Financial services giant Ping An Insurance (Group) has ranked first amongst banks and insurers on a new list of the 100 most valuable brands on the planet.
Ping An took 49th place on the 2021 BrandZ™ Top 100 Most Valuable Global Brands List released by London-based data analytics and branding consultancy Kantar Millward Brown. The Chinese insurance and finance giant saw a 13% year-on-year rise in its brand value to hit USD$38.054 billion.
Hong Kong and Shanghai-listed Ping An is one of the world’s largest financial services companies, with more than 220 million retail customers and 611 million Internet users.
The group has emerged as leading deployer of fintech innovations in China, launching fintech subsidiary OneConnect as a technology-as-a-service platform for financial institutions with partnerships in 20 countries and regions. Ping An has also established a virtual bank in Hong Kong, as well as launched “Smart Advance Payment Services” for the Chinese insurance sector.
2021 marks the sixth consecutive year that Ping An has maintained its leading position out of global insurers on the BrandZ™ list, while also ranking seventh out of a total of 18 Chinese brands featured.
China itself ranked second behind the United States when it comes to countries with the largest number of brands on the 2021 BrandZ™ list.
Other Chinese brands that featured on the 2021 list included Tencent (5th), Alibaba (7th), Moutai (11th), Meituan (34th), JD.com (44th), TikTok (45th), Huawei (50th), ICBC (51st), Haier (65th), China Mobile (68th), Xiaomi (70th), Baidu (77th), Pingduoduo (81st), AIA Insurance (81st), Didi (93rd), China Construction Bank (94th) and KE Holdings (96th).
The BrandZTM Top 100 covers over 18,000 different brands in 51 markets, and is based on the analysis of market financial data from Bloomberg in tandem with consumer insights provided by more than 4 million global consumers.
“Chinese brands have managed to achieve strong growth and became an increasingly important global driving force amid a difficult year,” said Doreen Wang, Global Head of BrandZ™ at Kantar Millward Brown.
“As the Chinese economy achieved a stable and solid recovery, Chinese consumers are optimistic about the future. Therefore Chinese brands, which are able to meet the ever-changing demand of consumers through innovation gain love and loyalty from the market.
“Chinese companies have never ceased to invest in brand building in a challenging time, given that they realized the need to shift from speedy growth to quality growth and to focus on creating domestic brands rather than domestic products.”