Ping An continues to rank as the world's strongest and most valuable insurance brand, with its brand value up 93% to $50.5bn, according to the 2019 Brand Finance Insurance 100 league table published by Brand Finance, a leading independent brand valuation consultancy.
This is the third year running that Ping An has topped the league table.
Brand Finance says that Ping An is seeing its investment in technology now beginning to pay off and reap benefits. To attract China’s more than 500m Internet users, 1% of the insurance group’s annual revenue has been spent on research and development. Business is being won by improving understanding of consumers based on data collection through online services. Last year, it is said, 36% of 40m new insurance customers came to the company that way.
Mr David Haigh, CEO of Brand Finance, commented, “Ping An, China Life, and other Chinese insurance brands are once again benefiting from the growth of the middle-class consumer and their own ability to tap into the power of technology to sharpen their business. Whilst cybersecurity incidents and business interruptions dominate risk landscapes for companies of all sizes in the global market, innovative products, new health insurance products and good use of technology have made this a positive year for many insurance brands.”
The total brand value for all insurance brands in China, according to this year’s Brand Finance Insurance 100 report, is $98.2bn. This earns it pole position in the global insurance market. The US drops to second place with a brand value of $78.1bn.