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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.
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