Ping An Insurance known also as Ping An of China, full name Ping An Insurance (Group) Company of China, Ltd. is a holding company whose subsidiaries mainly deal with insurance, banking, and financial services. The company was founded in 1988 and has its headquarter in Shenzhen. Ping An literally means "safe and well".
Ping An Insurance is one of the top 50 companies in the Shanghai Stock Exchange. Ping An is also a component of Hang Seng Index, an index of the top 50 companies in the Hong Kong Stock Exchange. Ping An Insurance was also included in the pan-China stock indices CSI 300 Index, FTSE China A50 Index and Hang Seng China 50 Index.
It is the world's most valuable insurance brand, worth USD 16 billion.
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 mainland China.
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, a subsidiary of Fortis, 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 2009, Ping An became a strategic investor in Shenzhen Development Bank, (now part of Ping An Bank). In 2016, Ping An invested more overseas. In January in 2017, Deputy Head Cai Lifeng resigned for personal reasons.