Name: 中國保險業巨頭平安背後的業務 (The Business Behind China’s Insurance Powerhouse, Ping An)
Uploaded: 2025-09-12T18:01:23.000Z
Duration: 14 min 51 s

程度副詞

I'm in the heart of Fujian Shenzhen where Ping An's towering buildings dominate the skyline, a clear sign of the powerhouse that it's become. That building just ahead, the tallest in the city, is where I'll be speaking with Group's co-CEO

我現在身處福建深圳的中心地帶，平安高聳入雲的大樓佔據了這裡的天際線，清楚地顯示出平安已成為一個強大的企業。正前方的大樓是這座城市的最高建築，我將在這裡與集團的聯席首席執行官進行對話。

分詞構句

Michael Kuo, leading the Chinese insurance and financial services giant.

Michael Kuo，上司著這家中國保險和金融服務巨頭。

情態副詞

Ping An Group is one of China's biggest names in insurance. Founded in Shenzhen in 1988, it began as a property insurance company before quickly moving into life insurance, where founder Peter Ma saw a huge untapped opportunity in the Chinese market. By the early 2000s, Ping An had expanded well beyond insurance into banking and asset management. In 2004, it listed on the Hong Kong Stock Exchange in what was then the city's largest IPO. Three years later, it broke another record in Shanghai with the world's biggest insurance IPO. Today, Ping An has evolved into a tech-powered financial giant, running digital platforms in health and fintech, offering integrated services in healthcare and senior care.

平安集團是中國最大的保險企業之一。該公司於 1988 年在深圳成立，最初是一家財產保險公司，隨後迅速進入人壽保險領域，創始人馬明哲看到了中國市場尚未開發的巨大商機。到 2000 年代初，平安保險的業務範圍已遠遠超出保險，進入了銀行和資產管理領域。2004 年，平安在香港證券交易所上市，創下了當時香港最大的首次公開募股（IPO）紀錄。三年後，它在上海打破了另一項紀錄，成為全球最大的保險業 IPO。如今，中國平安已發展成為一家以科技為動力的金融巨頭，營運著健康和金融科技數字平臺，提供醫療保健和養老護理綜合服務

It's a story of growth that mirrors the rapid rise in China's insurance industry, one that shows no signs of slowing down. When will China overtake the U.S. as the world's biggest insurance market? Right now, our insurance penetration is about 5-6 percent, while in the U.S. it doubles that. So if we think about the growth rate and the difference of the size of the market, it's probably got about 10 years, give or take, to actually get to the size. So we're talking about 2035? Yeah, roughly around that. What's the biggest challenge you face penetrating the insurance market here in China? Well, you know, people always think China is a big market, but China is not a homogeneous market. You got, you know, very well-developed cities in rural areas. Therefore, the people's income is very different. The levels are very different. The amount of money they're willing to spend on life insurance or insurance in general is very different. So that's one of the biggest challenges. It's really about changing people's mindset in how much money they would allocate on protection on the wealth creation. But despite these challenges, China's insurance market is booming. One study estimates it could grow by as much as 10 percent a year, hitting 1.4 trillion dollars by 2032.

這是一個增長的故事，反映了中國保險業的迅速崛起，而且沒有任何放緩的跡象。中國何時才能超越美國，成為全球最大的保險市場？目前，我國的保險滲透率約為 5%-6%，而美國的保險滲透率是我國的兩倍。是以，如果我們考慮到增長率和市場規模的差異，要真正達到這一規模，可能還需要 10 年左右的時間。所以我們說的是 2035 年？是的，大概是這個時間。你們在滲透中國保險市場時面臨的最大挑戰是什麼？人們總認為中國是個大市場，但中國並不是一個單一的市場。你知道，在農村地區有非常發達的城市。是以，人們的收入是非常不同的。人們的

Tapping into this growth are the country's biggest insurers, China Life,

中國最大的保險公司--中國人壽正在利用這一增長機會、

Ping'an, CPIC and PICC. Another key driver is China's expanding middle class, where the focus on health, family and financial protection is boosting demand for insurance products. China's economy continues to remain under pressure. Do you see the risks of Chinese consumers cutting back on the insurance product purchases because of the ongoing trade tensions weighing on the general economy?

中國平安、中國人民保險和中國人保。另一個主要驅動因素是中國不斷擴大的中產階級，他們對健康、家庭和財務保障的關注正在促進對保險產品的需求。中國經濟繼續面臨壓力。您是否認為中國消費者會因為持續的貿易緊張局勢而減少購買保險產品，從而影響整體經濟？

Well, I see the opposite. Because there's so much uncertainty about the future, people start becoming more conservative. So we start seeing people changing their asset allocation strategy, especially for the middle class family. They start allocating more on the insurance assets, on life insurance policies to be the kind of backbone of their family asset allocation. So that's why we're seeing actually, we believe for the next 10 years, actually life insurance start getting into the golden age. We will actually see continuous growth.

我的看法恰恰相反。因為未來有太多的不確定性，人們開始變得更加保守。是以，我們看到人們開始改變資產配置策略，尤其是中產階級家庭。他們開始更多地配置保險資產，將人壽保險作為家庭資產配置的支柱。是以，我們相信在未來 10 年內，人壽保險將進入黃金時代。我們將看到持續增長。

Markets continue to be volatile. Your job as an insurer is to continue delivering those returns. How challenging is it to manage and protect your investment portfolio?

市場持續動盪。作為保險公司，您的工作就是繼續提供這些回報。管理和保護您的投資組合有多大挑戰？

It is very challenging. Now, with the pricing interest rate going down and down, we actually effectively reduce our cost of liability. Then we're facing the assets yield going down as well. But for us, we actually maintain the actually healthy spread margin between the two. So that's how we manage our profitability. If we look at this, we're actually actively allocating our assets between fixed income, which is usually roughly about 80% of the assets investment, then 20% more towards equities, towards property, some of that private equity. It's kind of non-standard asset costs to help us generate a good return.

這非常具有挑戰性。現在，隨著定價利率不斷下調，我們實際上有效地降低了負債成本。同時，我們也面臨著資產收益率下降的問題。但對我們來說，我們實際上保持了兩者之間健康的利差幅度。這就是我們管理盈利能力的方法。如果我們看一下這個，我們實際上是在積極地將我們的資產在固定收益之間進行分配，這通常大約佔資產投資的 80%，然後再將 20% 的資產分配給股票、房地產和一些私募股權投資。這是一種非標準資產成本，以幫助我們獲得良好的回報。

Since late 2024, Ping'an has built a massive $23 billion stake in major state-owned Chinese banks, taking stakes of up to 18%.

自 2024 年底以來，中國平安已在中國主要國有銀行建立了 230 億美元的鉅額股份，持股比例高達 18%。

Are you counting on bank dividends upsetting earnings pressure?

您是否指望銀行分紅能打破盈利壓力？

We're building this significant amount of portfolio on large-scale state-owned

我們在大型國有企業中建立了大量的投資組合。

Chinese banks. That's a very good rationale behind it. Now, the reason that I have to say it's large-scale state-owned Chinese banks is because we see these banks being long-term stable. From the credit risk perspective, we believe these are almost as good as the sovereign risk in a way. So we treat them as quasi-fixed income assets, in a way, that give us a good return of dividend yield over a significant period of time, five to 10 years. We're very comfortable holding this bank for such a long period of time.

中國的銀行。這是一個非常好的理由。現在，我之所以要說是大型國有中資銀行，是因為我們認為這些銀行是長期穩定的。從信用風險的角度來看，我們認為這些銀行在某種程度上幾乎與主權風險一樣好。是以，在某種程度上，我們把它們視為準固定收益資產，在相當長的一段時間內（5 到 10 年），它們能給我們帶來良好的股息收益回報。我們非常願意長期持有這家銀行。

Overall, do you expect your insurance and financial services products to continue to be the big growth driver for the group?

總體而言，您是否預計保險和金融服務產品將繼續成為集團的主要增長動力？

Well, yes or no, in a way. So we have good confidence our life insurance, our insurance core business will continue to grow. On the other hand, our strategy is actually more towards integrated finance, plus senior care and healthcare. So we see these kind of two drivers moving forward for the long term.

從某種程度上說，是或不是。是以，我們對壽險、保險核心業務的持續增長充滿信心。另一方面，我們的戰略實際上更傾向於綜合金融，以及老年護理和醫療保健。是以，我們認為這兩個驅動因素將長期向前發展。

In Shenzhen, Ping'an is reshaping senior care, responding to a shift in demand. Around 90% of elderly clients now prefer to stay in their own homes. I'm with Ping'an Group's co-CEO, Michael Guo, visiting one such client, Madam Tee Ting Gai, to see how the company is delivering care beyond traditional insurance. Ping'an is leaning on technology to make care easier. Madam Tee can check in with a doctor anytime through the

在深圳，平安正在重塑養老服務，以應對需求的轉變。大約 90% 的老年客戶現在更願意留在自己家中。我和平安集團聯席首席執行官郭臺銘（Michael Guo）一起拜訪了一位這樣的客戶--蒂廷蓋女士（Madam Tee Ting Gai），瞭解該公司如何在傳統保險之外提供護理服務。平安依靠技術讓護理變得更簡單。Tee 女士可以隨時通過 "平安醫療 "網站向醫生報到。

And if there's an emergency, buttons are placed around the home, even by her bed. And this LiDAR sensor in the bathroom, borrowed straight from the technology used in self-driving cars.

如果有緊急情況，按鈕就會被放置在家中的各個角落，甚至她的床邊。浴室裡的激光雷達傳感器直接借鏡了自動駕駛汽車的技術。

This will detect her movements and send an alarm signal to our service centre. Then our person or the service team will just check out straight away.

這將檢測到她的行動，並向我們的服務中心發送報警信號。然後，我們的人員或服務團隊就會直接進行檢查。

You spent the last 10 years building up your health and senior care portfolio and your ecosystem. Are you happy with the progress Ping'an is making?

在過去的 10 年中，您建立了自己的健康和養老服務組合以及生態系統。您對平安取得的進展滿意嗎？

We're moving fast still, but we have competitors moving, if not faster.

我們仍在快速前進，但我們的競爭對手也在前進，甚至更快。

These days, our competitors are not traditional financial institutions.

如今，我們的競爭對手並非傳統金融機構。

If we look at some of the technology companies, look at Alibaba, look at

如果我們看看一些科技公司，看看阿里巴巴，看看

JD, look at ByteDance, they actually started getting into the technology enabled healthcare medical services area.

JD，看看 ByteDance，他們實際上已經開始涉足技術驅動的保健醫療服務領域。

So clearly there's a lot of competition out there. What aspects of your health and senior care model make it hard for your competitors to replicate?

很明顯，市場競爭非常激烈。你們的健康和老年護理模式在哪些方面讓競爭對手難以複製？

They don't have the online good doctor platform, which provides 24 by 7 family doctor services to our insurance customers. And they don't have this partner network that we have built up for the past few years. Now these days, we're partnering with 40,000 hospitals across the nation, more than 200,000 pharmacies across the nation.

他們沒有在線好醫生平臺，該平臺為我們的保險客戶提供 7 天 24 小時的家庭醫生服務。他們也沒有我們過去幾年建立起來的合作伙伴網絡。現在，我們與全國 40,000 家醫院和 200,000 多家藥店建立了合作伙伴關係。

Beyond growing its network, Ping'an is tapping into China's affluent silver economy with senior care apartments like this, across six cities, including Beijing, Shanghai, Guangzhou and Hangzhou. This one in

除了發展網絡外，平安還在北京、上海、廣州和杭州等六個城市推出類似的老年護理公寓，進軍中國富裕的 "銀髮經濟"。這座位於

Shenzhen offers city centre living with on-site medical care, rehab, catering and recreational services. Access comes via a life insurance policy worth 18.88 million RMB.

深圳提供市中心的居住環境，包括現場醫療、康復、餐飲和娛樂服務。入住時可獲得價值 1888 萬人民幣的人壽保險。

So are you generally saying that health and senior care is not just a revenue centre, but a way to attract and to retain customers from your insurance business?

您的意思是說，健康和老年護理不僅是一個收入中心，也是吸引和留住保險業務客戶的一種方式？

Yes, because our strategy is we want our customers to have more and more products and services within our Ping'an group. There's not much of innovation per se in the financial products. You get one kind of new idea, new product coming to the market. If it's good, three months later, it's going to be copycat everywhere. However, services can be differentiated and very hard to build. That's why we actually invest a significant amount of money, resources, building up health care services, senior care services, because that actually is very difficult to build over time.

是的，因為我們的戰略是希望客戶在平安集團內擁有越來越多的產品和服務。金融產品的創新本身並不多。市場上會出現一種新想法、新產品。如果是好產品，三個月後就會到處山寨。然而，服務可以是差異化的，而且很難打造。這就是為什麼我們實際上投入了大量的資金和資源來建立醫療保健服務和老年護理服務，因為這實際上是很難長期建立的。

Any plans to replicate your health and senior care model outside of China?

有沒有計劃在中國以外複製你們的健康和養老護理模式？

Right now, we don't have such a plan, simply because in China, we still see very strong growth opportunities for Ping'an. And that's where we actually focus on.

現在，我們還沒有這樣的計劃，原因很簡單，在中國，我們仍然看到平安非常強勁的增長機會。這也是我們的重點所在。

Ping'an started in Shenzhen as a small insurance player. Today, it's a financial and health services powerhouse, a transformation attributed to founder Peter Ma. Media-shy but visionary, Ma usually only appears in the group's quarterly earnings briefings. So what's it like working with a legendary figure like him?

平安在深圳起步時只是一家小型保險企業。如今，它已成為金融和健康服務業的巨頭，這一轉變歸功於創始人馬明哲。馬雲對媒體諱莫如深，但他富有遠見，通常只在集團的季度收益簡報中露面。那麼，與他這樣一位傳奇人物共事是一種怎樣的體驗呢？

I have to say it's very exciting. I've got three words to describe him.

我不得不說，這非常令人激動。我有三個詞來形容他。

Not complete, but my feeling. Number one is visionary. He's a very visionary leader. He always thinks about what we can do in five, ten years' time, and he always sees industry trends very accurately. Number two, energetic. He's very energetic at such an age.

不完整，但這是我的感覺。第一是有遠見。他是一個非常有遠見的領導者。他總是考慮五年、十年後我們能做什麼，他總是能非常準確地看到行業趨勢。第二，精力充沛。他這麼大年紀還精力充沛。

Yeah, and we usually, we constantly have workshops, you know, three or four hours through the lunch. And then thirdly, I think he's very demanding.

是的，我們通常，我們經常舉辦研討會，你知道的，三四個小時的午餐時間。第三，我覺得他要求很高。

Very demanding. Everything needs to be done yesterday. Whatever we do today, it's not fast enough, but it's very exciting. It's a good pleasure working with him. I learned a lot.

要求非常高。一切都需要昨天完成。無論我們今天做什麼，都不夠快，但這非常令人興奮。和他一起工作非常愉快。我學到了很多。

Do you remember the day he appointed you as co-CEO?

你還記得他任命你為聯席首席執行官的那天嗎？

是的，我記得。我記得很清楚。

No, no, there's no no in front of him. Whatever it is, I would say, yes, but.

不，不，他面前沒有 "不"。不管是什麼，我都會說，是的，但是。

但問題是，我不確定自己是否準備好了。

Well, he said, you know, Michael, for a person to succeed in Ping An, there are three key factors you've got to remember.

他說，邁克爾，要想在平安取得成功，你必須記住三個關鍵因素。

Number one, you have to have the ability, the potential to grow, to perform. And number two, you have to have the environment to perform, to explore your potential. And number three, very important, you need to have a good mentor to guide you through this process.

第一，你必須具備成長和表現的能力和潛力。其次，你必須有發揮和挖掘潛能的環境。第三，非常重要的一點是，你需要有一個好導師來指導你完成這個過程。

And right now, I believe you have potential.

Here's an opportunity for you to perform, and I'm going to be your mentor to help you grow and succeed.

這是你表演的機會，我將成為你的導師，幫助你成長和成功。

您是兩位聯合首席執行官之一。

What's the working dynamics between the three of you?

你們三人之間的工作關係如何？

If you look at the overall group, we have this analogy of saying our group decision-making is more like a football team.

如果從整個團隊來看，我們的團隊決策更像是一支橄欖球隊。

We have this, what we call two plus seven kind of decision-making process.

我們有一個所謂的 "二加七 "決策過程。

Two co-CEOs plus seven kind of functional leaders all together become a football team. And we work together as a team to make a decision.

兩位聯席首席執行官加上七位職能部門的上司，共同組成了一支橄欖球隊。我們作為一個團隊共同做出決定。

How would you describe your leadership and your management style?

您如何評價自己的領導力和管理風格？

When I joined Ping An, I joined the PNC property and cashier insurance business. So back then, my management style started changing from coaching, more towards assertive and kind of more the command kind of a thing, because I want to make sure all 40,000 people towards one goal and all march together on the same pace and the same style.

我加入平安時，加入了寶能的財產和出納保險業務。是以，從那時起，我的管理風格開始發生變化，從教練式管理轉變為自信式管理和命令式管理，因為我要確保所有 4 萬名員工朝著一個目標，以同樣的步伐、同樣的風格齊頭並進。

Now, again, I need more businesses, but it's more about CEOs.

現在，我需要更多的企業，但更多的是首席執行官。

Now, my style becomes kind of more of an enabling kind of role.

現在，我的風格更像是一種扶持型角色。

Me and the CEO just to make sure everybody is able to deliver, and number two, and to grow and develop themselves for the next role.

我和首席執行官只是為了確保每個人都能完成任務，其次是為下一個角色成長和發展自己。

So enablement is becoming a core part of my leadership style.

是以，授權正在成為我上司風格的核心部分。

So it keeps changing. It's actually very interesting.

所以它一直在變化。這其實非常有趣。

Ping An has evolved so much in the last 30 years.

在過去的 30 年裡，平安經歷了巨大的發展。

As CEO, what is your ultimate ambition for the group?

作為首席執行官，您對集團的終極目標是什麼？

Well, if you think about Ping An being grown from zero to where we are today, you know, a trillion RMB company, it's actually all thanks to very much to number one, the overall growth of the Chinese economy, and number two, to generations of the leaders through the Ping An, of course, our chairman, Peter Ma.

中國平安從零開始發展到今天的萬億元人民幣規模，實際上要歸功於：第一，中國經濟的整體增長；第二，中國平安幾代領導人的努力，當然還有我們的董事長馬光遠。

So I believe with the continued growth of Chinese economy, there's going to be a number of Chinese companies to become global leading companies.

是以，我相信隨著中國經濟的持續增長，將會有許多中國公司成為全球領先的公司。

And I believe Ping An will be one of them.