The firm says it is China's first insurance group to sign up to the UN-driven principles about environmental, social and governance-driven investment.

Ping An Insurance Company of China, aka Ping An, has become the first Chinese asset owners to sign up to the United Nations-supported Principles for Responsible Investment, joining Asian peers such as Sumitomo Life and Asahi Mutual Life as signatories.

Firms around the world, such as banks, investment managers and insurance houses have signed up to the UN’s principles, initiated by former UN Secretary-General Kofi Annan and launched on the New York Stock Exchange in 2006. It is an international network of institutional investors, asset managers and service providers committed to supporting environmental initiatives, and social and governance-themed financial actions. More than 2,500 organisations from over 60 countries or regions worldwide are signatories. Collectively, they hold more than $8 billion of total assets under management.

"Asset owners hold a very powerful position in the investment chain, and we hope that Ping An's leadership will encourage other companies in China to integrate ESG factors into their investment strategies. We look forward to working with Ping An,” said Fiona Reynolds, CEO of PRI.

Ping An said it embedded its responsible investment policy framework at group level this year, covering areas such as business codes of conduct, corporate governance, responsible investment, sustainable insurance, information security, artificial intelligence governance, sustainable supply chains and the 2030 UN Sustainable Development Goals. In its insurance businesses, Ping An has set up a system that incorporates ESG criteria into insurance operations. 

Other Asia-based PRI signatories include organisations such as the Government Pension Fund of Thailand, Japan Post Insurance Co, Nippon Life, Sichuan United Environment Exchange, Asia Alternatives Management and Tokyo Realty Investment Management.