Ετικέτα: Ping An

Ping An Opens Its First Self-Operated Hospital in Shenzhen

Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or “the Group”, HKEX: 2318/82318; SSE: 601318) announced the official opening of its first self-operated hospital in Shenzhen – Shenzhen Beiyi Rehabilitation Hospital (“the Hospital”). Operated by PKU Healthcare Group, a subsidiary of Ping An, the Hospital is committed to delivering comprehensive rehabilitation services to residents of the Greater Bay Area, covering a spectrum from acute and critical rehabilitation to chronic home care. It is projected to serve up to 100,000 patients annually.
Michael Guo, Co-CEO of Ping An, stated that the opening of the Hospital underscores Ping An’s active engagement with the national “Healthy China” initiative and marks a key milestone in the Group’s “health and senior care” strategy. The Hospital enhances the standard of rehabilitation care in Shenzhen and strengthens the integrated “insurance + rehabilitation + senior care” model. In collaboration with PKUCare Rehabilitation Hospital, it creates a north-south synergy, providing integrated health and senior care services to clients across Shenzhen and the Greater Bay Area.
Yougang Zhu, Chairman of PKU Healthcare Group and Chairman & CEO of Ping An Health Insurance, highlighted that the Hospital will focus on smart technologies as a core driver, incorporating advanced technology into diagnosis, service delivery, and management. With a family-centered service approach, the Hospital aims to establish an efficient, precise, and future-oriented intelligent rehabilitation platform.
Six Core Rehabilitation Specialties, AI-Empowered Intelligent Rehabilitation Platform
As one of the core cities in the Greater Bay Area, Shenzhen is experiencing a growing demand for high-quality rehabilitation care, yet such resources remain limited. The Hospital leverages PKU Healthcare Group’s century-long medical expertise and is staffed by a team of leading rehabilitation specialists covering six key specialties: neurology, orthopedics and joints, pediatrics, geriatrics, spinal cord injury, and pain management.
Backed by years of technological innovation from Ping An and PKU Healthcare Group, the Hospital introduces an “AI + precision rehabilitation” service model, featuring intelligent rehabilitation equipment such as exoskeleton robots and 3D posture and gait analysis systems throughout the rehabilitation process.
Innovative “Insurance + Rehabilitation + Senior Care” Model, Advancing the “Integrated Finance + Health and Senior Care” Strategy
The Hospital will collaborate closely with Ping An’s insurance, health care, and senior care businesses to develop an innovative “insurance + rehabilitation + senior care” model, supporting the Group’s “integrated finance + health and senior care” strategy.
The Hospital is connected to Ping An Health Insurance’s high-end direct payment system, enabling customers to experience a “seamless in-hospital payment”. It also plans to integrate with the national medical insurance payment platforms and international commercial insurance, facilitating convenient, barrier-free claims processing for patients from Chinese mainland, Hong Kong, Macau, and abroad. Furthermore, the Hospital works in close cooperation with the “Ping An Zhen Yi Nian” experience center to provide integrated care services spanning “in-hospital, post-hospital, community and home.” In the future, the expertise and operational experience gained from running Shenzhen Beiyi Rehabilitation Hospital will help support Ping An’s home-based senior care services, contributing to the continuous improvement and high-quality development of Ping An’s senior care offerings.
By the end of September 2025, Ping An had established partnerships with over 37,000 hospitals in China, more than 107,000 health management institutions, and nearly 241,000 pharmacies. Its flagship self-operated PKU Healthcare Group comprises six general hospitals, 14 health management centers, and two specialized rehabilitation hospitals. Ping An served nearly 250 million individual customers, with 63% benefiting from its health and senior care ecosystem. In the first three quarters of 2025, over 16 million Ping An Life customers accessed health management services.
The Shenzhen Beiyi Rehabilitation Hospital represents a significant advancement in building a high-quality medical service system and marks another milestone in the Group’s health and senior care ecosystem across the Greater Bay Area. As a flagship self-operated entity within Ping An’s health and senior care framework, the Hospital will integrate leading medical resources, deploy advanced technologies, and innovate service models to deliver enhanced rehabilitation services to residents of Shenzhen and the surrounding area.

Ping An Reported Significant Improvements in Operating Profit in 9M 2025, Life & Health NBV Robustly Increases 46.2% YoY

Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An”, the “Company”, or the “Group”, HKEX: 2318 / 82318; SSE: 601318) announced its results for the nine months ended September 30, 2025.
Despite a complex, fluid external environment, China’s economy achieved steady progress amid overall stability as domestic demand potential was unleashed and development resilience was enhanced in the first nine months of 2025. Ping An focused on core financial businesses and strengthened the insurance protection function to serve the real economy. Advancing the technology-enabled “integrated finance + health and senior care” dual-pronged strategy, Ping An remained customer-needs oriented, pursued high-quality development, and achieved significant improvements in overall business results. 
In the first nine months of 2025, operating profit attributable to shareholders of the parent company grew 7.2% year on year to RMB116,264 million. Operating profit attributable to shareholders of the parent company grew 15.2% year on year in the third quarter of 2025. Despite the financial treatment of non-recurring items, including one-off transactions related to Ping An Good Doctor, Autohome, and Ping An HealthKonnect, as well as the revaluation on the conversion value of the convertible bonds issued by the Company, net profit attributable to shareholders of the parent company was RMB132,856 million, up 11.5% year on year in the first nine months of 2025, and surged 45.4% year on year in the third quarter of 2025. As of September 30, 2025, the Group’s equity attributable to shareholders of the parent company amounted to RMB986,406 million, representing a 6.2% increase from the beginning of the year after dividends, demonstrating the resilience of the balance sheet, robust profitability, and sustainable dividend-paying capability. In the first nine months of 2025, revenue amounted to RMB901,668 million, up 4.6% year on year. 
High-quality development yielded notable results. In the first nine months of 2025, Life & Health’s new business value (“NBV”) increased 46.2% year on year; NBV per agent increased 29.9% year on year; bancassurance channel NBV surged 170.9% year on year. Insurance funds investment performance improved significantly. Ping An’s insurance funds investment portfolio achieved an unannualized comprehensive investment yield of 5.4% in the first nine months of 2025, up 1.0 pps year on year.
1.Overall Business Results Significantly Improved; Life & Health NBV Robustly Increased 46.2% YoY.
Life & Health business sustained growth with high-quality multi-channel development. In the first nine months of 2025, Life & Health’s NBV increased 46.2% year on year to RMB35,724 million, and NBV margin based on annualized new premium rose 9.0 pps year on year. Ping An Life consistently deepened the transformation and built multi-channel professional sales capabilities. In respect of the agency channel, Ping An Life built a team development framework that prioritizes the cultivation, recruitment and fostering of high-quality agents. Agency channel NBV grew 23.3% year on year in the first nine months of 2025, driven by a 29.9% year-on-year increase in NBV per agent. In respect of the bancassurance channel, Ping An Life developed high-quality channels, expanded high-quality teams, and improved product competitiveness. Bancassurance channel NBV surged 170.9% year on year in the first nine months of 2025. In respect of the community finance channel, Ping An Life adopted a farmer-like approach of focusing on retained customers, and made consistent breakthroughs in customer development as the overall persistency ratio of retained customers improved by 0.6 pps year on year in the first nine months of 2025. Bancassurance, community finance and other channels contributed 35.1% of Ping An Life’s NBV in the first nine months of 2025.
Under a customer-centric philosophy, Ping An Life advanced “insurance + service” strategy. In respect of insurance products, Ping An Life launched and upgraded flagship wealth management, pension and protection insurance products. Moreover, Ping An Life launched “An Yi Zun Xiang,” a participating annuity product featuring dual insureds and new “e Sheng Bao” medical insurance products for high-end, mid-range and basic customer segments to meet diverse demands. In respect of services, Ping An focused on building capabilities in health care, home-based senior care and premium senior care services. Ping An Life provided over 16 million customers with health management services in the first nine months of 2025, which were widely welcomed by customers. Ping An’s home-based senior care services covered 85 cities nationwide, and nearly 240,000 customers were entitled to the home-based senior care services as of September 30, 2025. Ping An unveiled a total of six premium health and senior care communities, which are currently in operation or under construction, in five cities as of September 30, 2025. A community in Shanghai named “ZHEN CITY•Shanghai” has opened for business, and another in Shenzhen is scheduled to start a soft opening by the end of 2025.
Ping An P&C achieved solid growth with consistently improving business quality. Ping An P&C’s premium income rose 7.1% year on year to RMB256,247 million in the first nine months of 2025. Overall combined ratio improved by 0.8 pps year on year to 97.0%. Focusing on its core responsibilities and businesses, Ping An P&C strengthened innovation-driven development. Premium income of auto insurance and non-auto insurance reached RMB166,116 million and RMB90,131 million respectively, up 3.5% and 14.3% year on year respectively. Through building a full-scenario, end-to-end customer service system to deliver “worry-free, time-saving, and money-saving” experience, Ping An P&C boosted insurance revenue by 3.0% year on year to RMB253,444 million. Operating profit climbed 8.3% year on year to RMB15,143 million.
Insurance funds investment performance improved significantly. The Company adheres to the philosophies of long-term investing and liability matching for insurance funds investment. The insurance funds investment portfolio achieved an unannualized comprehensive investment yield of 5.4%, up by 1.0 pps year on year, and an unannualized net investment yield of 2.8% in the first nine months of 2025. The insurance funds investment portfolio grew 11.9% from the beginning of the year to over RMB6.41 trillion as of September 30, 2025. Ping An proactively managed interest rate fluctuations and actively allocated to interest rate bonds when rates were high, keeping a good match between costs, incomes and durations. While keeping risks under control, the Company fully seized market opportunities and increased allocation to equities to outperform markets with robust long-term investment returns. Ping An also actively increased investment in high-quality alternative assets and the real economy to diversify the sources of assets and incomes.
Ping An Bank maintained steady business performance and asset quality. Ping An Bank’s revenue and net profit totaled RMB100,668 million and RMB38,339 million respectively in the first nine months of 2025. Ping An Bank kept overall asset quality stable by consistently strengthening risk management. Non-performing loan ratio dropped by 0.01 pps from the beginning of the year to 1.05% as of September 30, 2025. Provision coverage ratio was 229.60% and deviation of loans more than 60 days overdue was 0.77 as of September 30, 2025. Core tier 1 capital adequacy ratio rose 0.40 pps from the beginning of the year to 9.52% as of September 30, 2025. Ping An Bank strengthened asset quality control and management, and enhanced non-performing asset recovery and disposal, reducing impairment losses on credit and other assets by 18.8% year on year to RMB25,989 million. Corporate loan balance rose 5.1% from the beginning of the year to RMB1,688,561 million as of September 30, 2025 as Ping An Bank stepped up support for the real economy.
Integrated finance-enabled core competitive moat and steadily improving customer development efficiency. Ping An’s retail customers increased 2.9% from the beginning of the year to nearly 250 million as of September 30, 2025. There were 26.28 million new customers in the first nine months of 2025, up 6.8% year on year. Contracts per customer increased 0.7% from the beginning of the year to 2.94. Ping An achieved high retail customer retention rates. The retention rate of customers holding four or more contracts within the Group was 97.5% as of September 30, 2025, 12.8 pps higher than that of those holding only one contract. The retention rate of customers served by Ping An for five or more years was 94.4% as of September 30, 2025, 41.0 pps higher than that of first-year customers.
2.Advancing the Health and Senior Care Strategy, with Leading AI Capabilities Empowering High-Quality Development
Ping An’s health and senior care ecosystem enabled its core financial businesses though differentiated “Product + Service” offerings. Ping An achieved nearly RMB127 billion in health insurance premium income for the first nine months of 2025, including nearly RMB58.8 billion from medical insurance, up 2.6% year on year. Nearly 63% of Ping An’s nearly 250 million retail customers were entitled to services benefits in the health and senior care ecosystem as of September 30, 2025. They held approximately 3.38 contracts and about RMB63,400 in assets under management (“AUM”) per capita, 1.6 times and 4.0 times those held by retail customers not entitled to these service benefits respectively. Customers entitled to service benefits in the health and senior care ecosystem contributed nearly 70% of Ping An Life’s NBV in the first nine months of 2025.
Ping An made significant progress in both retail and corporate customer development by effectively integrating insurance with health and senior care services. Ping An’s health and senior care ecosystem had over 87,000 paying corporate clients as of September 30, 2025. Over 16 million of Ping An Life’s customers used health management services in the first nine months of 2025. In respect of proprietary flagships, PKU Healthcare Group’s revenue grew steadily to nearly RMB4.1 billion in the first nine months of 2025, driven by its robust operations. Peking University International Hospital consistently strengthened discipline development, streamlined operations management, and comprehensively improved patient services. The hospital’s revenue amounted to RMB1.94 billion and outpatient visits exceeded 970,000 in the first nine months of 2025. In respect of partner networks, Ping An provides an “online, in-store, in-home and in-company” service network by integrating domestic and overseas premium resources. Ping An had about 50,000 in-house and contracted external doctors in China as of September 30, 2025. Ping An partnered with over 37,000 hospitals (including all top 100 hospitals and 3A hospitals), over 107,000 health management institutions and nearly 241,000 pharmacies (over 35% of all pharmacies) in China as of September 30, 2025. Overseas, Ping An partnered with over 1,300 medical institutions in 35 countries across the world as of September 30, 2025. 
Ping An built leading AI capabilities to accelerate the development of its ecosystems. Ping An has constructed an artificial intelligence moat based on massive data and tech companies pursuing technology development and application. The Group ranks among the top in the world by its massive data which serves as the core foundation for AI-driven value creation. Ping An uses its massive data to train large AI models. The Group’s databases have accumulated 30 trillion bytes of data covering nearly 250 million retail customers. Ping An has accumulated over 3.2 trillion high-quality tokens, approximately 310,000 hours of labeled speeches, and over 7.5 billion images. Ping An enables financial businesses to improve experience, manage risks, cut costs and promote sales by consistently deepening and expanding scenario-oriented AI applications. 
In improving experience, by leveraging breakthrough AI technologies including multimodal perception and intelligent reasoning, 89% of Ping An P&C’s policies sold via the auto dealer channel can be intelligently issued within one minute on average. Ping An P&C applied the technology to end-to-end automatic non-auto insurance claim settlement. With the technology, 63% of personal injury claims were settled automatically within as little as 51 seconds. Leveraging cutting-edge technologies including AI-powered robotics, smart recognition cameras, and AI-powered claim review, Ping An has created a new brand image of life insurance claim service with “111 Quick Claims” featuring one-sentence case reporting, one-click material uploading, and one minute claim review. In the first nine months of 2025, 58% of claims were settled via the quick claim service. In managing risks, AI enables Ping An’s insurance business lines to enhance risk management capabilities. Ping An P&C’s claims savings via smart fraud detection totaled RMB9.15 billion in the first nine months of 2025. In cutting costs, the volume of services provided by Ping An’s AI service representatives reached over 1,292 million times, accounting for 80% of Ping An’s total customer service volume in the first nine months of 2025. Ping An actively promoted the application of AI coding tools, achieving an AI coding rate of 10% and enabling higher efficiency of R&D staff. In promoting sales, AI agents assisted sales of RMB99,074 million in the first nine months of 2025 by enabling demand analysis, personalized recommendation, sales pitches, and so on. Ping An built a smart “AI + human” reinstatement task assignment system. As a result, Ping An reinstated 23% more policies, effectively renewing coverage for customers. 
Ping An actively fulfilled its social responsibilities, supporting green development and rural vitalization. Ping An’s green insurance premium income amounted to RMB55,279 million and funds provided for rural industrial vitalization via “Ping An Rural Communities Support” totaled RMB47,390 million in the first nine months of 2025. 
Prospects of Future DevelopmentLooking ahead, China’s “14th Five-Year Plan” is nearing its conclusion, and a new journey under the “15th Five-Year Plan” is about to begin. China’s economy is on solid foundations, demonstrating advantages in many areas, strong resilience, and great potential. The conditions and underlying trends supporting long-term growth remain unchanged. Ping An will continue to implement its business policy of “focusing on core businesses, boosting revenue and cutting costs, advancing reform and innovation, and preventing risks”. The Company will consistently advance its technology-enabled “integrated finance + health and senior care” dual-pronged strategy, promote comprehensive digital transformation and the value proposition of “worry-free, time-saving, and money-saving” services, and steadily improve operations and management to drive robust business growth. In doing so, Ping An aims to create long-term, stable, and sustainable value for its clients, employees, shareholders, and society.

Ping An Releases 2024 Sustainability Report

Ping An Insurance (Group) Company of China, Ltd. (“Ping An”, the “Company” or the “Group”, HKEX: 2318; SSE: 601318) has published its Sustainability Report 2024.
This is the 16th consecutive year that Ping An has released its sustainability report. The report features two themes: “Public Welfare Education” and “Worry-free, Time-saving and Money-saving” services. It also discloses the Company’s latest progress across five key areas: strategic management; business; operations and community; climate change and carbon neutrality; and governance.
Theme One: Thirty Years of Public Welfare Education
Ma Mingzhe, Chairman of Ping An Group said, “As long as there is still one student at Ping An Hope Primary School, our public welfare volunteer teaching will continue.”
Ping An’s public welfare education initiative marked its 30th anniversary in 2024. Since the establishment of the first Ping An Hope Primary School in 1994, the Group has continued to support rural education through measures such as infrastructure and maintenance, volunteer teaching, educational scholarships, training and development, and summer camps. In 2024, Ping An’s support included:

renovation of 22 rural schools
donation of sports grounds to five rural schools to create a better learning and sports environment for students
organization of 987 volunteers to conduct teaching in 74 schools, contributing 6,767 teaching hours
educational scholarship programs that collectively supported 1,065 students, including enabling 65 students realize their university dreams
training of 294 rural teachers
organization of 165 teachers and students from 27 schools to participate in summer and winter camp activities

 As of the end of 2024, Ping An had assisted in building 119 Ping An Hope Primary Schools across the country. It recruited 12,708 volunteer teachers who contributed more than 443,000 total teaching hours. Ping An also established educational scholarships which have cumulatively supported 31,345 students, and trained over 20,000 rural teachers, benefiting 310,000 students.
Theme Two: “Worry-free, Time-saving and Money-saving” Project Creates a New Paradigm in Financial Services
Michael Guo, Co-CEO of Ping An Group, said, “Customers’ voices, needs and suggestions are the guide for our service reform and product upgrade.”
Since Ping An was established 36 years ago, the Company has grown into a world-leading “integrated finance + health and senior care” services group. Adhering to the value proposition of “worry-free, time-saving, and money-saving” services, Ping An focuses on developing professional products and services for three main scenarios: financial advisers, family doctors, and senior care concierges. Ping An made every effort to promote its value proposition in 2024. The Group launched its 2024 Customer Listening Day in May, calling on senior executives, business teams and front-line employees to engage with customers to understand their needs and pain points, and then accelerate the upgrading of product and service upgrades.
To meet customers’ diversified needs in wealth management, health, and senior care, Ping An provides services such as wealth management, insurance protection, and consumer credit through an integrated financial model featuring “one customer, multiple accounts, multiple products, and one-stop services.” As of the end of 2024, Ping An had 242 million retail customers, with an average of 2.92 contracts per customer. More than 25% of them were holding four or more contracts within the Group. Nearly 63% of Ping An’s retail customers were entitled to service benefits in the health and senior care ecosystem as of the end of 2024. In 2024, over 21 million customers of Ping An Life used health management services. Ping An has approximately 50,000 in-house and contracted external doctors and partnered with all top 100 hospitals and 3A hospitals in China. It has also established cooperation with over 104,000 health management institutions and 235,000 pharmacies. Ping An’s home-based senior care services cover 75 cities nationwide, and over 160,000 customers are eligible for home-based senior care services.
Top 10 highlights of Ping An’s sustainable development in 2024
 1.  Stable business performance, with total cash dividends increasing for 13 consecutive years:  In 2024, Ping An achieved an operating profit attributable to shareholders of the parent company of RMB121,862 million, a year-on-year increase of 9.1%; net profit attributable to shareholders of the parent company was RMB126,607 million, a substantial year-on-year increase of 47.8%; and total revenue was RMB1,141,346 million, a year-on-year increase of 10.6%1. With the goal of providing stable returns to shareholders, Ping An distributed a full-year dividend of RMB2.55 per share in cash in 2024, a year-on-year increase of 5%. The cash dividend ratio based on the operating profit attributable to the parent company was 37.9%, with the total dividend amount maintaining growth for 13 consecutive years.
2.  Technology empowering sustainable development, driving innovation in finance and healthcare: Ping An continues to increase investment in technology, comprehensively improving the user experience of financial and healthcare services through cutting-edge technologies such as artificial intelligence (AI) and big data. As of the end of 2024, Ping An had accumulated 55,080 patent applications in the fields of financial technology and healthcare. AI service representatives reached about 1.8 billion times, covering 80% of Ping An’s total customer service volume in 2024. Through intelligent underwriting and intelligent claims settlement, 93% of life insurance policies achieved second-level underwriting. Ping An Property & Casualty independently developed the Disaster Risk System (DRS3.0) and the Catastrophe Emergency Service Platform, integrating over 2 trillion pieces of geographic, disaster, meteorological, and insurance data, combined with meteorological disaster models, satellite remote sensing, machine learning, and other technologies. These tools provide intelligent risk control services such as disaster early warning, risk screening, and catastrophe risk management. In 2024, the DRS 3.0 issued 10.55 billion early warning messages, providing pre-disaster early warnings to 67.34 million individuals and enterprises. In healthcare, Ping An’s independently developed AI-assisted diagnosis and treatment system currently covers the diagnostic knowledge of over 2,000 diseases, with an accuracy rate of over 99% in triage – guiding patients to the appropriate medical department – and an assisted diagnosis accuracy rate of over 95%.
3. Continuously developing green finance to support the low-carbon transformation of industries: Ping An regards green finance as a systematic initiative, supporting green development and industrial transformation through insurance, lending, investment, and other products and services. In 2024, Ping An’s green insurance premium income reached RMB58,608 million, a year-on-year increase of nearly 57%. The balance of green loans was RMB157,762 million, a year-on-year increase of 13%, and the scale of insurance fund green investment was RMB124,712 million. As an extension and expansion of green finance, transition finance has become a key driving force for promoting industrial upgrading and stable economic operations. Ping An is actively responding to this trend, increasing its support for transition finance and emerging low-carbon technologies. As of the end of 2024, Ping An Bank had cumulatively issued RMB440 million in project loans for carbon capture, utilization, and storage technology (CCUS) to Baotou Iron and Steel Group; and cumulatively issued approximately RMB3.44 billion in project loans for the Coal Grading Clean and Efficient Conversion Project to Yulin Chemical Co. Ltd.
4. Leveraging integrated financial advantages to promote inclusive financial development: Ping An is committed to improving the accessibility of financial services, providing broader protection and support for micro and small enterprises and low-income groups. In 2024, Ping An Property & Casualty added 304 new inclusive insurance products to further expand the scope of protection. Ping An Life Insurance launched low-premium rural insurance products, covering accidental risks such as transportation and natural disasters, and the product provided protection for 42,000 customers throughout the year. Ping An Bank issued loans of  RMB160,224 million to micro and small enterprises, with a loan balance of RMB 506,331 million in 2024. It also issued 63,000 Rural Revitalization Debit Cards. As of the end of 2024, Ping An Property & Casualty had provided over RMB220 trillion in full-risk protection for nearly 2.4 million micro and small enterprises, with over 900,000 claims processed, worth nearly RMB4 billion. Ping An Bank had cumulatively served 782,000 micro and small enterprise loan customers, and issued nearly 260,000 cards.
5. Operating carbon emissions decreased by 8% year-on-year, accelerating towards the 2030 carbon neutrality goal: Ping An identifies and assesses climate change-related risks and opportunities, conducts climate risk scenario analysis, and formulates response measures and transformation plans. In 2024, the company actively promoted energy conservation and carbon reduction, with total greenhouse gas (GHG) emissions for the year at 439,291 tonnes of carbon dioxide equivalent (tCO2e), a year-on-year decrease of 8%. Among them, Scope 1 (direct GHG emissions) was 28,158 tCO2e, a year-on-year decrease of 22%. Scope 2 (energy-related indirect GHG emissions) was 342,193 tCO2e, a year-on-year decrease of 8%. In 2024, Ping An purchased a total of 11,612 megawatt-hours (MWh) of green electricity, avoiding nearly 6,800 tCO2e emissions. Scope 3 (paper use and employee travel) was 68,941 tCO2e emissions, about the same as in 2023. As of the end of 2024, Ping An’s self-developed employee carbon account platform covered 180,000 employees, recording 2.26 million carbon reduction actions, achieving an emission reduction contribution of approximately 23,662 tCO2e. In the field of green buildings, Ping An has 30 building projects that have obtained domestic and foreign green and healthy building certifications, of which 10 buildings have obtained Leadership in Energy and Environmental Design (LEED) Gold and above certification.
6. Protecting consumer rights and privacy, exploring an aging-friendly service model: In 2024, Ping An updated its Policy Statement on Privacy Protection (2024) and Policy Statement on Information Security (2024), conducted special audits on consumer rights protection, and tracked the rectification of problems found in the previous year, ensuring a rectification rate of 100%. Targeting the senior population, Ping An is exploring the “aging-friendly” service model. Actions include installing anti-collision corners in the basic infrastructure of service counters, setting up rest areas for the elderly, and providing equipment such as wheelchairs, walking sticks, reading glasses, and medicine kits for a more friendly service environment for the elderly. Ping An also provides an exclusive service hotline for customers over 60 years old. Through the service hotline, senior customers can directly reach the dedicated customer service with one click, enjoying convenient and caring services. In addition, Ping An continues to explore digital methods such as intelligent voice assistants and simplified mobile app interfaces to help elderly customers cross the digital divide.
7. Focusing on employee development and protection, with satisfaction increasing for two consecutive years: Ping An is committed to protecting the legitimate rights and interests of employees, helping employees grow through salary incentives and training, and achieving the common development of employees and the company. In 2024, Ping An updated the Statement on Employee Rights (2024), improving its employee protection mechanism. As of the end of 2024, Ping An had 273,053 employees. Female employees accounted for 51%, and in senior management, female personnel accounted for 36%. To encourage retention of core talent, Ping An implemented the Core Personnel Stock Ownership Plan and the Long-term Service Plan. As of the end of 2024, 103,610 employees participated in the plans, covering 38% of employees. For employee training and development, Ping An cooperated with educational institutions to introduce high-quality courses. In 2024, the Group invested RMB956 million in training, and employees benefitted from an average of 49 hours of training each. In addition, Ping An conducts satisfaction surveys for all employees every year. In 2024, the overall employee satisfaction reached 90 points, steadily improving for two years in a row. With excellent talent development and management practices, Ping An ranked 318th globally and second in the Chinese financial industry in Forbes’ World’s Best Employers 2024.
8. Strengthening information security management and building an AI ethics system: Ping An continues to improve its information security management system and is promoting the construction of an artificial intelligence (AI) ethics system. In 2024, the Group, together with its member companies, completed 67 security emergency drills, covering 11 emergency scenarios such as ransomware, anti-DDoS (distributed denial-of-service) attacks, and phishing emails. It carried out database backup recovery drills and cross-regional joint disaster recovery exercises, effectively improving the Group’s emergency response capabilities for information security. Throughout the year, more than 30 information security training sessions were conducted, focusing on eight major risk scenarios, such as personal information leakage, data outsourcing, phishing emails, and third-party personnel management. The training pass rate was 100%. Ping An has maintained information security management system certifications for many years. As of the end of 2024, Ping An’s ISO/IEC 27001 certification coverage rate reached 93%. In addition, in terms of AI governance, Ping An follows five ethical principles: people-oriented; human autonomy; safe and controllable; fair; and just, open and transparent. It issued the Policy Statement on AI Ethics Governance (2022), and aims to scientifically manage the development and application of AI to ensure that technological innovation meets ethical and moral standards.
9. Actively fulfilling social responsibility and enhancing community influence: In 2024, Ping An provided over RMB52 billion in rural industrial revitalization assistance funds, provided free physical examinations for 6,859 villagers, held 29 lectures on chronic diseases science, upgraded 45 rural clinics, and held 45 free medical consultation sessions in rural areas. Ping An also encouraged employees to devote themselves to public welfare projects. As of the end of 2024, there were more than 490,000 employee and agent volunteers, who participated in voluntary blood donation, educational public welfare, emergency disaster relief, and other public welfare actions.
10. Outstanding performance recognized by international rating agencies and capital markets: In 2024, Ping An was awarded an AA rating in the MSCI ESG rating, ranking first in the Asia-Pacific region in the multi-line insurance and brokerage industry for three consecutive years. It was rated “Low Risk” in the Sustainalytics ESG rating, with a score of 15.6, the best score among insurance companies in Chinese mainland. It was selected for the S&P Global’s “Sustainability Yearbook 2024 (China Edition)”, the only insurance company included in mainland China. In addition, Ping An has been selected as a constituent stock of the FTSE4Good index series for five years and has been a constituent stock of the Hang Seng Corporate Sustainability Index Series for 14 years.
Sustainable development is a cornerstone of Ping An’s long-term strategy. The Group will continue to deepen the “integrated finance + health and senior care” technology-driven strategy, using technological innovation to create a competitive advantage in service. It will provide customers with all-around professional financial advisory, family doctor, and senior care concierge services, enabling customers to enjoy “worry-free, timesaving, and money-saving” services experience, and it will continue to create long-term, stable, and sustainable value for customers, employees, shareholders, and society.
For details of the report, please click here.

Ping An Enhances Recruitment Experience with “Ping An Talent” AI System

Ping An Insurance (Group) Company of China, Ltd. recently launched its 2025 Spring Campus Recruitment offering over 2,000 positions, highlighted by Ping An’s self-developed “Ping An Talent” recruitment system. This platform integrates AI-driven job matching, AI interviews, and AI salary negotiation to provide campus recruits with a fair, convenient, and efficient recruitment experience.
“Ping An Talent” uses natural language processing and machine learning technology to perform keyword matching and semantic analysis on resumes, accurately identifying students who meet the job requirements. These AI innovations not only reduce the workload of HR staff and avoid screening error and evaluate resumes efficiently to match graduate talent with suitable positions faster than before.
The AI interviewer function provides students with a flexible interview experience. Students can communicate with the company by simply tapping the screen, regardless of their location. The AI interviewer efficiently assesses students’ comprehensive abilities and personality traits based on facial expressions, speech rate, tone, and the logical structure of their answers.
The AI salary negotiation technology improves the efficiency of salary discussions with recruits. It can help campus recruits clearly understand salary information through smart outbound calls based on student backgrounds and job requirements.
Based on its technology-driven “integrated finance + healthcare and senior care” strategy, Ping An together with more than 10 of its subsidiaries, offers over 2,000 positions across eight major categories, including business, investment & financing, technology, product, operations, and other functions, providing comprehensive career development paths for students from diverse academic backgrounds. There are also a large number of positions provided member companies in AI, big data, algorithms, and product operations to support Ping An Technology, Ping An Health Insurance, and other businesses.

Ping An Leads Multi-Party Effort to Release Report on Climate Change Adaptation and Disaster Risk Management

Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An”, the “Company” or the “Group”, HKEX: 2318 / 82318; SSE: 601318) has published a report, “Climate Change Adaptation and Disaster Risk Management: Current Practices and Future Perspectives for the Insurance Industry” (hereafter “the report”), in a joint effort with Southern University of Science and Technology, Tsinghua University, Risk Lighthouse International Pt Ltd, and Ernst & Young (China) Enterprise Consulting Co. 
Against the backdrop of long-term climate change, the insurance industry is confronted with substantial challenges arising from the exacerbation of disaster risks. The frequent incidence of catastrophic events implies that insurance companies need to bear greater compensation liabilities and the associated payout pressures. The report outlines the impact and challenges of climate change on the insurance industry and describes how the Chinese and international insurance industries are responding to climate change. It also discusses the innovative measures to improve climate risk resilience and put forwards policy recommendations for climate change response. Furthermore, the report features Ping An’s sustainable development practices and experiences in responding to climate change in recent years, to provide a multi-perspective analysis of how the insurance industry can turn climate change challenges into development opportunities.
Richard Sheng, Ping An’s Board Secretary and Brand Director, said, “In recent years, extreme weather events have become more frequent around the world, which has endangered the safety of people’s lives and their properties and led to massive social and economic losses. We are hoping that this report can help the industry to better respond to the challenges and opportunities brought by climate risks and refine the insurance system. Together, we will write a new chapter of green development, give full play to the functions of insurance as an economic shock absorber and a social stabilizer, and lead China’s insurance industry to comprehensively respond to climate change. In the future, Ping An will develop technology finance, green finance, inclusive finance, pension finance and digital finance, to provide high-quality financial services for economic and social development and promote the concept of sustainable development.”
In recent years, climate change risks have had an increasing impact on human society and economic activities and have become a global challenge. The insurance industry, as a stabilizer of the social economy, plays an important role in mitigating and adapting to climate change. Ping An actively promotes the concept of sustainable development through its business activities. As of the end of 2023, Ping An’s green insurance premium income amounted to RMB37.3 billion, representing nearly 49% year-on-year (YoY) growth. Its green loan balance amounted to RMB146.3 billion, representing a YoY growth of 25.7%. Its green investment of insurance funds amounted to RMB128.6 billion, up 19% YoY, and 100% of investments of insurance funds were covered by requirements for integrating ESG into investment management.
Going forward, Ping An will strive to exert its influence in the industry in the field of sustainable development. By actively developing relevant insurance products, such as green insurance and climate risk insurance, Ping An will work with the government, insurance industry, public sector, and scientific research institutions to improve the society’s ability to respond to the risks of climate change and natural disasters. Ping An will support the implementation of China’s climate change strategy and contribute to the high quality sustainable economic and social development.
To access the full report, please click here (only Chinese available).
To access the English summary of the original report, please click here.

Ping An Reports RMB38,709 million of Operating Profit Attributable to Shareholders of the Parent Company in Q1 2024, Life & Health NBV grew 20.7% YoY

Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An,” the “Company” or the “Group,” announced its first quarter financial results for the three months ended March 31, 2024.
China’s economy gradually recovered in the first three months of 2024, with capital markets picking up. However, there were still growth challenges including insufficient demand and weak economic expectations. Amidst opportunities and challenges, Ping An focused on core financial businesses and strengthened the insurance protection function to serve the real economy under its business policy of “focusing on core businesses, boosting revenue and cutting costs, optimizing structure, and enhancing quality and efficiency”. Following the technology-driven “integrated finance + health and senior care” strategy, Ping An continuously consolidated its integrated finance advantages, remained customer needs-oriented, and pursued high-quality development. 
The Group’s operating profit attributable to shareholders of the parent company reached RMB38,709 million. Three core businesses, namely Life & Health, property and casualty insurance, and banking, resumed growth and delivered RMB39,816 million in operating profit attributable to shareholders of the parent company, up 0.3% year on year. Life & Health showed significant growth momentum. Life & Health NBV amounted to RMB12,890 million in the first three months of 2024, up 20.7% year on year on a like-for-like basis. NBV per agent climbed 56.4% year on year. Ping An continued to develop its integrated finance model. Retail customers increased 1.0% from the beginning of the year to nearly 234 million and contracts per retail customer reached 2.94 as of March 31, 2024. Ping An continued to implement its health and senior care ecosystem strategy. The Company achieved nearly RMB40 billion in health insurance premium income in the first three months of 2024. Customers entitled to service benefits in the health and senior care ecosystem contributed about 70% of Ping An Life’s NBV in the first three months of 2024, up 6 pps year on year.
Life & Health achieved double-digit growth in NBV, and enhanced strength in channels.
Ping An Life furthered the “4 channels + 3 products” strategy and achieved outstanding performance in key business operating indicators. Ping An Life achieved steady business development thanks to comprehensive advancement in sales channels, improved business quality, and diverse products and services launched. Life & Health NBV amounted to RMB12,890 million in the first three months of 2024, up 20.7% year on year on a like-for-like basis. NBV margin was 22.8%, up 6.5 pps year on year on a like-for-like basis. From January to March 2024, Life & Health realized premium income of RMB185,346 million, an increase of 1.2% year on year, leading the industry in terms of scale, and continuing to improve its operating trend.
In respect of channels, under the value proposition of high-quality development, Ping An Life continued to deepen the transformation and build multi-channel professional sales capabilities, significantly improving the development quality. Ping An Life improved the business quality of the agent channel, and continuously increased team productivity by recruiting high-quality agents through high-quality existing ones. NBV per agent climbed 56.4% year on year in the first three months of 2024, and the proportion of “Talent +” new agents increased by 11.0 pps year on year. Ping An Life furthered the exclusive agency model with Ping An Bank, and continuously expanded partnership with high-quality external banks. In addition, Ping An Life standardized outlet operations, and continuously boosted operational efficiency. Overall policy persistency ratio of all retained customers in the cities with Community Grid outlets improved by 2.5 pps year on year as of March 31, 2024.
In respect of products, Ping An Life continued to focus on three areas, namely wealth management, pension insurance, and protection insurance, meeting customer needs for diverse insurance products. By leveraging the Group’s health and senior care ecosystem, Ping An Life built differentiated advantages by enhancing its three core services: health care, home-based senior care and high-end senior care. In respect of health care, Ping An Life provided health management services to over 10 million customers in the first three months of 2024. Ping An’s home-based senior care services covered 54 cities across China, and nearly 100,000 customers qualified for the home-based senior care services as of March 31, 2024. Ping An established the “Ping An Concierge Senior Care Service Alliance” jointly with partners and released the “5-7-3 Home Safety Renovation Service” in March 2024 to help seniors improve their quality of life. In respect of high-end senior care, Ping An has unveiled high-end senior care projects in Shenzhen, Shanghai, Hangzhou and Foshan.
Ping An continuously advanced its integrated finance strategy, maintained steady growth in P&C and banking businesses, and delivered stable return in insurance funds investment.
Ping An provided “worry-free, time-saving, and money-saving” one-stop integrated finance solutions under a customer-centric philosophy. Retail customers increased 1.0% from the beginning of the year to nearly 234 million and contracts per retail customer reached 2.94 as of March 31, 2024. Retail customers and contracts per retail customer have increased 17.9% and 10.1% respectively since December 31, 2019.
Ping An P&C maintained stable business growth and healthy business quality. Ping An P&C’s insurance revenue rose by 5.7% year on year to RMB80,627 million in the first three months of 2024. Overall COR rose by 0.9 pps year on year to 99.6%; COR excluding guarantee insurance was 98.4%, up year on year mainly due to snowstorms on early days of the Chinese New Year and increased customer travels. The snowstorms adversely impacted COR by 2.0 pps in the first three months of 2024.
Ping An Bank maintained steady business performance and stable asset quality. Ping An Bank improved operational cost-effectiveness via digital transformation, strengthened asset quality control and management, and enhanced non-performing asset recovery and disposal. Net profit grew by 2.3% year on year to RMB14,932 million. Non-performing loan ratio was 1.07% and provision coverage ratio was 261.66% as of March 31, 2024. Ping An Bank’s capital adequacy ratios at all levels met regulatory requirements, and its core tier 1 capital adequacy ratio rose to 9.59% as of March 31, 2024.
Insurance fund investment returns performed well and the portfolio steadily increased. The Company’s insurance funds investment portfolio achieved an annualized comprehensive investment yield of 3.1%, and an annualized net investment yield of 3.0% in the first three months of 2024. The Company’s insurance funds investment portfolio grew 4.4% from the beginning of the year to more than RMB4.93 trillion as of March 31, 2024. The Company is committed to creating stable investment incomes through macroeconomic cycles, and meeting liability needs under a liability-driven approach, taking solvency as a core metric.
Further developing the health and senior care ecosystem as a new driver of value growth.
Ping An’s health and senior care ecosystem created both standalone direct value and huge indirect value by empowering our core financial businesses through differentiated “Product + Service” offerings. Over 63% of Ping An’s nearly 234 million retail customers used services from the health and senior care ecosystem as of March 31, 2024. They held approximately 3.37 contracts and RMB57,600 in AUM per capita, 1.6 times and 3.6 times those held by non-users of these services respectively.
Ping An made significant progress in customer development by effectively integrating insurance with health and senior care services. The Group’s health and senior care ecosystem had over 45,000 paying corporate clients in the first three months of 2024. Ping An Health had nearly 40 million paying users over the past 12 months. Ping An achieved nearly RMB40 billion in health insurance premium income in the first three months of 2024. Customers entitled to service benefits in the health and senior care ecosystem contributed approximately 70% of Ping An Life’s NBV in the first three months of 2024, up 6 pps year on year. Over 10 million customers of Ping An Life used services from the health and senior care ecosystem in the first three months of 2024. Notably, over 60% of Ping An Life’s newly enrolled customers used health management services in the first three months of 2024.
Ping An provided services via an “online, in-store, and home-delivered” service network by integrating domestic and overseas premium resources. The Company had about 50,000 in-house doctors and contracted external doctors in China as of March 31, 2024. Ping An partnered with over 36,000 hospitals (including all top 100 hospitals and 3A hospitals), over 100,000 healthcare management institutions and approximately 231,000 pharmacies (over 37% of all pharmacies, up by nearly 1,000 from the beginning of the year) in China as of March 31, 2024. Moreover, Ping An launched nearly 600 home-based senior care service items in 54 cities across China. Overseas, Ping An partnered with over 1,300 healthcare institutions in 35 countries across the world as of March 31, 2024, including eight of global top 10 and 54 of global top 100. 
Ping An continuously built leading technological capabilities, which have been widely utilized to empower its core financial businesses. The Group’s patent applications led most international financial institutions, totaling 51,700 as of March 31, 2024. From the perspective of transforming and upgrading Ping An’s core businesses, technology benefits are reflected in higher sales, better business efficiency, and stronger risk management. The volume of services provided by AI service representatives reached about 420 million times, accounting for 80% of Ping An’s total service volume in the first three months of 2024. AI-driven product sales accounted for 58% of total product sales achieved by service representatives. Claims loss reduction via smart risk identification reached RMB3 billion.
Ping An actively fulfilled its social responsibilities and furthered green finance initiatives. Ping An achieved RMB10,682 million in green insurance premium income and provided RMB2,677 million for rural industrial vitalization through “Ping An Rural Communities Support” in the first three months of 2024. Ping An received a “Low Risk” ESG risk rating from Morningstar Sustainalytics with a score of 17.0 in 2024, ranked first in the Chinese mainland’s insurance sector.
Looking ahead, China’s economic fundamentals are improving, and the trend of economic recovery will remain unchanged. Ping An will maintain its strategic focus on core financial businesses, continue advancing its technology-driven “integrated finance + health and senior care” strategy. The Company will keep its business resilience, build its strengths, and continuously improve operations and management to promote business recovery and growth. The Company will continuously improve the quality and effectiveness of financial services for the real economy, contributing to China’s development into a financial powerhouse.

HSBC response to statement by Ping An Asset Management Company

The Board of HSBC notes the statement issued by Ping An Asset Management Company on 18 April 2023. HSBC is publishing this statement to all shareholders and all parties with an interest in HSBC to address the matters raised in the statement.
Strong and enduring commitment to delivering sustainable shareholder value.
HSBC welcomes dialogue with all shareholders with a view to driving sustainable long-term value. HSBC has had extensive and senior-level engagement with Ping An in 2022 and 2023, comprising approximately twenty meetings at Chairman, CEO, CFO and senior management level.
The Board of HSBC has assessed structural options for HSBC Asia Pacific with an open mind and with the benefit of robust third-party financial, legal and accounting analysis and advice. It has considered in detail both the potential advantages and disadvantages, and has discussed its conclusions extensively with Ping An through both multiple meetings and written correspondence. HSBC has also engaged widely with other shareholders to obtain their input and perspectives. In various conversations between Ping An and HSBC, it was noted that both parties agreed to disagree on a number of issues.
HSBC’s existing strategy is working and is delivering improving returns and dividends.
HSBC set out its strategy in detail in 2020. This strategy is based on transforming its business and service to its customers to create a strengthened platform for enhanced growth and returns on a sustainable basis, across the interest rate cycle.
HSBC has taken actions to grow non-interest revenues, increase capital allocation to Asia Pacific, exit non-core businesses in the West, reduce risk-weighted assets ahead of target, and reduce costs despite inflation and significant investment in technology. This strategy is working and is delivering improving returns. This is reflected in our 2022 financial results with a 17% increase in adjusted profits, an adjusted ROTE of 11.6%, and an expected ROTE of at least 12% from 2023 onwards, all on a strong capital base.
HSBC is committed to ensuring that shareholders share the benefits of improved performance. As announced in August 2022, HSBC has established a dividend pay-out ratio of 50% for 2023 and 2024, and is confident that it will return the dividend per share to pre-COVID levels. Further, HSBC will consider a special dividend of US$0.21 per share to be paid in 2024, subject to completion of the disposal of HSBC Canada. HSBC also expects to have substantial distribution capacity for dividends and buybacks in the years ahead.
A structural reconfiguration of HSBC Asia Pacific would result in material loss of value for HSBC shareholders.
In 2022, HSBC undertook a thorough evaluation of structural options for its Asia Pacific businesses, the conclusions of which were summarised in our 2022 interim results. The Board considered the potential revenue and value benefits from these structures, including capital allocation and business choices, potentially obtaining new licences and potentially increasing risk appetite. However, these benefits were meaningfully outweighed by expected value decline in multiple areas, as well as a diminution of service to long-standing HSBC customers. The Board therefore concluded that these structural options would result in material loss of value for shareholders and lower dividends.
Since this evaluation was completed, Ping An has proposed a minority listing of HSBC’s Asia Pacific businesses or a consolidation of HSBC’s Asia Pacific businesses under a single listing. The Board assessed these proposals during Q1 2023 and concluded that they would also result in a diminution of service to our long-standing HSBC customers, a material loss of value for shareholders, and lower dividends.
Amongst other factors, the Board would highlight the following:
Separation is not consistent with HSBC’s business model: HSBC is not a portfolio of discrete domestic banks. It is an integrated bank. Structural steps that create separation within HSBC’s integrated model would result in meaningful costs and risks and would damage a core commercial proposition – global interconnectivity – that is a key driver of revenues. Ping An, in its 18 April statement, acknowledges the importance of HSBC’s global business lines and its international connectivity, and therefore now recommends a partial listing of HSBC Asia Pacific.
The idea of a partial listing of HSBC Asia Pacific appears to be based on Ping An’s belief that it will not negatively impact the international model of HSBC, whilst creating incremental value for shareholders. Our analysis does not reach the same conclusion. Our work identifies negative impacts of Ping An’s proposed financial engineering approach on revenues, capital, liquidity and costs that would outweigh any perceived valuation arbitrage that may exist from a partial Hong Kong listing. A partial listing would also erode client confidence in the long-term sustainability of HSBC’s international customer proposition. Corporate finance structural alternatives are normally used to unlock value in situations where the businesses within a group have limited interconnectivity. HSBC is not a holding company of disconnected domestic banks: we are the world’s most interconnected international bank.
Meaningful revenue dis-synergies: HSBC’s current model manages returns from clients globally. Under a standalone listing, HSBC’s Asia Pacific and ex-Asia businesses would be driven to assess client economics with reference to their own geographies only, particularly under stressed macroeconomic conditions. This would result in reduced revenues and returns. In addition, the customer experience and service for international customers would be negatively impacted by significant incremental administrative burden, less coordinated customer service, and decision-making governed by arm’s length contracts.
Material one-off and ongoing running costs: A restructuring would incur a number of one-off and recurring costs that are material in aggregate. A number of these would be required to meet relevant regulatory and other requirements for banks. These costs would include IT systems and applications, standalone funding, standalone processes and governance, and tax leakage. HSBC Asia Pacific would also likely need increased capital, based on Hong Kong peers.
Significant complexity and execution risks: Any separation would be subject to regulatory approvals in c.25 jurisdictions, require shareholder approval, and oblige us to alter our customer service around the world. It would also create a multi-year period of uncertainty when clients and employees in particular would be distracted and impacted.
Structural reforms of HSBC’s Asia Pacific businesses suggested by Ping An would significantly dilute the international business model upon which HSBC’s strategy is based. This would result in a material erosion of earnings, returns, dividends and shareholder value, and a disruption to our unique global customer service proposition. Accordingly, HSBC cannot support or recommend to its shareholders the structural options that have been proposed or otherwise considered.
The Board and management team are fully focused on continuing to deliver shareholder value. They are working to transform the efficiency and agility of the organisation, and to deliver attractive dividends and levels of capital return. The Board strongly believes that HSBC should focus on executing the current strategy that is delivering, and which the Board is confident is the best and safest way to continue to deliver substantially more value for shareholders over the coming years. Accordingly, the Board of HSBC recommends that shareholders vote against resolutions 17 and 18 as set out in the 2023 AGM Notice of Meeting available on the HSBC website.
HSBC is a global systemically important bank. It is not in the interests of its shareholders, customers or stakeholders for HSBC’s structure to remain the subject of prolonged debate. The Board believes there is broad and consistent support from the vast majority of shareholders for HSBC’s current strategy, and for maintaining the Bank’s integrated group structure.
The AGM on 5 May 2023 presents the opportunity for shareholders to debate this issue, and for all shareholders to vote on resolutions 17 and 18 and bring this issue to a conclusion. Thereafter the Board, management and shareholders can be aligned and fully focussed on continuing to address our customers’ needs across the globe and deliver sustainable shareholder value.