HONG KONG and SHANGHAI, Nov. 7, 2023 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An", the "Company" or the "Group", HKEX: 2318 / 82318; SSE: 601318) has achieved the rating of "Achiever" in the Business Sustainability Indices (BSI) published by The Chinese University of Hong Kong.
Since its launch in 2015, the BSI offers a framework that supports companies in driving their sustainability strategy and promotes business practices that contribute to positive social and environmental impact.
Facing a complex and volatile external environment and fluctuating capital markets in the past years, Ping An remained resilient and integrated sustainability into its strategy and business practices to create greater value for customers, employees, shareholders and society. Ping An continues to enhance its corporate governance and business sustainability, with a sustainability management framework and a clear, transparent ESG governance structure. At the end of 2022, the Company upgraded its Green Finance Committee to a Sustainable Development Committee (SDC). Under the leadership of Chairman Ma Mingzhe, with the Group's Co-CEOs and senior executives serving as deputy directors, the SDC oversees Ping An's green finance, rural revitalization, and other key ESG initiatives.
On the social front, Ping An has integrated insurance with healthcare and elderlycare services to address the aging population challenge in China. It also launched home-based eldercare services with family doctors and concierges. The services covered 54 cities across China as of September 30, 2023. To promote rural revitalization, including industry, healthcare, and education, the Company launched the Ping An Rural Communities Support program in 2018. The Company provided RMB103,241 million through the program as of September 30, 2023.
In terms of environmental issues, Ping An continues to advance green finance initiatives. Green investment of insurance funds and green loan balances totaled RMB140,929 million and RMB134,926 million respectively as of June 30. Green insurance premium income totaled RMB26,276 million in the first nine months of 2023. The Group also continues to raise standards in green operations. In 2022, it completed a carbon inventory project, covering the Group and its 21 subsidiaries, then produced a roadmap to achieve operational carbon neutrality by 2030. In addition, to promote ecological conservation and protect biodiversity, Ping An established the Biodiversity and Environmental Conservation Charitable Trust in 2023, the first charitable trust in China to focus on the conservation of mangrove ecology. Ping An Property & Casualty Insurance launched its first ocean carbon sink index insurance policy in 2023, following by the pilot of the launch of its forest carbon sink remote sensing index insurance in 2021. The ocean carbon sink index insurance provides carbon sink risk protection with RMB400,000 for 13.3 mu (8,866.67 square meters) of kelp, shellfish and algae, enriching Ping An's carbon sink insurance coverage on terrestrial and marine ecosystems, including forest, mangroves and grasslands.
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