Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
Ping An Insurance (Group) Company of China, Ltd.
(A joint stock limited company incorporated in the People's Republic of China with limited liability)
(Stock Code: 2318)
ANNOUNCEMENT OF AUDITED RESULTS
FOR THE YEAR ENDED DECEMBER 31, 2021
The board of directors (the "Board") of Ping An Insurance (Group) Company of China, Ltd. ("Ping An" or the "Company") hereby announces the audited results of the Company and its subsidiaries for the year ended December 31, 2021. This announcement, containing the full text of the 2021 Annual Report of the Company, complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "HKEX") in relation to the information to accompany preliminary announcements of annual results.
Both the Chinese and English versions of this results announcement are available on the websites of the Company (www.pingan.cn) and the HKEX (www.hkexnews.hk). This results announcement is prepared in accordance with the International Financial Reporting Standards. The printed version of the Company's 2021 Annual Report will be delivered to the H shareholders of the Company and available for viewing on the websites of the HKEX (www.hkexnews.hk) and the Company (www.pingan.cn) before early April 2022.
By order of the Board
Ma Mingzhe
Chairman
Shenzhen, the PRC, March 17, 2022
As at the date of this announcement, the executive directors of the Company are Ma Mingzhe, Xie Yonglin, Tan Sin Yin, Yao Jason Bo and Cai Fangfang; the non-executive directors of the Company are Soopakij Chearavanont, Yang Xiaoping and Huang Wei; the independent non-executive directors of the Company are Ouyang Hui, Ng Sing Yip, Chu Yiyun, Liu Hong, Ng Kong Ping Albert and Jin Li.
Contents
ABOUT US | CORPORATE GOVERNANCE | ||
i | Five-Year Summary | 114 | Corporate Governance Report |
1 | Introduction | 133 | Changes in the Share Capital and |
2 | Business Performance at a Glance | Shareholders' Profile | |
136 | Directors, Supervisors, Senior Management | ||
4 | Chairman's Statement | ||
and Employees | |||
MANAGEMENT DISCUSSION AND ANALYSIS | 154 | Report of the Board of Directors and | |
Significant Events | |||
173 | Report of the Supervisory Committee |
8 Customer Development
14 | Technology-Powered Business Transformation | FINANCIAL STATEMENTS | |
18 | Healthcare as a New Driver of Value Growth | ||
20 | Business Analysis | 176 | Independent Auditor's Report |
20 | Performance Overview | 184 | Consolidated Income Statement |
24 | Life and Health Insurance Business | 185 | Consolidated Statement of Comprehensive |
34 | Property and Casualty Insurance Business | Income | |
186 | Consolidated Statement of Financial Position | ||
40 | Investment Portfolio of Insurance Funds | ||
188 | Consolidated Statement of Changes in Equity | ||
46 | Banking Business | ||
189 | Consolidated Statement of Cash Flows | ||
54 | Asset Management Business | ||
190 | Notes to Consolidated Financial Statements | ||
60 | Technology Business | ||
66 | Analysis of Embedded Value | OTHER INFORMATION | |
76 | Liquidity and Capital Resources | ||
82 | Risk Management | 339 | Ping An Milestones |
Sustainability | |||
96 | 340 | Honors and Awards | |
110 | Prospects of Future Development | 341 | Glossary |
344 | Corporate Information |
Cautionary Statements Regarding Forward-Looking Statements
To the extent any statements made in this Report contain information that is not historical, these statements are essentially forward- looking. These forward-looking statements include but are not limited to projections, targets, estimates and business plans that the Company expects or anticipates may or may not occur in the future. Words such as "potential", "estimates", "expects", "anticipates", "objective", "intends", "plans", "believes", "will", "may", "should", variations of these words and similar expressions are intended to identify forward-looking statements.
These forward-looking statements are subject to known and unknown risks and uncertainties that may be general or specific. Readers should be cautioned that a variety of factors, many of which are beyond the Company's control, affect the performance, operations and results of the Company, and could cause actual results to differ materially from the expectations expressed in any of the Company's forward-looking statements. These factors include, but are not limited to, exchange rate fluctuations, market shares, competition, environmental risks, changes in legal, financial and regulatory frameworks, international economic and financial market conditions and other risks and factors beyond our control. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. In addition, the Company undertakes no obligation to publicly update or revise any forward-looking statement that is contained in this Report as a result of new information, future events or otherwise. Neither the Company nor any of its employees or affiliates is responsible for, or is making, any representations concerning the future performance of the Company.
Remaining true to our original aspiration and embarking on a new journey
At Nanhu began the CPC's magnificent centenary journey
At Shekou began Ping An's three-decade development history
In retrospect
We remain true to our original aspiration and fulfill our duties as an insurer By providing customers with heartwarming services
Today
We help transform the real economy and support small and micro-businesses By channeling trillions of renminbi into the real economy
So many years have passed
China's carbon peak and neutrality initiatives, and the Ping An Rural Communities Support
Building orchestrated ecosystems through high-quality development Being people-centric and customer-oriented
Strengthening business through reform, and simplifying finance with technology Finance + healthcare, a lighthouse for the future
A broad road, bright and far-reaching
To become a century-old venture, Ping An focuses on the long run A long, long journey under the shining stars
Ping An of China, for China's peace and security
Strives for national rejuvenation in sync with the times and people Looking forward together
To happy life, a new chapter of prosperity
Five-Year Summary
2021/ | 2020/ | 2019/ | 2018/ | 2017/ | |
December | December | December | December | December | |
(in RMB million) | 31, 2021 | 31, 2020 | 31, 2019 | 31, 2018 | 31, 2017 |
CUSTOMER DEVELOPMENT | |||||
Number of internet users (in million) | 647.32 | 598.04 | 515.50 | 443.59 | 429.51 |
Number of retail customers (in million) | 227.31 | 218.43 | 200.48 | 180.22 | 156.90 |
Number of contracts per customer (contract) | 2.81 | 2.76 | 2.64 | 2.54 | 2.38 |
Operating profit per customer (in RMB) | 571.89 | 563.00 | 612.54 | 542.28 | 474.99 |
Proportion of retail customers holding multiple contracts | 39.3 | ||||
with different subsidiaries (%) | 38.0 | 36.8 | 34.3 | 29.6 | |
Proportion of new customers sourced from the Group' s | 35.8 | ||||
internet user base (%) | 36.0 | 40.7 | 34.4 | 37.2 | |
THE GROUP | |||||
Operating profit attributable to shareholders of the parent | 147,961 | ||||
company | 139,470 | 132,955 | 112,573 | 94,708 | |
Operating ROE (%) | 18.9 | 19.5 | 21.7 | 21.9 | 22.0 |
Basic operating earnings per share (in RMB) | 8.40 | 7.89 | 7.48 | 6.31 | 5.31 |
Dividend per share (in RMB) | 2.38 | 2.20 | 2.05 | 1.72 | 1.50 |
Net profit attributable to shareholders of the parent | 101,618 | ||||
company | 143,099 | 149,407 | 107,404 | 89,088 | |
Equity attributable to shareholders of the parent company | 812,405 | 762,560 | 673,161 | 556,508 | 473,351 |
Group comprehensive solvency margin ratio (%) | 233.5 | 236.4 | 229.8 | 216.4 | 214.9 |
Total assets | 10,142,026 | 9,527,870 | 8,222,929 | 7,142,960 | 6,493,075 |
Total liabilities | 9,064,303 | 8,539,965 | 7,370,559 | 6,459,317 | 5,905,158 |
LIFE AND HEALTH INSURANCE BUSINESS | |||||
Operating return on embedded value (%) | 11.1 | 14.5 | 25.0 | 30.8 | 35.5 |
Embedded value | 876,490 | 824,574 | 757,490 | 613,223 | 496,381 |
New business value | 37,898 | 49,575 | 75,945 | 72,294 | 67,357 |
Operating profit | 97,075 | 93,666 | 88,950 | 71,345 | 52,824 |
Residual margin | 940,733 | 960,183 | 918,416 | 786,633 | 616,319 |
Comprehensive solvency margin ratio of Ping An Life (%) | 230.4 | 241.8 | 231.6 | 218.8 | 234.1 |
PROPERTY AND CASUALTY INSURANCE BUSINESS | |||||
Net profit | 16,192 | 16,159 | 22,808 | 12,274 | 13,372 |
Combined ratio (%) | 98.0 | 99.1 | 96.4 | 96.0 | 96.2 |
Comprehensive solvency margin ratio (%) | 278.4 | 241.4 | 259.2 | 223.8 | 217.5 |
BANKING BUSINESS | |||||
Net profit | 36,336 | 28,928 | 28,195 | 24,818 | 23,189 |
Net interest margin (%) | 2.79 | 2.88 | 2.95 | 2.35 | 2.37 |
Cost-to-income ratio (%) | 28.30 | 29.11 | 29.61 | 30.32 | 29.89 |
Non-performing loan ratio (%) | 1.02 | 1.18 | 1.65 | 1.75 | 1.70 |
Provision coverage ratio for loans more than 60 days | 338.22 | ||||
overdue (%) | 219.78 | 190.34 | 141.24 | N/A | |
Core tier 1 capital adequacy ratio (%) | 8.60 | 8.69 | 9.11 | 8.54 | 8.28 |
ASSET MANAGEMENT BUSINESS | |||||
Trust business net profit | 229 | 2,479 | 2,598 | 3,012 | 3,957 |
Securities business net profit | 3,829 | 3,102 | 2,376 | 1,680 | 2,123 |
TECHNOLOGY BUSINESS | |||||
Operating profit | 9,448 | 8,221 | 4,661 | 7,748 | 5,488 |
Note: Some indicators have been disclosed for less than five years. Certain figures have been reclassified or restated to conform to relevant periods' presentation.
i
Introduction
ABOUT US
Ping An strives to become a world-leading retail financial services group. Ping An actively responds to China's 14th Five-YearPlan, and serves the real economy and national strategies including "Digital China" and "Healthy China" via financial services. Ping An advances the "integrated finance + healthcare" strategic upgrade, builds the "integrated finance + HMO managed care" service system, develops the "finance + eldercare" and "finance + healthcare" industry ecosystems, and provides professional "financial advisory, family doctor, and eldercare concierge" services. Ping An advances smart, digital transformation, and employs technologies to improve the quality and efficiency of its financial businesses and enhance risk management. Moreover, Ping An applies innovative technologies to "financial services, healthcare, auto services, and smart city" ecosystems. Ping An develops heartwarming products and services by leveraging fintech and its healthcare ecosystem. By doing so, Ping An empowers financial services with technologies, empowers ecosystems with technologies, and empowers financial services with ecosystems. Ping An continuously optimizes its integrated financial business model of "one customer, multiple products, and one-stopservices," leveraging local advantages while adhering to global standards for corporate governance and business management. Ping An provides diverse products and convenient services to over 227 million retail customers and over 647 million internet users. While remaining focused on retail business, Ping An extends its "1 + N" services model to its corporate business to meet customer demands for integrated financial services. In this way, Ping An increases the value of its corporate customers and the contribution of its corporate business.
World-leading
Retail Financial Services Group
Integrated Finance | Healthcare |
Finance + Technology | Finance + Ecosystem |
Insurance Banking Asset Management
Financial | Healthcare | Auto | Smart | |||
Services | Services | City | ||||
Ecosystem | ||||||
Ecosystem | Ecosystem | Ecosystem | ||||
Annual Report 2021 | Ping An Insurance (Group) Company of China, Ltd. 1 |
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Disclaimer
Ping An Insurance (Group) Co. of China Ltd. published this content on 17 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 March 2022 09:00:05 UTC.