Ping An Insurance has risen to 16th place in the Forbes Global 2000 ranking in 2023, scaling up one place from its 17th place in 2022. This also means that Ping An is ranked seventh among global financial institutions, second among global insurance companies (behind UnitedHealth), and fifth among China companies.
This internationally renowned list is based on four metrics: sales, profits, assets, and market value. The top five Chinese companies that made the list are Industrial and Commercial Bank of China (ICBC), China Construction Bank, Agricultural Bank of China, Bank of China, and Ping An.
According to a news release, Ping An reported revenues of US$166.37 billion, profit of US$12.64 billion, assets of US$1.598 trillion, and market cap of US$138.56 billion during the ranking’s measuring period.
Ping An is the largest insurer in China, with nearly 227 million retail customers and 693 million internet users.
As for other insurers in the Global 2000, HSBC – while not a pure insurance business – reached the 20th spot on the list. Germany’s Allianz follows suit at 37th, with the insurer listing assets of around US$1.1 trillion.
France’s AXA made it to the top 50 at 48th, followed by China Life at 62nd. CVS Health, parent of Aetna, ranked 65th, while Cigna made it to 68th. Rounding out the top 100 are Elevance Health, which ranked 78th, and Sumitomo Mitsui, which ranked 86th.
Recently, Ping An also posted a 48.9% rise in Q1 profit, equivalent to US$5.55 billion as investment income for the firm improved.
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