Ping An Insurance
Encyclopedia
Ping An full name Ping An Insurance (Group) Company of China, Ltd. is a holding company
whose subsidiaries mainly deal with insurance
and financial services
. The company was founded in 1988 and has its headquarters in Shenzhen
.
.
Ping An Trust & Investment has the subsidiaries of Ping An Securities and Ping An Bank.
Ping An began as only a casualty insurance company. Since the mid 1990s Ping An has been diversifying into financial services from its core business of insurance and began taking investments from overseas firms. Ping An accepted investments from Morgan Stanley
and Goldman Sachs
in 1994. In 2002 HSBC
took a large equity interest in Ping An. In early 2008, Ping An agreed to take a 50% share in Fortis Investments
, which had taken over ABN AMRO Asset Management as a result of the split up of ABN Amro
in late 2007, but the deal was cancelled in October 2008.
In June of 2009, Ping An became a strategic investor in Shenzhen Development Bank
.
acquired 48.22% of H shares by means of different HSBC subsidiaries. HSBC hold 16.8% of total shares of Ping An, making itself to be the biggest shareholder
.
Now, it has stock exchange in Shanghai, .
Ping An was chosen as an index stock of the Hang Seng China Enterprises Index
(HSCEI) replacing Anhui Expressway.
The Hang Seng Index
Services Company announced on 11 May 2007 that Ping An will join as Hang Seng Index Constituent Stock (Blue Chip Stock) since 4 June 2007.
In 2010 Ping An's asset management arm implemented DST Global Solutions' Hiportfolio investment accounting system to run their back office operations.
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
whose subsidiaries mainly deal with insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
and financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
. The company was founded in 1988 and has its headquarters in Shenzhen
Shenzhen
Shenzhen is a major city in the south of Southern China's Guangdong Province, situated immediately north of Hong Kong. The area became China's first—and one of the most successful—Special Economic Zones...
.
Business
Ping An Insurance group is the holding company of Ping An Life Insurance Company of China, Ltd. and Ping An Property & Casualty Insurance Company of China, Ltd. It also controls China Ping An Insurance Overseas (Holdings) Limited and Ping An Trust & Investment Co., Ltd. Ping An Insurance Overseas, located in Hong Kong, is a second holding company for subsidiary companies located outside of ChinaChina
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
.
Ping An Trust & Investment has the subsidiaries of Ping An Securities and Ping An Bank.
Ping An began as only a casualty insurance company. Since the mid 1990s Ping An has been diversifying into financial services from its core business of insurance and began taking investments from overseas firms. Ping An accepted investments from Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
and Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
in 1994. In 2002 HSBC
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
took a large equity interest in Ping An. In early 2008, Ping An agreed to take a 50% share in Fortis Investments
Fortis (finance)
Fortis N.V./S.A. was a company active in insurance, banking and investment management. In 2007 it was the 20th largest business in the world by revenue but after encountering severe problems in the financial crisis of 2008, most of the company was sold in parts, with only insurance activities...
, which had taken over ABN AMRO Asset Management as a result of the split up of ABN Amro
ABN AMRO
ABN AMRO Bank N.V. is a Dutch state-owned bank with headquarters in Amsterdam. It was re-established, in its current form, in 2009 following the acquisition and break up of ABN AMRO Group by a banking consortium consisting of Royal Bank of Scotland Group, Santander and Fortis...
in late 2007, but the deal was cancelled in October 2008.
In June of 2009, Ping An became a strategic investor in Shenzhen Development Bank
Shenzhen Development Bank
Shenzhen Development Bank Co., Ltd. is a bank based in Shenzhen, Guangdong, People's Republic of China. It is listed on the Shenzhen Stock Exchange.-External links:*...
.
Major shareholders
Although Ping An styles itself as a local Chinese insurer, HSBCHSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
acquired 48.22% of H shares by means of different HSBC subsidiaries. HSBC hold 16.8% of total shares of Ping An, making itself to be the biggest shareholder
Markets
Since June 24, 2004 Ping An has been listed on the Hong Kong Stock ExchangeHong Kong Stock Exchange
The Hong Kong Stock Exchange is a stock exchange located in Hong Kong. It is Asia's third largest stock exchange in terms of market capitalization behind the Tokyo Stock Exchange and the Shanghai Stock Exchange and fifth largest in the world...
.
Now, it has stock exchange in Shanghai, .
Ping An was chosen as an index stock of the Hang Seng China Enterprises Index
Hang Seng Index
The Hang Seng Index is a freefloat-adjusted market capitalization-weighted stock market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator of the overall market performance in Hong Kong...
(HSCEI) replacing Anhui Expressway.
The Hang Seng Index
Hang Seng Index
The Hang Seng Index is a freefloat-adjusted market capitalization-weighted stock market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator of the overall market performance in Hong Kong...
Services Company announced on 11 May 2007 that Ping An will join as Hang Seng Index Constituent Stock (Blue Chip Stock) since 4 June 2007.
Operations
Ping An has operations across all of the People's Republic of China, and in Hong Kong and Macau through Ping An Insurance Overseas. Ping An has branches or a representative agent in 150 countries.In 2010 Ping An's asset management arm implemented DST Global Solutions' Hiportfolio investment accounting system to run their back office operations.