Ping An Insurance [2318:HK] announced that it will spend a total of RMB100bn (around USD15bn) on research in the next ten years, as reported by JRJ.com on November 8, citing the speech by Ping An’s senior manager on its open Investor Day. Specifically, Ping An will invest 1% of its annual operating income in medical and tech research in the next decade, especially in technologies such as artificial intelligence (AI), blockchain, and cloud computing. Ping An aims to apply more advanced and innovative technologies to its five main businesses, specifically financial services, medical healthcare, intelligent city construction, automobile, and real estate service.
Over the past ten years, Ping An invested a total of more than USD7bn in research and has achieved great progress. Ping An currently owns five research institutes and two overseas R&D centers, and employs over 23,000 tech professionals and over 1,000 top scientists. Ping An’s financial service arm, OneConnect, which has China’s largest Software as a Service (SaaS) platform, has collaborated with 483 banks, 42 insurers, and 2,400 financial institutions. Its healthcare subsidiary, Ping An Good Doctor [1833:HK], has accumulated over 250m users. In addition, the number of individual policyholders of Ping An's main business is also rising and reached 182m by the end of this September.