---
endpoint: analytics
pattern: Insurance
status: done
latency_ms: 154892
conversation_id: 4fcece08-3634-4a36-97b4-764020281876
citations: 8
created: 2026-05-31 20:16:50Z
---

# Who are the key customers and suppliers of Ping An?

**Ping An Insurance (Group) Company of China — 2318.HK / 601318.SH**

Ping An is a financial conglomerate (life & P&C insurance, banking, asset management, fintech, digital healthcare), so "customers" and "suppliers" need to be read against its multi-segment structure. The breakdown below is drawn from Ping An's own annual/interim reports and earnings calls (CLSA's RMS coverage on the name focuses on rating/TP/financials rather than supplier-customer mapping, so the granular relationship data here comes from the issuer's filings).

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### 1. Key Customer Bases

| Segment | Customer Type | Scale / Examples |
|---|---|---|
| **Life & Health (Ping An Life)** | Individual retail policyholders (mass-market, mass-affluent, high-net-worth) | Largest retail base of any Chinese insurer; Ping An is "probably the largest healthcare insurance company in China... covering 100,000,000 customers" [1] |
| **P&C (Ping An P&C)** | Individual auto, retail property, SME commercial, corporate clients | Auto insurance is the dominant line by premium |
| **Banking (Ping An Bank)** | Retail depositors, credit-card holders, private banking clients, corporate/SME borrowers | Cross-sold from the insurance/group customer pool via the "integrated finance" engine |
| **Healthcare ecosystem (Ping An Health / Ping An Good Doctor)** | Individual users of the Ping An Doctor / Jin Guan Jia apps; corporate group-health buyers | Hundreds of millions of registered users |
| **Tech B2B (OneConnect)** | **Banks, insurers, and investment managers** in China and abroad — OneConnect "provides comprehensive end-to-end solutions for various financial institutions including banks, insurers, and investment managers" [2] | Tech-as-a-service platform |
| **Wealth (Lufax)** | Retail wealth-management customers + B-end partner financial institutions | Standard products distributed for partner mutual funds, private funds, insurance asset managers and securities firms |
| **Loyalty / merchant network (Wanlitong)** | Loyalty-point members served by ~1 million cooperating merchants [3] | Cross-platform consumer touchpoint |

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### 2. Distribution Channels — the "go-to-market" partners that effectively own the customer relationship

These are intermediate parties between Ping An and end-customers, and economically behave like both partners and a cost-of-sales:

- **Tied individual life insurance sales agents** — historically Ping An's largest distribution engine. The "Number of individual life insurance sales agents" stood at **877,751 at 1H 2021**, down from 1,023,836 at end-2020 amid the agent reform [4]. Pre-reform peak was over 1.4 million.
- **Bancassurance partners (third-party banks)** — Ping An Life "diversified its product portfolio... working closely with bank partners" through the bancassurance channel [4]. Key annuity SKUs such as Jinrui Rensheng Annuity, Caifu Jinrui Annuity 2020, and Ping An Fu Whole Life are distributed jointly via "Sales agents, Bancassurance" [5].
- **Group-internal "sideline" / concurrent agents** — Ping An's retail cross-selling business is "mainly distribution of insurance products by sideline agents" who carry products across the group's insurance/banking/wealth subsidiaries under firewalled agency agreements [6].
- **Telemarketing & digital channels** — Ping An Life's "AI Customer Visit Assistant" and the Jin Guan Jia app are now core to acquisition.

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### 3. Key Suppliers

For a financial conglomerate, "suppliers" mean reinsurance capacity, technology/IT services, medical providers, and asset-management product manufacturers — not raw materials.

**A. Intra-group shared-service suppliers (the largest reported related-party transactions):**
- **Ping An Technology** — supplies IT advisory, application development & operations, call-center services, office support and information security to group member companies [7].
- **Ping An Financial Services** — supplies shared financial and treasury services, comprehensive HR services, customer services, and audit services [7].
- Pricing is set on fair-value related-party-transaction principles and reviewed by the Related Party Transaction Control Committee [7].

**B. External suppliers / partners explicitly named by Ping An:**

Ping An's own annual report classifies its non-customer counterparties into five "business partner" buckets:

> *"We cooperated with individual life insurance agents, reinsurers, banks, designated hospitals and suppliers."* [8]

Translated into named relationships:

| Supplier type | Role | Examples / scale |
|---|---|---|
| **Reinsurers** | Risk-transfer capacity for life and P&C books | Global reinsurers (China Re, Munich Re, Swiss Re, Hannover Re, etc. typical for Chinese majors) [8] |
| **Partner banks** | Distribution & joint-product co-investment | Both Ping An Bank (internal) and external commercial banks for bancassurance [4][8] |
| **Designated hospitals & doctor networks** | Health-claim service network; physician supply to Ping An Health/Good Doctor | Tier-3A hospitals; tens of thousands of contracted/registered external doctors plus thousands of "famous doctors at 3A hospitals" [3][8] |
| **Asset-management product manufacturers** | Source of standard wealth products distributed via Lufax | Mutual funds, privately-offered funds, insurance asset managers, securities firms [2] |
| **B-end partner financial institutions (Lufax cooperation)** | Invest into Ping An-originated assets through Lufax's tech platform | Banks, trust companies and other institutions [2] |
| **Lufax distribution partners** | Originally >500 financial institutions partnering with Lufax for credit/wealth flows [3] | |
| **General suppliers** | Cost-control, efficiency, IT hardware, real estate, professional services [8] | Standard procurement universe |

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### 4. Forensic notes

- **The customer base is the moat, not any single client.** Ping An explicitly does NOT have customer concentration — its retail customer base (~230M+) is one of the most diversified in global financials. There is no analogue to a "top-5 customer" disclosure.
- **The most economically significant "supplier" relationships are intra-group** — Ping An Technology and Ping An Financial Services capture a meaningful share of operating-cost flow, which is why the Related-Party-Transaction Committee disclosure is one of the longest sections of the annual report [7].
- **The agent force is both Ping An's distribution channel and its single largest cost line on the life-insurance P&L.** The 2020→2021 drop from 1.02M to 0.88M agents [4] is the central "supplier-side" structural change in the company — agent-channel productivity, not new customers, is what the sell side has been tracking through the multi-year life reform.
- **OneConnect inverts the relationship** — Ping An's financial-institution peers (other banks/insurers/asset managers) are simultaneously distribution competitors AND customers of the group's tech subsidiary [2].

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**Sources**
[1] Ping An Insurance (Group) of China — H2 2021 Earnings Call
[2] Ping An Insurance (Group) of China — H1 2020 Interim Report (OneConnect / Lufax sections)
[3] Ping An Insurance (Group) of China — 2015 Annual Report (Wanlitong / Lufax / Ping An Doctor partner data)
[4] Ping An Insurance (Group) of China — H1 2021 Interim Report (agent headcount & bancassurance)
[5] Ping An Insurance (Group) of China — 2020 Annual Report (product distribution-channel table)
[6] Ping An Insurance (Group) of China — 2018 Annual Report (cross-selling / sideline agents)
[7] Ping An Insurance (Group) of China — 2020 Annual Report (outsourcing to Ping An Technology / Ping An Financial Services)
[8] Ping An Insurance (Group) of China — 2009 Annual Report (Business Partners framework: agents, reinsurers, banks, designated hospitals, suppliers)

## Citations

- [1] **Ping An Insurance (Group) Company of China, Ltd., H2 2009 Report** · external
- [2] **Ping An Insurance (Group) Company of China Ltd - H1 2021 - Report** · external
- [3] **Ping An Insurance (Group) Company of China, Ltd., H2 2020 Report** · external
- [4] **Ping An Insurance (Group) Company of China, Ltd., H2 2018 Report** · external
- [5] **Ping An Insurance (Group) Company of China, Ltd., H2 2021** · external
- [6] **Ping An Insurance (Group) Company of China, Ltd., H2 2020 Report** · external
- [7] **Ping An Insurance (Group) Company of China, Ltd., H2 2015 Report** · external
- [8] **Ping An Insurance (Group) Company of China, Ltd., H1 2020 Report** · external

