Hong Kong and Shanghai, October 26, 2022, China Ping An Insurance (Group) Co., Ltd. (hereinafter referred to as "China Ping An", "Ping An" or "the Group", stock code: Hong Kong Stock Exchange 2318, Shanghai Stock Exchange 601318 ) today announced its results for the nine-month period ended September 30, 2022.

　　In the third quarter of 2022, the international environment is still complicated, and the global capital market continues to fluctuate; the domestic epidemic spreads in many places, and the "triple pressure" of demand contraction, supply shock and weakening expectations continues to appear, and the recovery of residents' consumption still faces challenges. Protection-type insurance business has a certain impact.

Faced with many challenges, Ping An of China has unswervingly promoted the high-quality reform and transformation of its life insurance business, continued to consolidate its comprehensive financial advantages, and established a "managed medical model" to provide customers with a "worry-free, time-saving and money-saving" consumption experience. .

In the first three quarters of 2022, the Group realized an operating profit attributable to shareholders of the parent company of RMB 123.288 billion, a year-on-year increase of 3.8%; annualized operating ROE was 19.9%; net profit attributable to shareholders of the parent company was RMB 76.463 billion, a year-on-year decrease of 6.3%.

Highlights of the Group's operating results in the first three quarters of 2022:

　　1. Operating profit maintained steady growth.

Benefiting from the strategic layout of "comprehensive finance + healthcare", the company's overall operating performance has been stable.

In the first three quarters of 2022, the company realized an operating profit attributable to shareholders of the parent company of 123.288 billion yuan, a year-on-year increase of 3.8%, and an annualized operating ROE of 19.9%.

　　2. The comprehensive financial service model continued to develop steadily.

As of the end of September, the company had nearly 228 million individual customers, an increase of 2.6% from the beginning of the year, and the number of contracts per customer increased by 1.7% from the beginning of the year to 2.96.

The degree of cross-penetration of individual customers has continued to increase, with nearly 40% of individual customers holding contracts with multiple subsidiaries at the same time.

In the first three quarters of 2022, Ping An Life continued to promote the "channel + product" reform. The per capita new business value of agents increased by more than 22% year-on-year, and the life and health insurance business achieved an operating profit of 86.486 billion yuan, a year-on-year increase of 17.4%; Ping An Property & Casualty The original insurance premium income reached 222.024 billion yuan, an increase of 11.4% year-on-year, and the comprehensive ratio remained at a good level of 97.9%; Ping An Bank's operating income increased by 8.7% year-on-year to 138.265 billion yuan, and net profit increased by 25.8% year-on-year to 36.659 billion yuan. At the end of September 2022, the non-performing loan ratio was 1.03%, the provision coverage ratio was 290.27%, and the risk compensation ability remained at a good level.

　　3. The Chinese version of "Managed Care Model" continues to advance.

The company actively responds to the "Healthy China" strategy. By building a world-leading medical and health service ecosystem, the company seamlessly integrates differentiated medical and health services with financial services as payers to provide customers with "worry-free, time-saving and money-saving" services. "One-stop medical and health services, deeply empowering the main business of finance.

As of the end of September 2022, more than 146 million individual customers of the Group have used the services provided by the medical and health ecosystem at the same time.

About 16.44 million life insurance customers have experienced the "insurance + health management" service, with an overall satisfaction rate of 99%.

　　4. Technological innovation continues to empower the main business of finance.

In the first three quarters of 2022, Ping An's AI agent service volume exceeded 1.96 billion times, accounting for 82% of the total customer service volume; the sales volume of AI agent-driven products was about 274.7 billion yuan, a year-on-year increase of 46%.

As of the end of September 2022, the company's technology patent applications increased by 6,544 compared with the beginning of the year, reaching a total of 44,964, ranking among the top international financial institutions.

　　5. Fully support the development of the real economy.

As of the end of September 2022, the company has comprehensively used financial resources such as insurance funds, bank credit and asset management, and has invested more than 5.9 trillion yuan to support the development of the real economy; the scale of green investment and financing is about 319.8 billion yuan, and the scale of green banking business is about 184.2 billion yuan Yuan.

Always adhere to the people-centered development concept.

In the ten years since the 18th National Congress of the Communist Party of China, Ping An's insurance business has settled over 558.6 million claims, with a total of 1,506.8 billion claims; Ping An's "Three Villages Project" has invested nearly 50 billion yuan to support the development of rural industries.

　　On the same day, the board of directors of Ping An Group decided to appoint Zhang Zhichun as the company's chief financial officer (financial person in charge), and the relevant qualifications are pending regulatory approval.

Yao Bo no longer holds this position concurrently, and continues to serve as executive director, co-CEO and executive deputy general manager of Ping An.

The announcement shows that Zhang Zhichun joined Ping An in 1998. He has served as the person in charge of finance, planning and investment in Ping An Group and Property & Casualty Insurance.

The reform of life insurance continued to deepen, and businesses such as property and casualty insurance, banking and asset management developed steadily

　　The life insurance reform has been steadily advanced, and the effect has gradually emerged.

In the first three quarters of 2022, the domestic epidemic has spread in many places, the economic situation is complex and changeable, and the life insurance industry is still facing many internal and external development challenges.

In the face of various challenges, Ping An Life adhered to its value orientation, steadily promoted the reform of "channel + product", promoted the parallel development of multiple channels, and continued to iteratively upgrade professional products and services.

In the first three quarters of 2022, the life insurance and health insurance business achieved an operating profit of 86.486 billion yuan, a year-on-year increase of 17.4%; the new business value was 25.848 billion yuan, a year-on-year decrease of 26.6%.

If the new business value in the first three quarters of last year is restated using the assumptions and methods at the end of last year, the new business value in the first three quarters of 2022 will decrease by 18.9% year-on-year.

Business quality continued to improve, and the 13-month policy continuation rate increased year-on-year.

　　In terms of channels, Ping An Life has implemented hierarchical and refined management of its agent team to promote high-quality transformation. As of the end of September 2022, the proportion of agents with a college degree or above increased by 4.0 percentage points year-on-year. The business value increased by over 22% year-on-year.

In the first three quarters of 2022, the proportion of "excellent +" in the newly added manpower increased by 10.3 percentage points year-on-year, and the per capita first-year premium of the diamond team was 4.8 times that of the overall team.

The reform of the digital business department is progressing steadily, and the reform and promotion of the national business department will be promoted by the end of the year.

Ping An Life Insurance and Ping An Bank have deepened the integration. The new talent team of bancassurance has been strictly selected and improved, and a highly educated elite team has been recruited. At present, more than 1,000 people have been recruited, and more than 90% have a bachelor's degree; the bancassurance product system continues to improve and will be launched in the third quarter" The new product of "Yu Xian Nian" increased lifetime life has been recognized by the market.

Ping An Life's community grid model has been piloted in 25 cities, and a high-quality elite team of over 4,000 people has been formed. The 13-month policy continuation rate of the pilot "orphans" has increased by over 17 percentage points year-on-year.

Taking into account the insurance consumption scenarios in the sinking market, Ping An Life continued to explore innovative development models for sinking channels.

　　In terms of products, Ping An Life, with the concept of "creating warm insurance", increases the supply of competitive products based on customer needs. The three core services of "endowment" and "insurance + high-end senior care" build differentiated competitive advantages.

In terms of "insurance + health management", in the first three quarters of 2022, Ping An Life has served about 16.44 million customers, with an overall service satisfaction of 99%.

In terms of "insurance + home-based care", Ping An integrates internal and external service providers to provide customers with one-stop home-based care services "comfortable for the elderly, peace of mind for children, and attentive housekeepers".

As of September 30, 2022, Ping An's home-based elderly care services have covered 32 cities across the country.

In terms of "insurance + high-end elderly care", Ping An provides "dignified life, exclusive services, and dignified care" services to meet the growing demand in China's high-quality elderly care sector, and is committed to developing the high-quality elderly care service market.

On July 25, the foundation stone laying ceremony of the first Shekou project in Yiniancheng community was successfully held, and the construction started in an all-round way.

　　Ping An Property & Casualty recorded steady growth in premiums and maintained good business quality.

In the first three quarters of 2022, the original insurance premium income of Ping An Property & Casualty reached RMB 222.024 billion, a year-on-year increase of 11.4%; thanks to its sound business management and risk screening capabilities, the combined ratio of Ping An Property & Casualty remained at a good 97.9% in the first three quarters. Level.

Ping An Property & Casualty strengthened the application of technology to drive online business services.

The "Ping An Good Car Owner" APP is the largest car service APP in China, with more than 166 million registered users and 100 million accumulated vehicles.

Ping An Property & Casualty's first auto insurance claim settlement video survey takes only 5 minutes on average.

Through various online claims settlement methods, in the first three quarters of 2022, Ping An Property & Casualty's auto insurance claims accounted for 93.2% of its claims within one hour.

　　The bank's operating performance grew steadily and asset quality remained stable.

In the first three quarters of 2022, Ping An Bank achieved an operating income of 138.265 billion yuan, a year-on-year increase of 8.7%; a net profit of 36.659 billion yuan, a year-on-year increase of 25.8%, and a net interest margin of 2.77%, a decrease of 0.04 percentage points from the same period last year.

As of the end of September 2022, the non-performing loan ratio was 1.03%, an increase of 0.01 percentage point from the beginning of the year; the provision coverage ratio was 290.27%, and the risk compensation ability remained at a good level.

Banks continue to promote the deepening of retail transformation, provide professional financial services to a wide range of mass customers through technological means, promote consumption, and promote inclusive finance. Industry, starting from the industrial chain and supply chain, injects financial resources into the operation of the real economy efficiently.

As of the end of September 2022, Ping An Bank managed retail customer assets (AUM) of RMB 3,532,560 million, an increase of 11.0% over the beginning of the year; the number of retail customers was 124,211,500, an increase of 5.1% over the beginning of the year, of which 1,234,100 were wealth customers, an increase of 12.2% over the beginning of the year ; The number of corporate customers was 592,800, an increase of 16.1% over the beginning of the year; the balance of corporate loans was 1,297.461 billion yuan, an increase of 12.5% ​​over the beginning of the year.

　　The asset allocation of the insurance fund investment portfolio was continuously optimized, and the asset-liability matching management was continuously improved.

In the first three quarters of 2022, the investment income of the Company's insurance fund investment portfolio was affected by fluctuations in the capital market and was under pressure.

The annualized net investment yield was 4.2%, and the annualized gross investment yield was 2.7%.

Driven by debt, the company takes solvency as the core indicator, and is committed to creating stable investment returns across the macroeconomic cycle to meet debt demand.

As of September 30, 2022, the company's insurance fund investment portfolio exceeded 4.29 trillion yuan, an increase of 9.6% from the beginning of the year.

Accelerate the layout of the medical and health ecosystem and create a new engine for value growth

　　The medical and health ecosystem strategy continued to advance.

Ping An innovatively launched the Chinese version of the "Managed Care Model", which represents payers and integrates market suppliers related to medical care, health management, and elderly care services. The one-stop service for elderly care allows customers to "save worry, time and money".

　　From the payer, it effectively cooperates with insurance and medical and health services, and deeply develops related products. As of the end of September 2022, the cumulative number of paying individual customers is nearly 100 million.

At the same time, Ping An continued to promote the establishment of an enterprise employee health management service system. In the first three quarters of 2022, it covered over 47,000 enterprise customers and served over 20 million employees.

In the first three quarters of 2022, Ping An's health insurance premium income exceeded 110 billion yuan.

　　From service providers to online, Ping An Health provides medical and health services through an exclusive family doctor team, connecting the service network of "online, store, and home", covering the whole process of consultation, diagnosis, diagnosis and treatment, and service, achieving 7 x 24 hours and seconds Management, Ping An has a team of nearly 4,000 doctors.

Offline, Ping An has improved its service level by deploying business segments such as general hospitals, medical examination centers, and imaging centers.

By participating in the reorganization of Founder Group, we have integrated high-quality resources such as 5 general hospitals and 6 specialized medical institutions under Peking University Medical into the existing medical and health ecosystem.

By the end of September 2022, Ping An had deployed 14 health management centers.

In addition, Ping An actively integrates high-quality resources at home and abroad to provide online and offline "three-to-one" network services, covering five scenarios including health management, sub-health management, disease management, chronic disease management, and elderly care management.

As of the end of September 2022, in China, the number of Ping An's own doctor team and external contract doctors exceeded 50,000, and the number of cooperative hospitals exceeded 10,000.

Overseas, Ping An's cooperation network has covered more than 1,000 overseas medical institutions in 16 countries around the world.

　　As an important part of the group's "managed medical model", Ping An Health relies on the accumulation of years of medical and health management experience and database, high-quality management platform and technology, a huge customer base of individual users and enterprise customer ecosystems, and a rich global customer base. High-quality service resources for scenarios, with family doctors as the key starting point, relying on the O2O service network, providing online and offline integrated medical and health service platforms covering health, sub-health, diseases, chronic diseases and elderly care management, providing users with professional, comprehensive , high-quality, one-stop health management services.

　　The core technical capabilities continued to deepen, enabling the main financial business.

As of the end of September 2022, the company's technology patent applications increased by 6,544 compared with the beginning of the year, reaching a total of 44,964, ranking among the top international financial institutions.

Among them, the number of invention patent applications accounted for nearly 94%, and the cumulative number of PCT and overseas patent applications reached 9,333.

In the first three quarters of 2022, Ping An's AI agent service volume exceeded 1.96 billion times, accounting for 82% of the total customer service volume; the sales volume of AI agent-driven products was about 274.7 billion yuan, a year-on-year increase of 46%.

　　Lufax Holding is one of the leading technology-driven personal financial service platforms in China.

In the field of retail credit, Lufax Holding has created an "aggregation model" personal loan service platform to efficiently connect borrowers and financial resources, give full play to the advantages of financial resources such as banks, trusts and insurance, and jointly provide small and micro business owners with Simple and fast loan service.

In the field of wealth management, Lufax Holding has carried out in-depth cooperation with financial product providers, and has built an intelligent management system relying on scientific and technological capabilities, using AI technology to achieve intelligent matching between customers and products, and provide diversified and personalized products and services.

　　OneConnect is a business technology service provider for financial institutions, providing customers with "horizontal integration, vertical full coverage" integrated products, including digital banking, digital insurance and the Gama platform that provides financial technology infrastructure services.

OneConnect actively promotes the digital transformation of the financial service ecosystem, providing government, regulatory and corporate users with related technological services such as trade, supply chain, data security, and risk management.

　　Autohome is a leading car internet service platform in China, dedicated to building a smart car ecosystem centered on data and technology, providing car consumers with a wealth of products and services around the entire car life cycle.

Autohome continues to promote the strategic upgrade of "ecologicalization", and provides a full range of services to consumers, OEMs and various participants in the automotive ecosystem.

　　Support the development of the real economy and continue to deepen green finance work.

By the end of September 2022, Ping An had invested more than 5.9 trillion yuan to support the development of the real economy, covering major infrastructure projects such as energy, transportation, and water conservancy, and escorting national strategic plans such as the "Belt and Road" initiative and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area; Ping An Green Investment The scale of financing is about 319.8 billion yuan, and the scale of green banking business is about 184.2 billion yuan; in the first three quarters of 2022, the environmental sustainable insurance products achieved original insurance premium income of about 110.5 billion yuan.

　　In the first three quarters of 2022, the implementation of macro policies continued to increase, and the economy generally recovered and stabilized.

Looking forward to the future, the fundamentals of my country's long-term economic growth will not change, and the financial, insurance and medical and health industries are booming.

China Ping An said that the company will thoroughly study and implement the spirit of the 20th National Congress of the Communist Party of China, base itself on the new development stage, implement new development concepts, and build a new development pattern. Serving the real economy is the focus of development. We will continue to enhance the quality and efficiency of serving the real economy, continue to explore financial inclusion and innovation, spare no effort to maintain economic and financial security, and continue to deepen the "comprehensive finance + healthcare" dual-round, technology-driven strategy. The road of quality development contributes to the realization of the Chinese dream of the great rejuvenation of the Chinese nation.

(China Network)