Best score among Mainland China's insurance companies
HONG KONG and SHANGHAI, July 6, 2022 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEx:2318; SSE:601318) has been rated as low ESG risk by Sustainalytics, a global leading ESG (Environmental, Social and Governance) rating firm. With a score of 18.3, Ping An earned the best score among Mainland China's insurance companies, a testament to the Group's excellent ESG risk management capability.
Sustainalytics considered seven material ESG issues that could impact Ping An's financials and operation results: Corporate Governance, Business Ethics, Human Capital, Data Privacy and Security, ESG Integration-Financials and Resilience. Based on their assessment, Ping An's overall ESG Risk Rating was 18.3, a "Low ESG Risk" score. Sustainalytics gave Ping An a "Negligible" ESG Risk Rating in Product Governance, ESG Integration-Financials and Resilience, the most favorable rating in its five-tiered system from "Negligible" to "Severe".
Sustainalytics has rated over 14,500 companies in different industries, including over 290 insurance companies around the world. Ping An ranks first among Mainland China insurers.
As an integrated financial conglomerate, Ping An has taken a leading role in the practice of ESG risk management, integrating core theories and standards of ESG into the Group's risk management system. In 2022, with more than 30 years' experience in the industry, Ping An upgraded its comprehensive risk management system based on its observations of regulatory and industry changes. The risk management system identified 11 general risk categories including compliance risks, credit risks, liquidity risks, and information technology risks, and four risk categories specific to insurance companies. Management of these risks promote and ensure stable long-term development of the Group. In particular, Ping An is focusing on the impact of climate change on its business. As suggested by the global Task Force on Climate-related Financial Disclosure (TCFD), Ping An has developed a risk identification framework for climate change-related risks, and applied risk identification results to the insurance and investment screening process to reduce those risks.
Sustainalytics noted that the company's overall management of material ESG issues is strong. Information security management is one of the most critical aspects of Ping An's business development, and the Company's information security management system is ISO 27001 certified, which is considered global best practice in information security. Ping An focuses on the impact of business ethics on its stakeholders, including shareholders, customers, employees, partners and the community, as well as the impact on the environment. On the business ethics front, the company strives to train employees regularly and has board-level oversight on compliance. In addition, Ping An encourages key employees to serve the Company on a long-term basis with a comprehensive long-term incentive and discipline mechanism. Ping An's Key Employee Share Purchase Plan and Long-term Service Plan help to strengthen the Company's governance structure and promote long-term sustainable development. As of December 31, 2021, the number of employees participating in Ping An's Key Employee Share Purchase Plan and Long-term Service Plan reached 89,304.
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About Ping An Group
Ping An Insurance (Group) Company of China, Ltd. ("Ping An") strives to become a world-leading retail financial services group. With over 223 million retail customers and nearly 657 million internet users, Ping An is one of the largest financial services companies in the world. Ping An focuses on two over-arching domains of activity, "integrated finance" and "healthcare", covering the provision of financial and health care services through its integrated financial services platform and ecosystems in financial services, healthcare, auto services and smart city services. The "finance + technology" and "finance + ecosystem" strategies aim to provide customers and internet users with innovative and simple products and services using technology. As China's first joint stock insurance company, Ping An is committed to upholding the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchanges in Hong Kong and Shanghai. Ping An ranked 6th in the Forbes Global 2000 list in 2021 and ranked 16th in the Fortune Global 500 list in 2021.
Sustainalytics, a Morningstar company, is a leading independent ESG research, ratings and data firm that supports investors around the world with the development and implementation of responsible investment strategies. Sustainalytics works with hundreds of the world's leading asset managers and pension funds who incorporate ESG and corporate governance information and assessments into their investment processes. The firm also works with hundreds of companies and their financial intermediaries to help them consider sustainability in policies, practices and capital projects. For more information, visit www.sustainalytics.com.
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SOURCE Ping An Insurance (Group) Company of China, Ltd.