Ping An reveals sustainability report for 2023

Ping An reveals sustainability report for 2023 | Insurance Business Asia

Insurance News

Ping An reveals sustainability report for 2023

The report spans the firm’s moves in the five areas of sustainable development

Insurance News

By
Abigail Adriatico

Ping An Insurance has released its sustainability report for 2023.

Titled “Ping An Sustainability Report 2023: Together With Hope”, the report showed how the firm had been gearing towards sustainability through its innovation and practices in sustainable development and strategy management, sustainable business, sustainable operations and community, sustainable governance, and Task Force of Climate-Related Financial Disclosures (TCFD) reporting.

The report detailed how it was the 12th consecutive year of Ping An’s cash dividend increases and how it introduced performance metrics that connected sustainability performance to senior management pay.

Ping An has also continued to improve accessibility and inclusivity of financial services through leveraging its integrated finance advantages. It has also delivered on responsible investment strategies as well as incorporated ESG factors into its investment decisions. The insurer also reported a 14% decrease in carbon emissions.

The firm’s implementation of its healthcare and elderly care ecosystem strategy gave customers a chance to have access to such services conveniently, the report said. Ping An has also invested in the development and welfare of its employees and agents. Its net promoter score (NPS) significantly improved for the third year in a row, showcasing its enhanced consumer protection and experience.

The company also saw an improvement in its information security and AI governance, which is certified with a 100% approval rate. Ping An has also fulfilled its social responsibilities and strengthened its impact on the community through its “Rural Communities Support Program.”

Ping An also showcased its efforts towards sustainable development through the use of leading technological capabilities, which can empower its main financial business, reduce cost, improve efficiency, and promote sustainable development.

It has integrated ESG requirements into its closed supply chain management, ranging from selection and verification, management and integrity to tracking and feedback, and focuses on suppliers’ ESG performance in aspects of information security, employee rights and interests, and environmental protection.

The firm continues to utilize its influence in the industry’s sustainable development and strengthen internal management, with the group participating in the formulation of two industry-wide ESG standards.