"Chinese brands explore new paths for growth and show resilience in the cycle." On September 3, Interbrand, a global brand strategy consulting and design company, released the "2024 China's Best Brands Ranking", with Ping An Insurance ranking fourth among domestic brands. Ping An has long adhered to a customer-centric service concept and is committed to providing comprehensive financial and medical retirement services that are reassuring, time-saving, and money-saving, with a brand value of up to 168.121 billion yuan.
The list said that Chinese brands have adopted four new paths for value growth in response to cyclical pressures: outward expansion, deep penetration, precise touchpoints, and strengthened leadership. Brands such as Ping An Insurance actively explore the path of growth against the trend, demonstrating strong brand resilience and innovative driving force.
With a customer-centric approach, Ping An provides a one-stop comprehensive financial solution for 0.236 billion customers. In the first half of 2024, the core businesses of life and health insurance, property insurance, and banking continued to grow. As of the end of June 2024, the group's individual customer base was nearly 0.236 billion, a 1.9% increase from the beginning of the year. Among them, 24.9% of customers hold 4 or more contracts with the company, and the average number of contracts per high net worth customer is approximately 20.13.
Ping An Insurance continues to promote its medical and retirement strategy, and actively responds to the "Healthy China" strategy to meet the needs of an aging society. As of the end of June 2024, Ping An has achieved 100% cooperation coverage with the top 100 hospitals and tertiary hospitals in China through the integration of supply partners. It has an internal and external team of approximately 0.05 million doctors and cooperates with 0.233 million pharmacies, an increase of over 2,500 compared to the beginning of the year. It has launched a multi-level retirement service system including home-based care and high-quality health care targeting customers. As of the end of June 2024, over 63% of Ping An's 0.236 billion customers have used services in the medical and retirement ecosystem.
By firmly providing insurance protection and responding quickly to natural disasters, Ping An solves users' urgent concerns. In the face of sudden extreme natural disasters, Ping An fully demonstrates the role of the insurance industry as a "stabilizer" and actively participates in the rescue and guarantee work in the front line of disasters such as Hunan floods, Northeast cold waves and blizzards, and Gansu Jishishan earthquakes. In 2023, Ping An completed approximately 2.9 billion yuan in insurance payouts related to disasters and provided immediate assistance to Gansu and Qinghai earthquakes, donating 10 million yuan to the disaster-stricken areas and sending much-needed supplies and warmth in the harsh winter.
Actively fulfilling its social responsibilities and supporting the development of the real economy. As of the end of June 2024, Ping An has invested nearly 9.46 trillion yuan in supporting the development of the real economy, with funds covering major national projects in energy, transportation, water conservancy, and other areas, fully supporting the "Belt and Road" initiative, the Guangdong-Hong Kong-Macao Greater Bay Area, and other major strategic plans. The scale of Ping An's green investment of insurance funds is 124.877 billion yuan, and the balance of green loans is 164.634 billion yuan. In the first half of 2024, Ping An's original insurance premium income from green insurance was 23.605 billion yuan, and through the "Three Village Project", it provided 17.024 billion yuan in funds to support rural industries. Ping An was selected for the first time this year in the Fortune China ESG Impact List.
Adhering to the principles of integrity and innovation, Ping An is striving to build leading AI capabilities worldwide. With a focus on the transformation and upgrading needs of its core business, Ping An uses technology to empower financial services, promote sales, improve efficiency, and control risks. According to the latest ranking of the World Intellectual Property Organization (WIPO) of the United Nations in 2024, Ping An ranks second globally with 1,564 filed AI patent applications. In the first half of the year, Ping An's AI customer service handled approximately 0.87 billion sessions, covering 80% of its total customer service volume. The average processing time for life insurance fast claims was 7.4 minutes. It continues to enhance risk control capabilities, and the AI-based anti-fraud claims interception reduced losses by 6.1 billion yuan, a year-on-year increase of 4.3%.
Despite internal and external pressures, the total value of the brands on the list for the year 2024 still saw a slight increase, reaching 3,371.26 billion yuan, showing overall stability. In addition to Ping An Insurance, the other top ten brands on the list are Tencent, Alibaba, China Construction Bank, Industrial and Commercial Bank of China, China Mobile, Bank of China, Kweichow Moutai, Agricultural Bank of China, and CM Bank.
The intrinsic driving force of brand value is to respond to the people's longing for a better life. Ping An Insurance stated that the company will firmly pursue high-quality development, continuously implement the sixteen-character management principles of "focusing on the main business, increasing income and reducing expenses, optimizing structure, and improving quality and efficiency", deepen the implementation of the dual-wheel strategy of "comprehensive finance + medical and retirement", and drive technology, using the "Three Provinces" project as a business guide, service coordinate, and long-term commitment, to contribute to the advancement of China's modernization and the comprehensive rejuvenation of the Chinese nation.