MA MINGZHE, CHAIRMAN OF PING AN INSURANCE COMPANY OF CHINA ALIX COLOW. PICK UP. (Photo by ChinaFotoPress/ChinaFotoPress via Getty Images)Photograph by ChinaFotoPress via Getty Images
- CompanyPing An
What Chinese slowdown? Ping An, the country’s life insurance giant, recorded a 32% quarterly profit increase for the third quarter (vs. the year earlier). Founder Ma has adroitly harnessed the rise of the Chinese middle class. Ping An’s results have been superb as it diversifies into banking and finance, including what the company says are now 145 million “Internet finance” customers. Twelve-month revenues—$105 billion, according to S&P Capital IQ—were more than triple the company’s total in 2010, and profits ($8.8 billion) nearly doubled the figure for 2013.