global Sustainability Yearbook 2023 (China Edition), where it stands out as the sole insurance company listed among the "Best 1% of Chinese Companies in S&P Global ESG Score."
In 2022, the S&P Global Corporate Sustainability Assessment (CSA) team conducted a rigorous evaluation of nearly 1,600 companies headquartered in mainland China, Hong Kong, and Macau.
From this extensive review, a total of 88 companies representing 44 industries were selected for inclusion in the Sustainability Yearbook 2023 (China Edition). Among this distinguished group, Ping An was one of the 12 companies to receive the prestigious "Best 1% of S&P Global ESG Scores for Chinese Companies" recognition, solidifying its position as the only insurance company to achieve such a distinction.
For over a decade, S&P Global has been publishing The Sustainability Yearbook, an annual publication that recognises global corporations with the highest S&P Global ESG scores in various industries.
This highly anticipated yearbook serves as a testament to the exceptional ESG efforts of companies worldwide. In 2023, S&P Global introduced the inaugural China edition of the yearbook, further emphasising the significance of Ping An's inclusion.
Ping An remains dedicated to its technology-driven "integrated finance + healthcare" strategy, striving to deliver seamless and cost-effective services to its clients while achieving robust growth. The company integrates its core ESG philosophy and standards into its corporate management and has established a comprehensive sustainability management framework to guide its business practices.
By the end of 2022, Ping An had made significant strides in green investment and financing, with a total scale of RMB282.36 billion. Additionally, the company's green banking business reached RMB182.09 billion, and green premiums amounted to RMB25.11 billion.
Ping An's commitment to social responsibility is equally noteworthy. By the close of 2022, the company had invested over RMB77.15 billion in funds for poverty alleviation and rural industrial revitalisation.
Ping An has also played an instrumental role in the establishment of 119 Ping An Hope Primary Schools nationwide, enlisting the support of over 10,000 teaching volunteers who have contributed more than 370,000 hours of volunteer teaching. Furthermore, Ping An implemented the Science and Technology Literacy Improvement Program for Teenagers in 1,039 smart schools, trained 14,110 rural teachers, and positively impacted over 310,000 rural students.
Ping An's strong performance in ESG and risk management has garnered recognition from various esteemed organisations. The group holds an impressive A rating in the MSCI 2022 ESG Ratings, securing the top spot in the Asia Pacific region's multi-line insurance and brokerage industry.
Sustainalytics has also rated Ping An as a low ESG risk company, surpassing other mainland China-based insurance firms. Moreover, the company has achieved an A- rating in the climate change category from the Climate Disclosure Project (CDP), the highest rating level among mainland China's financial companies.
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Source: Ping An