PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.

Balance Sheet Ping An Insurance (Group) Company of China, Ltd.

Equities

601318

CNE000001R84

Life & Health Insurance

End-of-day quote Shanghai S.E. Other stock markets 13/09/2024			5-day change	1st Jan Change
42.89 ^CNY	+0.68%		+0.49%	+6.43%

09-13	Premium Income of Ping An Insurance's Three Subsidiaries Rises in January-August	MT
09-06	China creates $230 billion brokerage powerhouse as consolidation gathers pace	RE

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Published financial data: PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Premiums and Annuity Revenues	749B	758B	740B	742B	536B
Total Interest And Dividend Income	152B	122B	200B	215B	87.38B
Gain (Loss) on Sale of Investments, Total (Rev)	31.45B	102B	-12.98B	-88.51B	-51.27B
Non-Insurance Activities Revenues	231B	251B	265B	275B	273B
Other Revenues, Total	94.6B	88.02B	79.27B	77.11B	61.2B
Total Revenues	1,258B	1,320B	1,272B	1,220B	907B
Policy Benefits	547B	615B	619B	631B	444B
Policy Acquisition / Underwriting Costs, Total	115B	102B	80.71B	70.38B	-
Selling General & Admin Expenses, Total	165B	179B	175B	167B	80.21B
Provision for Bad Debts	4.05B	417M	242M	-23M	152M
Provision For Loan Losses - (Ins. / REIT / Utility Templates)	-54.28B	-75.13B	-86.47B	-78.9B	-71.94B
Other Operating Expenses	29.54B	35.91B	40.07B	37.69B	48.48B
Non-Insurance Activities Expenses	97B	98.59B	102B	108B	117B
Reinsurance Income Or Expense	94M	-	-	-	-
Total Operating Expenses	1,012B	1,106B	1,103B	1,093B	762B
Operating Income	246B	214B	169B	128B	145B
Interest Expense, Total	-60.27B	-26.44B	-28.08B	-22.89B	-24.35B
Currency Exchange Gains (Loss)	779M	2.22B	1.27B	3.34B	120M
Other Non Operating Income (Expenses)	-2B	-	-2.29B	-2.17B	-463M
EBT, Excl. Unusual Items	185B	190B	140B	106B	120B
Gain (Loss) on Sale of Assets	105M	-	-	-	-
Asset Writedown	-	-2.42B	-	-	-
Other Unusual Items	-289M	-	-	-	-
EBT, Incl. Unusual Items	185B	188B	140B	106B	120B
Income Tax Expense	20.37B	28.4B	17.78B	-1.62B	10.84B
Earnings From Continuing Operations	164B	159B	122B	107B	109B
Net Income to Company	164B	159B	122B	107B	109B
Minority Interest	-14.96B	-16.26B	-20.18B	-23.66B	-23.61B
Net Income - (IS)	149B	143B	102B	83.77B	85.66B
Net Income to Common Incl Extra Items	149B	143B	102B	83.77B	85.66B
Net Income to Common Excl. Extra Items	149B	143B	102B	83.77B	85.66B
Per Share Items
Net EPS - Basic	8.41	8.1	5.77	4.8	4.84
Basic EPS - Continuing Operations	8.41	8.1	5.77	4.8	4.84
Basic Weighted Average Shares Outstanding	17.77B	17.68B	17.61B	17.45B	17.72B
Net EPS - Diluted	8.38	8.04	5.72	4.73	4.74
Diluted EPS - Continuing Operations	8.38	8.04	5.72	4.73	4.74
Diluted Weighted Average Shares Outstanding	17.83B	17.8B	17.77B	17.71B	18.07B
Normalized Basic EPS	5.66	5.8	3.81	2.43	2.9
Normalized Diluted EPS	5.64	5.77	3.77	2.4	2.85
Dividend Per Share	2.05	2.2	2.38	2.42	2.43
Payout Ratio	45.36	30.1	46.19	59.19	59.19
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	254B	223B	178B	140B	158B
EBITA	247B	215B	170B	129B	146B
EBIT	246B	214B	169B	128B	145B
EBITDAR	254B	224B	179B	141B	159B
Total Revenues (As Reported)	-	1,321B	1,288B	1,221B	1,032B
Effective Tax Rate - (Ratio)	11.03	15.13	12.74	-1.53	9.03
Total Current Taxes	21.04B	38.56B	26.82B	27.64B	17.7B
Total Deferred Taxes	-665M	-10.16B	-9.04B	-29.26B	-6.86B
Normalized Net Income	101B	103B	67.05B	42.48B	51.46B
Interest on Long-Term Debt	23.02B	16.55B	22.51B	20.02B	24.19B
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	-
General and Administrative Expenses	-	179B	175B	167B	80.21B
Net Rental Expense, Total	581M	940M	1.27B	1.34B	660M
Imputed Operating Lease Interest Expense	220M	132M	170M	146M	76.58M
Imputed Operating Lease Depreciation	361M	808M	1.1B	1.2B	583M
Stock-Based Comp., Other (Total)	579M	856M	672M	899M	1.08B
Total Stock-Based Compensation	579M	856M	672M	899M	1.08B

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Investment In Debt Securities	2,734B	466B	374B	418B	2,637B
Investment In Equity and Preferred Securities, Total	486B	545B	552B	536B	524B
Trading Asset Securities, Total	971B	1,250B	1,441B	1,643B	1,817B
Real Estate Owned	58.45B	45.81B	86.49B	115B	122B
Mortgage Loans	411B	528B	655B	783B	304B
Policy Loans	139B	161B	178B	189B	-
Total Other Investments	331B	3,076B	3,101B	3,442B	1,791B
Total investments	5,131B	6,073B	6,388B	7,127B	7,194B
Cash And Equivalents	216B	308B	348B	353B	317B
Reinsurance Recoverable - (IS)	29.2B	32.06B	43.13B	37.25B	22.22B
Other Receivables - (Insurance Template)	2,136B	2,524B	2,757B	2,948B	3,448B
Separate Account Assets	46.13B	53.06B	36B	23.09B	-
Gross Property Plant And Equipment	87.08B	103B	111B	113B	112B
Accumulated Depreciation	-27.87B	-40.83B	-46.65B	-46.72B	-51.35B
Net Property Plant And Equipment	59.2B	62.46B	63.94B	66.24B	60.2B
Goodwill	20.93B	23.03B	23.18B	44.06B	44.12B
Other Intangibles, Total	27.79B	41.26B	45.29B	55.35B	54.96B
Restricted Cash	225B	230B	234B	255B	242B
Other Current Assets, Total	81.79B	99.64B	92.98B	87.03B	42.8B
Deferred Tax Assets Long-Term (Collected)	50.3B	61.9B	65.36B	92.85B	101B
Deferred Charges Long-Term	5.12B	-	-	-	-
Other Long-Term Assets, Total	194B	19.64B	44.87B	48.79B	55.99B
Total Assets	8,223B	9,528B	10,142B	11,137B	11,583B
Liabilities
Accounts Payable, Total	4.82B	5.15B	6.66B	10.35B	8.86B
Accrued Expenses, Total	109B	122B	138B	195B	185B
Insurance And Annuity Liabilities	2,426B	2,840B	3,158B	3,461B	4,160B
Unpaid Claims	157B	110B	119B	138B	-
Unearned Premiums	201B	177B	170B	174B	-
Reinsurance Payable - (BS)	14.01B	-	-	-	53M
Current Portion of Long-Term Debt	30.18B	57.66B	165B	14.16B	12.72B
Current Portion of Leases	7.36B	7.2B	6.2B	5.45B	4.3B
Short-Term Borrowings	716B	414B	250B	397B	335B
Long-Term Debt	609B	1,190B	1,260B	1,271B	1,308B
Long-Term Leases	8.62B	8.42B	8.01B	7.56B	5.94B
Separate Account Liability	46.13B	116B	105B	93.33B	-
Current Income Taxes Payable	12.44B	17.28B	16.25B	16.08B	7.12B
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	793B	919B	1,093B	1,165B	1,190B
Unearned Revenue Non Current	8.96B	6.23B	6.84B	8.29B	7.11B
Deferred Tax Liability Non-Current	22.28B	19.27B	13.6B	14.22B	14.15B
Other Non Current Liabilities	2,206B	2,531B	2,550B	2,991B	3,116B
Total Liabilities	7,371B	8,540B	9,064B	9,962B	10,354B
Common Stock, Total	18.28B	18.28B	18.28B	18.28B	18.21B
Additional Paid In Capital	129B	112B	112B	118B	124B
Retained Earnings	518B	623B	683B	723B	765B
Treasury Stock	-5B	-6B	-9.9B	-11B	-5B
Comprehensive Income and Other	13.46B	15.72B	9.32B	10.37B	-2.5B
Total Common Equity	673B	763B	812B	859B	899B
Minority Interest	179B	225B	265B	317B	330B
Total Equity	852B	988B	1,078B	1,175B	1,229B
Total Liabilities And Equity	8,223B	9,528B	10,142B	11,137B	11,583B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	18.22B	18.21B	18.13B	18.11B	18.11B
ECS Total Common Shares Outstanding	18.22B	18.21B	18.13B	18.11B	18.11B
Book Value / Share	36.94	41.88	44.8	47.42	49.65
Tangible Book Value	624B	698B	744B	759B	800B
Tangible Book Value Per Share	34.27	38.34	41.03	41.93	44.18
Total Debt	1,371B	1,677B	1,688B	1,695B	1,666B
Net Debt	1,155B	1,369B	1,340B	1,342B	1,349B
Debt Equivalent Oper. Leases	4.65B	7.52B	10.19B	10.76B	5.28B
Minority Interest, Total (Incl. Fin. Div)	179B	225B	265B	317B	330B
Equity Method Investments, Total	204B	268B	284B	281B	259B
Account Code - Inventory Valuation	6	6	6	6	6
Buildings, Total	37.9B	37.64B	43.43B	48.87B	50.28B
Machinery, Total	23.39B	25.03B	26.76B	28.66B	28.04B
Full Time Employees	372K	362K	356K	344K	289K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	149B	143B	102B	83.77B	85.66B
Depreciation, Depletion & Amortization	13.95B	14.76B	14.86B	17.14B	17.29B
Amortization of Goodwill and Intangible Assets - (CF)	1.04B	1.04B	1.04B	1.05B	1.04B
Total Depreciation, Depletion & Amortization	14.99B	15.8B	15.9B	18.19B	18.33B
Amortization of Deferred Charges, Total	3.42B	2.51B	2.52B	2.16B	2.92B
(Gain) Loss On Sale of Asset - (CF)	-105M	-7M	-14M	-311M	-563M
(Gain) Loss on Sale of Investments - (CF)	-186B	37.38B	49.54B	39.08B	23.27B
Total Asset Writedown	2B	2.42B	14.55B	2.17B	463M
Provision for Credit Losses	54.28B	44.96B	60.42B	65.93B	63.53B
Provision and Write-off of Bad Debts	1.75B	417M	242M	-23M	152M
Change in Accounts Receivable	-487B	-9.18B	12.85B	2.94B	330M
Reinsurance Recoverable - (CF)	-	-2.52B	-6.63B	1.88B	-1.33B
Change In Inventories	-	2.25B	-1.17B	706M	1.58B
Change In Deferred Taxes	-665M	-	-	-	-
Change in insurance Reserves / Liabilities	-	381B	331B	323B	318B
Change in Other Net Operating Assets (Collected)	357B	-86.56B	-307B	84.76B	-28.05B
Other Operating Activities	341B	-220B	-184B	-138B	-124B
Cash from Operations	249B	312B	90.12B	486B	360B
Capital Expenditure	-12.21B	-10B	-12.19B	-8.87B	-7.81B
Sale of Property, Plant, and Equipment	2.51B	390M	679M	568M	1.07B
Cash Acquisitions	-548M	-978M	-366M	-37.62B	-
Divestitures	2.92B	1.78B	5.23B	507M	65M
Investment in Marketable and Equity Securities, Total	-530B	-641B	-182B	-400B	-310B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-27.5B	-21.95B	-16.36B	-10.12B	-
Other Investing Activities, Total	185B	225B	233B	232B	213B
Cash from Investing	-380B	-447B	27.93B	-224B	-104B
Long-Term Debt Issued, Total	889B	1,277B	1,454B	1,078B	1,172B
Total Debt Issued	889B	1,277B	1,454B	1,078B	1,172B
Long-Term Debt Repaid, Total	-709B	-962B	-1,513B	-1,213B	-1,290B
Total Debt Repaid	-709B	-962B	-1,513B	-1,213B	-1,290B
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-9.3B	-4.98B	-8.08B	-5.54B	-4.45B
Common Dividends Paid	-67.77B	-43.07B	-46.94B	-49.58B	-50.71B
Common & Preferred Stock Dividends Paid	-67.77B	-43.07B	-46.94B	-49.58B	-50.71B
Other Financing Activities, Total	22.76B	-6.47B	-23.15B	-40.5B	-49.44B
Cash from Financing	125B	261B	-136B	-231B	-222B
Foreign Exchange Rate Adjustments	1.08B	-4.3B	-3.26B	8.57B	1.92B
Net Change in Cash	-4.56B	121B	-21.62B	39.77B	36.27B
Supplemental Items
Cash Interest Paid	205B	41.94B	45.89B	28.21B	22.38B
Cash Income Tax Paid (Refund)	77.38B	33.34B	26.96B	28.65B	26.66B
Net Debt Issued / Repaid	179B	315B	-58.24B	-135B	-117B
Levered Free Cash Flow	95.47B	62.57B	11.01B	-65.93B	-106B
Unlevered Free Cash Flow	133B	79.09B	28.56B	-51.62B	-90.55B
Change In Net Working Capital	27.65B	64.08B	83.78B	144B	196B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2	1.51	1.07	0.75	0.8
Return on Total Capital	7.55	5.51	3.88	2.83	3.14
Return On Equity %	21.4	17.32	11.79	9.54	9.05
Return on Common Equity	24.3	19.93	12.9	10.03	9.69
Margin Analysis
Gross Profit Margin %	35.39	32.53	30.18	27.23	30.17
SG&A Margin	13.14	13.54	13.74	13.69	8.84
EBITDA Margin %	20.16	16.88	14	11.45	17.46
EBITA Margin %	19.67	16.32	13.35	10.54	16.08
EBIT Margin %	19.59	16.24	13.26	10.45	15.97
Income From Continuing Operations Margin %	13.06	12.07	9.58