In the first half of 2023, the value of new businesses increased by 45% year-on-year, and China Ping An Liang Answering Group | Customers | YoY

Release time:Apr 15, 2024 21:58 PM

On August 29th, Ping An Insurance Co., Ltd. of China submitted its business performance report for the first half of 2023. In the first half of the year, the company achieved an operating profit attributable to its parent company shareholders of RMB 81.957 billion, a net profit attributable to its parent company shareholders of RMB 69.841 billion, an annualized operating ROE of 18.2%, and a basic operating income per share of the group of RMB 4.63. The life insurance reform, which has attracted much attention from the outside world, has achieved significant results. In the first half of the year, the life insurance and health insurance businesses achieved a new business value of 25.96 billion yuan. The strategy of "comprehensive finance+healthcare" is also continuously deepening. As of the end of June 2023, the number of personal customers of Ping An exceeded 229 million, and the average number of customer contracts increased by 0.7% to 2.99 compared to the beginning of the year. More than 90.71 million individual customers hold contracts with multiple subsidiaries, and 29.7% of new financial customers come from the group's medical ecosystem.

Faced with the complexity and uncertainty of the internal and external environment, achieving such results is not easy. China Ping An always takes the spirit of the 20th National Congress of the Communist Party of China as the guide, adheres to the original mission of "finance for the people", takes the financial consumption needs of the new era as the starting point, fully integrates into the service scenarios of insurance protection, investment and wealth management, and medical health and elderly care to help expand domestic demand and promote consumption, and solidifies the comprehensive financial one-stop service platform to serve billions of customers; Deeply implement the new concept of high-quality development, continuously promote the reform and upgrading of life insurance and the construction of medical and health ecosystems, and continuously improve the ability and level of financial services to serve the real economy and ensure social livelihood; At the same time, strengthening technological support and digital empowerment, comprehensively preventing risks, further optimizing structure, reducing costs and increasing efficiency, and ensuring the long-term sustainable and stable operation of the company.

Counting the mid-term performance data of China Ping An in 2023, the following eight highlights are presented:

The business performance is stable, and the dividend level remains stable. In the first half of this year, the group achieved an operating profit of 81.957 billion yuan attributable to the shareholders of the parent company; The annual operating ROE reached 18.2%. At the same time, Ping An focuses on shareholder returns and distributes a mid-term dividend of RMB 0.93 per share in cash to shareholders, a year-on-year increase of 1.1%, continuously increasing cash dividends.

The comprehensive financial model continues to deepen. As of the end of June this year, Ping An's personal customer base exceeded 229 million, and the average number of customer contracts increased by 0.7% to 2.99 compared to the beginning of the year. Personal business attributable operating profit accounts for 83.4% of the total attributable operating profit.

The value of new businesses has significantly increased, and the effectiveness of life insurance reform has been demonstrated. In the first half of the year, the value of new business was 25.96 billion yuan, a significant increase of 45% year-on-year. Among them, the agent channel increased by 43% year-on-year, and the bank insurance channel increased by 174.7% year-on-year.

The income from property insurance services has increased, and the quality of business has remained good. In the first half of the year, Ping An Property and Casualty Insurance's service revenue was 155.899 billion yuan, a year-on-year increase of 7.8%. Through strengthening business management and risk screening, Ping An Property and Casualty Insurance maintained a healthy overall underwriting comprehensive cost rate of 98%.

The bank's net profit achieved double-digit growth, and the overall asset quality remained stable. In the first half of the year, Ping An Bank achieved a net profit of 25.387 billion yuan, a year-on-year increase of 14.9%. As of the end of June 2023, the non-performing loan ratio was 1.03%, a decrease of 0.02 percentage points from the beginning of the year, and the provision coverage rate was 291.51%, an increase of 1.23 percentage points from the beginning of the year.

The medical and health strategy continues to be implemented, empowering the development of the financial industry. As of the end of June 2023, Ping An has achieved 100% cooperation coverage between China's top 100 hospitals and tertiary hospitals by integrating suppliers. Ping An has a team of nearly 4000 doctors and over 50000 external contracted doctors; The number of cooperative pharmacies reached 226000, an increase of nearly 2000 compared to the beginning of the year. In the first half of 2023, customers who enjoy the "+service" rights accounted for over 68% of the new life insurance business value.

Support the development of the real economy and continuously deepen green finance work. As of the end of June 2023, Ping An has invested over 8.27 trillion yuan to support the development of the real economy, with a green investment scale of 140.929 billion yuan in insurance funds and a green loan balance of 134.926 billion yuan; In the first half of 2023, the original premium income of green insurance was 17.735 billion yuan.

The brand value continues to lead. In 2023, the company ranked 33rd on the Fortune Global 500, continued to rank 1st among global insurance companies, and 5th among global financial enterprises; Ranked 9th on the Fortune Global 500 in China; Ranked 16th in Forbes Global 2000 Listed Companies; For seven consecutive years, it has ranked first on the BrandFinance Global Insurance Brand Value Top 100 list.

——Continuously strengthening the advantages of the comprehensive financial model and driving the steady growth of the main financial industry is the cornerstone of China Ping An's victory

China Ping An has always adhered to customer centricity, continuously cultivated individual customers, steadily promoted comprehensive financial strategies, and strengthened customer base management. In the first half of 2023, the group's personal business operating profit was 68.355 billion yuan, accounting for 83.4% of the group's operating profit attributable to the shareholders of the parent company. Combining personal business with the advantages of the group's ecosystem, we aim to create a warm financial service brand and provide a one-stop comprehensive financial solution that saves worry, time, and money. As of the end of June 2023, the number of individual customers of the group exceeded 229 million, an increase of 1.2% compared to the beginning of the year; The average number of customer contracts for individual clients increased to 2.99, an increase of 0.7% compared to the beginning of the year; The number of individual clients holding contracts with multiple subsidiaries simultaneously exceeds 90.71 million.

The personal financial market in China has long-term high growth potential, with strong growth in the wealth management market and enormous potential in the personal insurance market. Based on this, Ping An has a deep insight into the needs of customers for financial products, relying on its full license advantages to provide insurance, banking, investment, elderly care and medical health services, building a strong ecological service and digital platform, providing customers with more comprehensive and considerate product services, promoting cross migration of customers within the group, and significantly reducing customer acquisition costs compared to external channels.

In response to the life insurance business, reforms have been continuously accelerated and intensified, and the "4 channels+3 products" strategy has been continuously promoted, achieving significant results. In the first half of 2023, the policy retention rate of Ping An Life Insurance significantly improved, with a 2.1 percentage point year-on-year increase in the 13 month policy retention rate and a 7 percentage point year-on-year increase in the 25 month policy retention rate.

Continuously upgrading the insurance product system, focusing on the three core needs of wealth management, pension reserves, and health security, and promoting the wealth and pension insurance market; Relying on the group's medical and health ecosystem, we will deepen the three core services of medical and health, home-based elderly care, and high-end elderly care, and build a differentiated competitive advantage of "insurance+services". In the first half of 2023, Ping An Life Insurance has served over 16 million customers through health management, with nearly 70% of new contract customers using health management services; Home care services have covered 47 cities across the country, with a total of over 60000 customers eligible for home care services; Developing a high-quality elderly care service market, high-end elderly care projects have been launched in Shenzhen, Guangzhou, Shanghai, and Foshan.

The property insurance business has maintained stable growth and good business quality. The "Ping An Good Car Owner" app, as the largest car service app in China, has exceeded 186 million registered users and accumulated over 125 million bundled cars as of the end of June 2023. With its continuously leading online claims services, Ping An Property and Casualty Insurance has scored 94.52 in the evaluation of the car insurance service quality index issued by China Banking and Insurance Corporation, ranking among the top in the property insurance industry.

The bank's operating performance is stable, and the overall asset quality is stable. In the first half of 2023, Ping An Bank achieved operating revenue of 88.61 billion yuan and net profit of 25.387 billion yuan, a year-on-year increase of 14.9%. The overall retail business achieved steady growth, with retail customer assets managed at 38640.24 billion yuan, an increase of 7.7% compared to the beginning of the year; The personal deposit balance was 1147.481 billion yuan, an increase of 10.9% compared to the beginning of the year. Strengthening omnichannel customer acquisition and full scenario operation, as of the end of June 2023, the number of registered users of the "Ping An Pocket Bank" APP was 159.925 million, an increase of 4.6% compared to the beginning of the year.

According to data, as of June 30, 2023, the investment portfolio size of Ping An Insurance in China reached nearly 4.62 trillion yuan, an increase of 6.5% compared to the beginning of the year. In the first half of 2023, the annualized comprehensive investment return of insurance fund investment portfolio was 4.1%, a year-on-year increase of 0.7 percentage points. By adhering to optimizing asset liability matching and tactical allocation, strengthening risk investigation, segmenting risk limits, strengthening concentration control and post investment management, investment risks were effectively controlled.

——Continuously deepening the layout of the medical and health market and creating a new engine of value growth is a key move for Ping An in China

The current growth space of China's medical and health industry is enormous, and the demand for a multi-level elderly care service system is highlighted. Ping An has drawn on over a decade of experience in insurance and medical industry operation and management, and innovatively launched the Chinese version of the "managed medical model". With its service capabilities of "online, in store, and at home" and hundreds of medical, health, and elderly care service resources, Ping An seamlessly integrates the online and offline medical and health ecosystem with financial businesses as payers, forming a unique profit model.

The healthcare ecosystem continues to empower the financial industry. In the first half of 2023, 29.7% of the new customers of Ping An Insurance in China came from the group's medical and health ecosystem, and customers who enjoy the service rights of the medical and health ecosystem contributed over 68% to the value of Ping An Life Insurance's new business. As of the end of June 2023, over 64% of Ping An's over 229 million individual customers have simultaneously used the services provided by the medical and health ecosystem. The average number of contracts per customer is about 3.43, and the average AUM per customer is 55800 yuan, which is 1.6 times and 3.2 times that of individual customers who do not use the medical and health ecosystem services, respectively.

As the payer, Ping An has effectively collaborated with insurance and medical, health, and elderly care services, making significant progress in both group and individual customer operations. In the first half of 2023, the group had over 33000 medical and health-related paying enterprise customers, and Ping An Health had over 45 million paying users in the past 12 months; Ping An achieved a health insurance premium income of over 70 billion yuan. In the first half of 2023, over 16 million Ping An Life Insurance customers used the services provided by the medical and health ecosystem, with nearly 70% of new contract customers using health services.

As a supplier, as of the end of June 2023, Ping An has a team of nearly 4000 self owned doctors, over 50000 external contracted doctors, 6 self owned tertiary hospitals, and over 10000 cooperative hospitals. It has achieved 100% cooperation coverage between top 100 domestic hospitals and tertiary hospitals, with over 100000 cooperative health management institutions and 226000 cooperative pharmacies. Ping An has completed the acquisition of Peking University Medical Group, integrating its six tertiary hospitals, specialized medical institutions, and other high-quality resources into the existing medical and health ecosystem, deepening the layout of the medical industry. Among them, Peking University International Hospital is a flagship hospital.

Technological innovation empowers the main financial industry to improve quality and efficiency. As of the end of June 2023, the cumulative number of patent applications from Ping An in China reached 49429, ranking first in the world in terms of patent applications in the fields of financial technology and healthcare. In the first half of 2023, digital marketing platforms helped agents reach over 110 million customers; Realize intelligent guidance for customers to self renew insurance by 173.4 billion yuan, a year-on-year increase of 13%; The AI agent service volume is about 990 million times, covering 81% of Ping An's total customer service volume. The intelligent claim interception has reduced losses by 6 billion yuan, a year-on-year increase of 33%. In the first half of 2023, Ping An's technology business achieved a net profit of 2.308 billion yuan, of which the net profit of Lujin Holdings decreased year-on-year; The operating performance of Autohome, Ping An Health, and Financial One Account has improved.

Looking ahead to the second half of the year, the macroeconomic operation is facing new difficulties and challenges such as insufficient domestic demand and export pressure, and the economic recovery is progressing in a tortuous manner. For the insurance industry, it is still necessary to maintain strategic determination and steadfastly promote reform and innovation. China Ping An stated that it will adhere to the business policy of "focusing on the main business, reducing costs and increasing efficiency, optimizing structure, and building systems", deepen the development of the "comprehensive finance+medical health" dual wheel parallel and technology driven strategy, deeply implement the concept of putting the people at the center and customer demand orientation, continuously consolidate the deep synergy advantage of comprehensive finance, continuously promote the layout of medical health and elderly care and comprehensive digital transformation, enhance the quality and efficiency of serving the real economy, help expand domestic demand and promote consumption, stimulate the endogenous power of financial insurance and medical health main businesses, solidly promote high-quality development, and continuously create greater and stable growth value for customers, employees, shareholders, and society.

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