Latest news with #PingAn
Yahoo
07-07-2025
- Business
- Yahoo
PAAMC HK to Join HKEX Integrated Fund Platform as Part of Initial Cohort
HONG KONG, July 7, 2025 /PRNewswire/ -- Ping An of China Asset Management (Hong Kong) Company Limited ("PAAMC HK" or the "Firm"), the offshore asset management platform of Ping An Group, is pleased to announce its participation in Hong Kong Exchanges and Clearing Limited's ("HKEX") Integrated Fund Platform (the "IFP") as part of the initial cohort of fund houses, supporting the launch of the platform's new Order Routing Service. Information of all Securities and Futures Commission of Hong Kong (the "SFC")-authorised funds managed by PAAMC HK are now available on the IFP's Fund Repository and Order Routing, giving clients straight-through access to the Firm's full suite of SFC-authorised funds. Leveraging its extensive offshore investment research and portfolio management capabilities, PAAMC HK offers a diversified range of investment solutions across equities, fixed income, ETFs, structured products and alternative assets. Developed with the support of the HKSAR Government and the SFC, the IFP is a business-to-business fund services platform, with the objective of strengthening the fund distribution value chain and its ecosystem. The introduction of the Order Routing Service will help transform the fund order placement process, which includes subscriptions and redemptions, into a seamless and integrated system, enhancing communications between distributors and transfer agents, addressing long-standing operational challenges.* Albert Wang, Head of Capital Markets and CIO at PAAMC HK, said: "As one of the first fund houses to participate in the IFP fund distribution lifecycle, we are proud to support this transformative platform, which marks a significant step forward in enhancing the efficiency, transparency, and connectivity of Hong Kong's fund distribution ecosystem. This collaboration also reflects our unwavering commitment to driving operational excellence and delivering superior client experiences. We look forward to working with HKEX and peer institutions to further expand the platform's capabilities and to unlock new opportunities for the industry." The next phase of development for the IFP includes the provision of nominee services, as well as the facilitation of payments and settlement, subject to regulatory approval.* PAAMC HK will continue to actively support these advancements, contributing to the improvement of operational efficiency and connectivity within Hong Kong's asset management ecosystem. *Source: HKEX announcement dated July 3, 2025. View original content: SOURCE Ping An of China Asset Management (Hong Kong) Company Limited Sign in to access your portfolio
Business Times
25-06-2025
- Business
- Business Times
Ping An builds HK$180 billion stake in China banks on dividend bet
[HONG KONG] Ping An Insurance Group, as well as other Chinese insurers, have ramped up investments in the nation's biggest banks on a bet that the dividend yields will outweigh headwinds of narrower margins and earnings pressure. Ping An has since late 2024 boosted its holdings of Hong Kong-listed stocks in some of the nation's largest lenders to a combined HK$180 billion (S$29 billion), according to Bloomberg calculations based on exchange data. Its purchases had pushed its stake in the Hong Kong-listed shares of Industrial & Commercial Bank of China to as high as 18 per cent, while holdings in China Merchants Bank and Agricultural Bank of China rose to at least 15 per cent. Its total holdings in the firms are substantially lower when also including their Shanghai-listed shares. The aggressive purchases underscore a growing demand for high-yielding assets amid limited investment options. While Chinese authorities had guided state-backed insurers to allocate 30 per cent of their new premiums to onshore listed shares annually, Hong Kong-traded bank shares offer more appeal with cheaper valuations and high dividend yields. At the same time, Chinese banks are suffering under record low margins and slow profit growth. The years-long property crisis has also dented balance sheets because of a jump in bad loans. The government has underscored its backing for the lenders by a massive recapitalisation. 'The historically low valuations and high dividend payouts have made banking stocks an inevitable choice for those in the hunt for dividends or long-term investors looking to build defensive positions,' said Yang Bo, an investment director with Shenzhen Zenith Investment. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The Hong Kong-listed shares of China's largest banks had an indicated average dividend yield of more than 4 per cent, compared with a 1.65 per cent yield on the benchmark 10-year government bonds. Other Chinese insurers had also been actively buying bank stocks. Rui Life Insurance in March raised its stake in Hong Kong-traded China Citic Bank to 5 per cent from 4.98 per cent. New China Life Insurance in January bought a 5.45 per cent stake in Shanghai-listed Bank of Hangzhou from the Commonwealth Bank of Australia. Ping An preferred the bank stocks for their quasi-fixed-income attributes and state backing, it said in a response to a Bloomberg News inquiry. Their low volatility and high dividends will contribute substantial interest spreads, the insurer said, adding it also added non-bank shares in its portfolio to cut risks. 'We will adhere to a balanced approach of investing in both growth stocks and high-dividend value stocks,' it said. Ping An's total investment portfolio of insurance funds is 5.9 trillion yuan (S$1 trillion). The buying has fuelled a sector-wide rally, sending a gauge of Hong Kong-listed Chinese banks to a seven-year high. China Citic Bank, one of the best performers this year, hit a record high while AgBank closed at the highest since its 2010 listing on Tuesday (Jun 24). Yang of Zenith said while the momentum may persist in the short term, the sustainability of the rally remains to be seen as the banks are still contending with a contraction in margins, high funding costs and weak financing needs from the real economy. 'The stock performance has deviated from banks' fundamentals,' he said. 'We will have to see whether their credit expansion translates into real economic activity, as well as how local government debt and property sector risks unravel going forward.' BLOOMBERG
Bloomberg
24-06-2025
- Business
- Bloomberg
Ping An Builds $23 Billion Stake in China Banks on Dividend Bet
Ping An Insurance Group Co., as well as other Chinese insurers, have ramped up investments in the nation's biggest banks on a bet the dividend yields will outweigh headwinds of narrower margins and earnings pressure. Ping An has since late 2024 boosted its holdings of Hong Kong-listed stocks in some of the nation's largest lenders to a combined HK$180 billion ($23 billion), according to Bloomberg calculations based on exchange data.
Korea Herald
13-06-2025
- Business
- Korea Herald
Ping An Ranks 27th on Forbes' Global 2000 List
HONG KONG and SHANGHAI, June 13, 2025 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. ("Ping An", the "Company" or the "Group", HKEX: 2318; SSE: 601318) has risen two spots to rank 27th on Forbes' 2025 Global 2000 list, an authoritative ranking of the world's largest public companies based on a composite score of revenue, profit, assets, and market value. Released on June 12, the latest rankings reflect Ping An's continued growth and strong performance, as the Group moved up two places from last year. Additionally, Ping An secured 5th place among Chinese companies, climbing one spot from the previous year, while maintaining its position as the highest-ranked insurance company in China. The top five Chinese companies in the 2025 rankings are Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, and Ping An. During the period, Ping An reported revenue of US$158 billion, profit of US$17.6 billion, and total assets amounted to US$1.8 trillion. Progress driven by technology-enabled "integrated finance + health and senior care" dual-driver strategy Ping An continues to advance its technology-enabled "integrated finance + health and senior care" dual-driver strategy, driving stable growth across its core businesses. Through its integrated finance model, Ping An has strengthened its engagement with retail customers. As of the end of 2024, Ping An served 242 million retail customers, with 25.6% holding four or more contracts within the Group. Customer retention remained robust at 98.0%. The health and senior care strategy also provided differentiated advantages, with nearly 63% of Ping An's retail customers entitled to service benefits in the health and senior care ecosystem. In transforming and upgrading its core businesses, Ping An harnessed technology to reduce costs, enhance operational efficiency, and strengthen risk management. The number of service cases handled by Ping An's AI service representatives reached approximately 1.84 billion, accounting for 80% of the Group's total customer service volume in 2024. In Life insurance, 93% of policies were underwritten within seconds via smart underwriting, smart claim settlement and smart policy renewal. Moreover, Ping An P&C achieved claims savings of RMB11.94 billion through smart fraud detection, marking a year-on-year increase of 10.4%. In 2024, Ping An achieved an operating profit attributable to shareholders of the parent company of RMB121.862 billion, achieving a year-on-year increase of 9.1%. Net profit attributable to shareholders of the parent company reached RMB126.607 billion, representing a significant year-on-year increase of 47.8%. Revenue totaled RMB1,028.925 billion, up 12.6% year-on-year, while total assets reached RMB12.96 trillion, a 11.9% increase from the beginning of the year. Enhancing customer experience with the "worry-free, time-saving, and money-saving" value proposition Ping An has actively promoted its "worry-free, time-saving, and money-saving" value proposition to enhance customer experience. Under its "worry-free" services, Ping An's auto insurance now offers 82 convenient services, including roadside assistance, vehicle inspections, and chauffeur services, benefiting 236 million users of "Ping An Auto Owner" app. By the end of 2024, Ping An's home-based senior care services had expanded to cover 75 cities nationwide. For "time-saving" initiatives, 93% of the policies were underwritten within seconds through smart underwriting, smart claim settlement and smart policy renewal. Commitment to shareholder returns, communication, and value creation According to its 2024 annual report, Ping An proposed a final dividend of RMB1.62 per share in cash for 2024, bringing the total annual dividend to RMB2.55 per share, a 5% year-on-year increase. The cash dividend payout ratio based on operating profit attributable to shareholders (OPAT) was 37.9%, marking 13 consecutive years of dividend growth. The Group maintains strong communication with shareholders through annual general meetings and investor roadshows. On May 13, 2025, Ping An held its 2024 Annual General Meeting, attended by 117 shareholders. Management addressed 29 questions and suggestions raised by shareholders. Fulfilling corporate social responsibility and supporting economic development As of December 31, 2024, Ping An had invested nearly RMB10.14 trillion to support the real economy. Its green investment of insurance funds reached RMB124.712 billion, while its green loan balance amounted to RMB157.762 billion. In 2024, green insurance premium income totaled RMB 58.608 billion. Through its "Ping An Rural Communities Support", Ping An provided RMB52.014 billion in funding to promote rural industrial vitalization. In addition, MSCI upgraded Ping An's ESG rating to AA, giving it the top spot in the multi-line insurance & brokerage category in the Asia-Pacific region for three consecutive years. The Forbes Global 2000 list, published annually since 2004, evaluates publicly traded companies worldwide based on revenue, profit, assets, and market capitalization. This year's list revealed record-breaking combined figures for the top 2,000 companies, with a total revenue of US$52.9 trillion, profit of US$4.9 trillion, assets of US$242.2 trillion, and market capitalization of US$91.3 trillion. By country, the United States led with 612 companies, followed by China (including Hong Kong) with 317 companies. About Ping An Group Ping An Insurance (Group) Company of China, Ltd. (HKEx:2318 / 82318; SSE:601318) is one of the largest financial services companies in the world. It strives to become a world-leading provider of integrated finance, health and senior care services. Under the technology-driven "integrated finance + health and senior care" strategy, the Group provides professional "financial advisory, family doctor, and senior care concierge" services to its nearly 240 million retail customers. Ping An advances intelligent digital transformation and employs technologies to improve financial businesses' quality and efficiency and enhance risk management. The Group is listed on the stock exchanges in Hong Kong and Shanghai. As of the end of December 2024, Ping An had more than RMB12 trillion in total assets. The Group ranked 27 th in the Forbes Global 2000 list in 2025 and 53 rd in the Fortune Global 500 list in 2024.
Daily Mail
06-06-2025
- Business
- Daily Mail
HSBC chair Sir Mark Tucker to rejoin Hong Kong insurer AIA Group
Sir Mark Tucker will return to insurer AIA Group as chairman after he departs HSBC at the end of September. The 67-year-old served as AIA's chief executive for seven years before succeeding Douglas Flint as chairman of HSBC in 2017. Tucker oversaw the Asia-focused giant's bumper $20.5billion listing on the Hong Kong Stock Exchange in 2010, the world's third-largest initial public offering at the time. Since joining HSBC, the bank has fended off pressure to break up from one of its major shareholders, Chinese insurer Ping An, and announced a restructuring plan to split its eastern and western operations. The FTSE 100 company has also enjoyed soaring earnings over the past few years, thanks to higher interest rates, including a record $34.1billion pre-tax profit in 2023, an 80 per cent jump on the previous 12 months. However, the firm has received huge criticism for its actions in Hong Kong, including supporting a controversial national security law and blocking Hong Kongers in Britain from accessing their retirement accounts. Earlier this year, HSBC pushed back its plans to achieve net-zero carbon emissions across the business from 2030 to 2050. Sir Mark will remain at HSBC as a strategic adviser to CEO Georges Elhedery while the search for his full-time successor happens. HSBC has gone through four CEOs during his tenure: Stuart Gulliver, John Flint, who lasted 18 months, Noel Quinn, and finally Lebanese-born Elhedery, who joined in February. Ann Godbehere, a non-executive director at HSBC, said: 'On behalf of the board and the wider HSBC Group, I wish to again reiterate our thanks to Mark for his leadership and stewardship of the bank over the past eight years. We wish him well in his new role at AIA.' Before working for AIA, Sir Mark spent over two decades at insurer Prudential, aside from a short stint as finance director of HBOS. He rose through the ranks at Prudential, becoming head of its Asian division and eventually its CEO between 2005 and 2009. The diehard Chelsea fan initially tried to become a professional footballer before giving up and studying business at the University of Leeds, then starting as a trainee accountant at PwC. While at AIA, the company became the official shirt sponsor of Premier League club Tottenham Hotspur. Edmund Sze-Wing Tse, who is standing down as AIA's chair, said: 'Mark's significant contributions to AIA during his tenure as the group chief executive and president have been substantial and enduring. 'His experience and expertise, both as a group chief executive and more recently his role as group chairman of one of the world's largest financial institutions, ensures that AIA will benefit from his strong leadership.'
