Ping An Ins Group Co China Ltd Stock Price, News & Analysis

Ping An Insurance (Group) Company of China announced the publication of its AI research in The University of Oxford's Journal of the National Cancer Institute. The study focuses on its AskBob Doctor AI system, which accurately categorizes nasopharyngeal cancer (NPC) patients by risk levels, enhancing treatment recommendations. Using MRI images and data from over 3,000 patients, the AI system outperforms traditional methods, improving prognostic accuracy by 23%. This innovation aims to optimize treatment plans and reduce costs for low-risk patients while ensuring effective care for high-risk individuals.

Ping An Insurance (Group) Company of China has successfully closed the Ping An Global Mezzanine Fund, raising USD307 million through client commitments and a credit facility from Goldman Sachs. This fund will focus on private corporate debts, providing opportunities for limited partners to invest alongside Ping An. The fund builds on over 10 years of successful private debt investment by Ping An. Despite global economic uncertainties, the fund aims to deliver compelling risk-adjusted returns and align interests with investors, as Ping An is also a significant investor in this asset class.

Ping An Insurance reported its 2020 financial results, achieving a 4.9% year-on-year increase in operating profit attributable to shareholders, totaling RMB 139.47 billion. Despite a 4.2% decline in net profit to RMB 143.1 billion, the company declared a cash dividend increase of 7.3% to RMB 2.20 per share. The retail customer base grew to over 218 million, a 9% increase, while cross-selling in corporate business saw a 69.7% rise. Ping An continued to invest in technology, with a 76.4% increase in technology business profits. The company remains committed to corporate governance improvements and social responsibility initiatives.

Ping An Insurance has been named the Best Overall Outstanding Company and the Most Outstanding Company in China – Insurance Sector in the Asia's Outstanding Companies Poll 2020 by Asiamoney. This marks the third consecutive year for this recognition. The poll encompassed over 880 financial experts across the Asia Pacific region. In the first half of 2020, operating profit increased by 1.2% to RMB74,310 million and technology revenue rose by 11.2% to RMB42,732 million. An interim dividend of RMB0.80 per share was declared, reflecting a 6.7% increase year-on-year.

Ping An Insurance Overseas (Holdings) Limited has successfully closed two funds, the Ping An Global Equity Selection Fund and the Ping An Global Equity Fund, securing a total of USD 875 million from global investors, including GIC and Montana Capital Partners. This marks Ping An's strategic transition towards an asset management franchise catering to third-party investors. The funds will focus on overseas private equity, investing in top-tier managers in North America and Europe. Executives highlighted the importance of these funds in enhancing investment capabilities and meeting diverse investor needs.