Ping An Property & Casualty Insurance Company of China, Ltd. controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2026
Ping An P&C Branches in Multiple Locations Fined for Fabricated Expenses and Untrue Underwriting
According to the Yongzhou Financial Regulatory Sub-bureau's administrative penalty information disclosure table, Ping An Property & Casualty Insurance Yongzhou Central Sub-branch was fined 266,000 yuan for fabricating expenses to extract funds and falsely attributing direct sales business to agents to extract funds, and two responsible persons were warned and fined 18,000 yuan and 16,000 yuan respectively; Qiyang Sub-branch was fined 100,000 yuan for untrue underwriting, and the responsible person was warned and fined 10,000 yuan. In September 2026, Ping An P&C Helong Sub-branch was again fined 140,000 yuan for failing to strictly implement filed insurance clauses. Previously, in July 2020, Ping An P&C Zhanjiang, Yangjiang and other institutions were also cumulatively fined 1.86 million yuan by the former banking and insurance regulatory system for fictitious economic business and false statements. This reflects the repeated problems of Ping An P&C's grassroots institutions in expense authenticity and underwriting compliance, and the regulator imposed 'dual penalties' on institutions and individuals.
2024
Ping An P&C Fined for Inadequate Internal Control; Branches Also Cited for False Materials
The Shandong Financial Regulatory Bureau announced that Ping An P&C's head office was fined 300,000 yuan for inadequate internal control; Jinan No.1 Central Sub-branch was fined 290,000 yuan for fabricating false financial materials; Yantai Central Sub-branch was fined 110,000 yuan for failing to use filed clauses as required. The institutions and responsible persons were fined a total of 870,000 yuan. Progress: administrative penalty. Entities involved: Ping An Property & Casualty Insurance Company of China, Ltd.; Ping An P&C Jinan No.1 Central Sub-branch; Ping An P&C Yantai Central Sub-branch.
2024
Ping An Bank, Ping An P&C and Ping An Health Insurance Fined Over 70 Million Yuan Combined by Financial Regulator on Same Day
On May 17, 2024, the National Financial Regulatory Administration published multiple administrative penalty notices, and Ping An Bank, Ping An Property & Casualty Insurance and Ping An Health Insurance under China Ping An were fined on the same day. The penalties stemmed from 2019 on-site inspections by the former China Banking and Insurance Regulatory Commission and involved illegal loan issuance, incorrect reporting of annual settlement data, deceiving policyholders by concealing important circumstances related to insurance contracts, and other issues. Ping An Bank had illegal gains confiscated and was fined a total of 67.2398 million yuan (60.7398 million yuan for the head office and 6.5 million yuan for branches), Ping An P&C was fined 5.95 million yuan, and Ping An Health Insurance was fined 5.55 million yuan; multiple responsible persons were warned and fined. All three companies responded that they sincerely accepted the penalties, that the relevant issues had been rectified or basically rectified, and that they would establish a regular compliance review mechanism. The event became one of the larger group fines in the financial industry that year.