Ping An obtains top ESG rating

Ping An obtains top ESG rating | Insurance Business Asia

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Ping An obtains top ESG rating

Ping An is the only insurance company to land the top 1% ESG rating in S&P Global’s Sustainability Yearbook 2023 (China Edition)

Insurance News

By
Ada Tabanao

Ping An Insurance Company of China has been featured in the S&P Global Sustainability Yearbook 2023 (China Edition) as the sole insurance company to earn a spot among the “Best 1% of Chinese Companies in S&P Global ESG Score”.

Ping An secured a position among approximately 1,600 Chinese companies for its commitment to long-term sustainability and outstanding environmental, social, and corporate governance (ESG) practices.

The S&P Global Sustainability Yearbook, which has been published since 2008, acknowledges companies worldwide with top S&P Global ESG scores across various industries. The release of the China edition this year has been highly anticipated by international corporations and stakeholders.

In an assessment conducted by the S&P Global Corporate Sustainability Assessment (CSA) team in 2022, nearly 1,600 companies headquartered in mainland China, Hong Kong, and Macau were reviewed. Out of 44 industries, 88 companies were selected for inclusion in the Sustainability Yearbook 2023 (China Edition). Ping An emerged as one of the 12 companies to receive recognition for being part of the “Best 1% of S&P Global ESG Scores for Chinese Companies”.

With a vast customer base of nearly 229 million retail customers, Ping An stands as one of the world’s largest financial services companies. The company is listed on the stock exchanges in Hong Kong and Shanghai, with total assets reaching RMB11,137,168 in 2022.

By the end of 2022, Ping An’s green investment and financing reached an impressive RMB282.36 billion, while its green banking business amounted to RMB182.09 billion. The company’s green premiums totaled RMB25.11 billion.

Ping An has also made significant contributions to poverty alleviation and rural industrial revitalisation, investing over RMB77.15 billion in these efforts. The company has facilitated the construction of 119 Ping An Hope Primary Schools across the country, engaging over 10,000 teaching volunteers and accumulating more than 370,000 hours of volunteer teaching time.

Additionally, 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.

Due to its performance in ESG and risk management, Ping An has been awarded an A rating in the MSCI 2022 ESG Ratings, securing the top spot in the multi-line insurance and brokerage industry in the Asia Pacific region. The company has also received a low ESG risk rating from Sustainalytics, outperforming other insurance companies in mainland China. In the climate change category, Ping An has achieved an A- rating from the Climate Disclosure Project (CDP), the highest level for financial companies in mainland China.