Ping An Insurance

The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

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The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

G500-2023-Ping An Insurance

China’s largest insurer and HSBC’s largest shareholder, Ping An Insurance dropped eight spots to No. 33 on this year’s Fortune Global 500, from No. 25 the year prior. 
<ul> 
 	<li>The company saw a 9% decrease in revenue, to $181.5 billion for 2022, and a 21% slump in profits to $12.5 billion for the year. This follows a similar decline in 2021, when profits sank 24% amid setbacks caused by several factors, including struggling sales in its life insurance arm, its largest revenue source.</li> 
 	<li>Jessica Tan, co-CEO of Ping An, was No. 5 on Fortune’s 2022 Most Powerful Women list. That made her the highest-ranked international leader on the list.</li> 
 	<li>In May 2023, Ping An urged HSBC to spin off its lucrative Asian business. Shareholders resoundly defeated the proposal in a vote.</li> 
</ul>

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

G500 2022-25-Ping An Insurance

Ping An Insurance, China’s largest insurer, fell to No. 25 on this year’s Fortune Global 500 from No. 16 the year prior. The company suffered a 24% profit decline in 2021, and its stock plunged nearly 50% over the course of the year. A number of factors contributed to these setbacks, including a 43.2 billion yuan provision Ping An had to make for its investment in real estate company China Fortune Land Development, and struggling sales in its life insurance arm, which is its largest revenue source. Despite its troubled investment with China Fortune Land Development, Ping An has said it will continue to invest in real estate and expects such losses to ease. Just 5% of its investment portfolio is currently in real estate, well below China’s 30% regulatory limit. Ping An has also focused on strengthening its integrated financial services business, including the Ping An Good Doctor platform, which brought in 7.3 billion yuan in revenue in 2021. It continued its expansion of its fintech business, filing for over 7,000 technology patents in 2021, and successfully listed its fintech subsidiary OneConnect on the Hong Kong stock exchange in July 2022. Ping An is also HSBC’s largest shareholder, and in May 2022 it launched a campaign calling for the British bank to spin off its Asian operations.

Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

G500-2021-016-Ping An Insurance

Ping An Insurance has tripled its number of digital users to 600 million in the past five years and doubled its retail customers to more than 200 million in the same period, making it both a bona fide tech giant and one of Asia’s largest insurers. The group is split into five divisions—financial services, health care, auto services, real estate, and Smart City solutions—which provide products and services to users via a centralized superapp. Its massive customer base and breadth of offerings give Ping An an unrivaled data pool to draw from, allowing it to deploy sophisticated A.I. algorithms to target existing customers with new services. Ping An reports that 38% of its customers hold multiple contracts with Ping An and its subsidiaries, roughly double the cross-selling rate of Asian insurers. The $170 billion firm’s stock took a 30% hit from January to July 2021 amid China’s effort to rein in large private firms, but its underlying financials have remained strong; the firm’s operating profit grew 8.9% in the first quarter of 2021.

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-021-Ping An Insurance

Shares in Ping An plummeted 30% in the first quarter of 2020, as the coronavirus prompted massive payouts across the health-insurance industry. Still, as of July, Ping An remained China’s most valuable insurer, with a market cap of around $210 billion. This year, stewardship of the 30-year-old company passed from co-founder Peter Ma to a trio of co-CEOs—Jason Bo, Xie Yonglin, and Jessica Tan. Ping An says the new management structure fits its twin-engine strategy of leveraging financial products and tech advances to drive revenue growth. Ping An’s real ambition, it seems, is to become a fintech behemoth.

As we face unprecedented collective challenges, cooperation has become a business superpower.

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Even in lockdown, millions of Chinese consumers had fast access to medical advice through Good Doctor, this insurance giant’s health care consultation and referral app. Good Doctor reported a stunning 1.1 billion consultation requests during one two-week period this winter. (Shown here: a booth where customers can take part in a Good Doctor tele-health session.) The app offers COVID-related help for free, but Good Doctor also tallied a 32% increase in paid users in the first half of 2020.

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This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

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Ping An is one of China’s largest insurers, with about 240 million retail consumers across the country. Ping An's “Smart Verification” and “Smart Fast Claim” services now make its enrolment and claims processing more efficient. AI-driven tools are also reducing diagnostic times in rural areas.

Ping An Insurance

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