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2022 Annual Results Financial Highlights

Disclaimer

Ping An Insurance (Group) Company of China, Ltd.
This workbook is provided only for convenience. The information contained in this workbook is included in our financial reports filed with the Shanghai Stock Exchange and the Stock Exchange of Hong Kong Limited which are available on the Investor Relations section of our website at http://www.pingan.cn. Your use of this workbook is for informational purposes only and you agree not to misrepresent any calculations derived from the information included in this workbook as Ping An's calculations.
Please visit http://pingan.cn/ir/index.shtml or http://www.pingan.cn/en/ir/index.shtml, where we discloses information about the company, its financial information, and its business which may be deemed material.
Contact info: [email protected], [email protected]

Key Indicators

Ping An Insurance (Group) Company of China, Ltd.
2022/ Dec.31, 2022 2021/ Dec.31, 2021 Change 2020/ Dec.31, 2020 2019/ Dec.31, 2019 2018/ Dec.31, 2018
Customer Development
Number of internet users (in million) 693.33 647.32 7.1% 598.04 515.50 443.59
Number of retail customers (in million) 226.64 221.91 2.1% 213.44 198.31 180.22
Number of contracts per customer (contract) 2.97 2.91 2.1% 2.81 2.67 2.54
Operating profit per customer (in RMB) 585.23 585.81 -0.1% 576.17 619.24 542.28
Proportion of retail customers holding multiple contracts with different subsidiaries (%) 39.8 39.8 - 38.7 37.7 34.3
The Group (in RMB million, unless otherwise stated)
Operating profit attributable to shareholders of the parent company 148,365 147,961 0.3% 139,470 132,955 112,573
Operating ROE (%) 17.9 18.9 -1.0 pps YoY 19.5 21.7 21.9
Basic operating earnings per share (in RMB) 8.50 8.40 1.2% 7.89 7.48 6.31
Dividend per share (in RMB) 2.42 2.38 1.7% 2.20 2.05 1.72
Net profit attributable to shareholders of the parent company 83,774 101,618 -17.6% 143,099 149,407 107,404
Equity attributable to shareholders of the parent company 858,675 812,405 5.7% 762,560 673,161 556,508
Group comprehensive solvency margin ratio(1)(%) 217.6 233.5 -15.9 pps YTD 236.4 229.8 216.4
Total assets 11,137,168 10,142,026 9.8% 9,527,870 8,222,929 7,142,960
Total liabilities 9,961,870 9,064,303 9.9% 8,539,965 7,370,559 6,459,317
Life and health insurance business (in RMB million, unless otherwise stated)
Operating retuon embedded value (%) 11.0 11.1 -0.1 pps YoY 14.5 25.0 30.8
Embedded value 874,786 876,490 -0.2% 824,574 757,490 613,223
New business value 28,820 37,898 -24.0% 49,575 75,945 72,294
Operating profit 112,980 97,075 16.4% 93,666 88,950 71,345
Residual margin 894,413 940,733 -4.9% 960,183 918,416 786,633
Comprehensive solvency margin ratio of Ping An Life(1) (%) 219.7 230.4 -10.7 pps YTD 241.8 231.6 218.8
Property and casualty insurance business (in RMB million, unless otherwise stated)
Net profit 8,879 16,192 -45.2% 16,159 22,808 12,274
Combined ratio (%) 100.3 98.0 2.3 pps YoY 99.1 96.4 96.0
Comprehensive solvency margin ratio(1) (%) 220.0 278.4 -58.4 pps YTD 241.4 259.2 223.8
Banking business (in %, unless otherwise stated)
Net profit (in RMB million) 45,516 36,336 25.3% 28,928 28,195 24,818
Net interest margin 2.75 2.79 -0.04 pps YoY 2.88 2.95 2.35
Cost-to-income ratio 27.45 28.30 -0.85 pps YoY 29.11 29.61 30.32
Non-performing loan ratio 1.05 1.02 0.03 pps YTD 1.18 1.65 1.75
Provision coverage ratio 290.28 288.42 1.86 pps YTD 201.40 183.12 155.24
Core tier 1 capital adequacy ratio 8.64 8.60 0.04 pps YTD 8.69 9.11 8.54
Asset management business (in RMB million, unless otherwise stated)
Net profit 3,803 13,952 -72.7% 12,292 10,415 13,709
Technology business (in RMB million, unless otherwise stated)
Operating profit 6,697 9,448 -29.1% 8,221 4,661 7,748
Notes：
(1) The data as of 31 December 2022 is computed in accordance with the C-ROSS Phase II, while the data as of or before 31 December 2021 is computed in accordance with the C-ROSS Phase I.
(2) Certain figures have been reclassified or restated to conform to relevant periods' presentation.
Copyright Ping An Group 2022

Profit & Loss

Ping An Insurance (Group) Company of China, Ltd.
1. Operating profit of the Group (Table A)
2022
(in RMB million) Life and health insurance business Property and casualty insurance business Banking business Asset management business Technology business Other Businesses and elimination The Group
Table B Table C Table D
Net profit attributable to shareholders of the parent company 48,488 8,838 26,380 2,292 3,614 (5,838) 83,774
Net profit attributable to non-controlling interests 858 41 19,136 1,511 1,239 873 23,658
Net profit (A) 49,346 8,879 45,516 3,803 4,853 (4,965) 107,432
Excluding:
Short-term investment variance (B) (46,791) - 0 - 0 - 0 - 0 - 0 (46,791)
Impact of discount rate change (C) (16,843) - 0 - 0 - 0 - 0 - 0 (16,843)
Impact of one-off material non-operating items and others (D) - 0 - 0 - 0 - 0 (1,844) - 0 (1,844)
Operating profit (E=A-B-C-D) 112,980 8,879 45,516 3,803 6,697 (4,965) 172,910
Operating profit attributable to shareholders of the parent company 111,235 8,838 26,380 2,292 5,458 (5,838) 148,365
Operating profit attributable to non-controlling interests 1,745 41 19,136 1,511 1,239 873 24,545
2021
(in RMB million) Life and health insurance business Property and casualty insurance business Banking business Asset management business Technology business Other Businesses and elimination The Group
Table B Table C Table D
Net profit attributable to shareholders of the parent company 59,468 16,117 21,060 12,221 (1,957) (5,291) 101,618
Net profit attributable to non-controlling interests 835 75 15,276 1,731 1,500 767 20,184
Net profit (A) 60,303 16,192 36,336 13,952 (457) (4,524) 121,802
Excluding:
Short-term investment variance (B) (23,491) - 0 - 0 - 0 - 0 - 0 (23,491)
Impact of discount rate change (C) (13,281) - 0 - 0 - 0 - 0 - 0 (13,281)
Impact of one-off material non-operating items and others (D) - 0 - 0 - 0 - 0 (9,905) - 0 (9,905)
Operating profit (E=A-B-C-D) 97,075 16,192 36,336 13,952 9,448 (4,524) 168,479
Operating profit attributable to shareholders of the parent company 95,906 16,117 21,060 12,221 7,948 (5,291) 147,961
Operating profit attributable to non-controlling interests 1,169 75 15,276 1,731 1,500 767 20,518
Notes:
(1) L&H represents the results of three subsidiaries, namely Ping An Life, Ping An Annuity, and Ping An Health Insurance. P&C represents the results of Ping An P&C. The banking business represents the results of Ping An Bank. The asset management business represents the results of subsidiaries that engage in asset management business including Ping An Securities, Ping An Trust, Ping An Asset Management, Ping An Financial Leasing, and Ping An Overseas Holdings. The technology business represents the results of subsidiaries, associates and joint ventures that engage in technology business including Autohome, Lufax Holding, OneConnect, and Ping An Health. Eliminations include offsets against shareholding among business lines.
(2) Figures may not match the calculation due to rounding.
2. Results of life and health insurance business
2.1 Analysis of operating profit and profit sources (Table B)
(in RMB million) 2022 2021 Change (%) Notes
Release of residual margin (A) 80,517 82,488 (2.4) A
Retuon net worth (B) 16,366 14,567 12.4
Spread income (C) 6,252 4,823 29.6
Operating variance and others (D) 14,582 7,436 96.1
Operating profit before tax (E=A+B+C+D) 117,718 109,314 7.7
Income tax (F) (4,737) (12,239) (61.3)
Operating profit after tax (G=E+F) 112,980 97,075 16.4 See Table A
Short-term investment variance (H) (46,791) (23,491) 99.2
Impact of discount rate change (I) (16,843) (13,281) 26.8
Impact of one-off material non-operating items and others(J) - 0 - 0 N/A
Net profit (K=G+H+I+J) 49,346 60,303 (18.2)
Note: Figures may not match the calculation due to rounding.
2.2 The movement of residual margin of life and health insurance business
(in RMB million) 2022 2021 Change (%) Notes
Openning residual margin 940,733 960,183 (2.0)
New business residual margin 33,606 55,905 (39.9)
Expected interest growth 35,679 36,505 (2.3)
Release of residual margin (80,517) (82,488) (2.4) A
Lapse variances and others (35,088) (29,373) 19.5
Closing residual margin 894,413 940,733 (4.9)
Note: Figures may not match the calculation due to rounding.
2.3 Residual Margin Analysis of L&H
(in RMB million) Residual Margin Change (%)
Dec. 31, 2018 786,633 27.6
Dec. 31, 2019 918,416 16.8
Dec. 31, 2020 960,183 4.5
Dec. 31, 2021 940,733 (2.0)
Dec. 31, 2022 894,413 (4.9)
2.4 Release of Residual Margin of L&H
(in RMB million) Release of Residual Margin Including: Proportion of Long-term life & health protection(%) Change of Release of Residual Margin(%)
2013 18,710 54 17.9
2014 22,519 58 20.4
2015 29,267 63 30.0
2016 38,202 69 30.5
2017 49,811 72 30.4
2018 62,287 73 25.0
2019 74,454 73 19.5
2020 81,583 72 9.6
2021 82,488 71 1.1
2022 80,517 69 (2.4)
Note: The above figures are data of Ping An Life for 2013-2015 and data of the L&H business for 2016-2022.
3. Results of property & casualty business (Table C)
(in RMB million) 2022 2021 Change (%) Notes
Premium income 298,038 270,043 10.4
Net earned premiums 277,620 260,490 6.6 B
Claim expenses (193,976) (174,663) 11.1
Commission expenses on insurance operations (34,277) (32,039) 7.0
Administrative expenses (54,739) (53,179) 2.9
Reinsurance commission revenue 4,484 4,527 (0.9)
Underwriting profit (888) 5,136 N/A D = B X (1- C)
Combined ratio (%) 100.3 98.0 2.3 pps C
Total investment income 10,014 14,123 (29.1) E = F X G
Average investment assets 358,145 325,515 10.0 F
Total investment yield (%) 2.8 4.3 -1.5 pps G
Other net revenue and expenses (892) (563) 58.4
Profit before tax 8,234 18,696 (56.0)
Income tax 645 (2,504) N/A
Net profit 8,879 16,192 (45.2) See Table A
3.1 Operating data by product type
(in RMB million) Insured amount Premium income Net earned premiums Claim expenses Underwriting profit Combined ratio Reserve liabilities
Auto insurance 210,530,821 201,298 189,233 130,320 8,032 95.8% 174,330
Guarantee insurance 253,614 21,934 28,663 32,711 (9,013) 131.4% 43,700
Liability insurance 2,309,896,957 21,783 17,329 10,616 (929) 105.4% 22,529
Accidental injury insurance 1,603,275,864 13,989 15,482 6,809 847 94.5% 11,723
Health insurance 275,907,196 9,696 8,356 3,581 398 95.2% 5,776
4. Results of banking business (Table D)
(in RMB million) 2022 2021 Change (%) Notes
Net interest revenue 130,130 120,336 8.1 H = I X J
Average interest-earning assets 4,738,938 4,314,998 9.8 I
Net interest margin (%) 2.75 2.79 -0.04 pps J
Net non-interest revenue 49,765 49,047 1.5
Including: Net fee and commission revenue 30,208 33,062 (8.6)
Other net non-interest revenue 19,557 15,985 22.3
Revenue 179,895 169,383 6.2 K
General and administrative expenses (49,387) (47,937) 3.0 L = -(K X M)
Cost-to-income ratio (%) 27.45 28.30 -0.85 pps M
Tax and surcharges (1,727) (1,644) 5.0
Operating profit before impairment losses on assets 128,781 119,802 7.5
Impairment losses on credit and other assets (71,306) (73,817) (3.4)
Including: Loan impairment loss (64,168) (59,407) 8.0 N = -(O X P)
Average balance of loans and advances (including discounted bills) 3,190,601 2,853,155 11.8 O
Credit costs (%) 2.01 2.08 -0.07 pps P
Other expenses (222) (106) 109.4
Profit before tax 57,253 45,879 24.8
Income tax (11,737) (9,543) 23.0
Net profit 45,516 36,336 25.3 See Table A
4.1 Loan quality
(in RMB million) December 31, 2022 December 31, 2021 Change (%)
Total loans and advances 3,329,161 3,063,448 8.7
Pass 3,233,708 2,988,759 8.2
Special mention 60,592 43,414 39.6
Non-performing loan ratio (%) 1.05 1.02 0.03 pps
Percentage of loans more than 60 days overdue (%) 0.87 0.87 -
Percentage of special mention loans (%) 1.82 1.42 0.40 pps
Impairment provision balance (101,196) (90,202) 12.2
Provision to loan ratio (%) 3.04 2.94 0.10 pps
Provision coverage ratio (%) 290.28 288.42 1.86 pps
Copyright Ping An Group 2022

Balance Sheet

Ping An Insurance (Group) Company of China, Ltd.
(in RMB million) December 31, 2022 December 31, 2021 Change (%)
Total assets 11,137,168 10,142,026 9.8
Total liabilities 9,961,870 9,064,303 9.9
Shareholders' equity 1,175,298 1,077,723 9.1
Equity attributable to shareholders of the parent company 858,675 812,405 5.7
Total shares (in million) 18,280 18,280 - 0
Net asset value per share attributable to shareholders of the parent company (in RMB) 46.97 44.44 5.7
Investment portfolio of insurance funds 4,368,400 3,916,412 11.5
Group core capital 1,363,413 1,861,487
Group actual capital 1,783,772 1,899,989
Group minimum capital 819,568 813,781
Group core solvency margin ratio (%) (regulatory requirement ≥50%) 166.4 228.7
Group comprehensive solvency margin ratio (%) (regulatory requirement ≥100%) 217.6 233.5
Solvency margin Ping An Life Ping An Annuity Ping An Health Insurance Ping An P&C
(in RMB million) December 31, 2022 (under C-ROSS Phase II Rules) December 31, 2021 (under C-ROSS Phase I Rules) December 31, 2022 (under C-ROSS Phase II Rules) December 31, 2021 (under C-ROSS Phase I Rules) December 31, 2022 (under C-ROSS Phase II Rules) December 31, 2021 (under C-ROSS Phase I Rules) December 31, 2022 (under C-ROSS Phase II Rules) December 31, 2021 (under C-ROSS Phase I Rules)
Core capital 495,845 1,026,410 8,482 11,568 6,681 4,307 101,193 112,277
Actual capital 877,807 1,046,410 13,480 11,568 8,125 4,307 125,337 125,777
Minimum capital 399,557 454,175 6,233 5,955 3,056 2,097 56,976 45,171
Core solvency margin ratio (%) (regulatory requirement ≥50%) 124.1 226.0 136.1 194.3 218.6 205.4 177.6 248.6
Comprehensive solvency margin ratio (%) (regulatory requirement ≥100%) 219.7 230.4 216.2 194.3 265.9 205.4 220.0 278.4
Notes:
(1) Core solvency margin ratio = core capital / minimum capital; Comprehensive solvency margin ratio = actual capital / minimum capital.
(2) The data as of December 31, 2022 is computed in accordance with the C-ROSS Phase II Rules, while the data as of December 31, 2021 is computed in accordance with the C-ROSS Phase I Rules.
(3) For details of subsidiaries' solvency margin, please visit the Company's website (www.pingan.cn).
(4) Figures may not match the calculation due to rounding.
Ping An Bank capital adequacy ratio December 31, 2022 December 31, 2021 Change
Core tier 1 capital adequacy ratio (%) (regulatory requirement≥7.5%) 8.64 8.60 0.04 pps
Tier 1 capital adequacy ratio (%) (regulatory requirement≥8.5%) 10.40 10.56 -0.16 pps
Capital adequacy ratio (%) (regulatory requirement≥10.5%) 13.01 13.34 -0.33 pps
Note: Ping An Bank and its wholly-owned subsidiary Ping An Wealth Management Co., Ltd. are included in the computation of the above capital adequacy ratios in accordance with the Administrative Measures for the Capital of Commercial Banks (Trial) issued by the former China Banking Regulatory Commission on June 7, 2012.
Stress test on solvency margin ratio Core solvency margin ratio Comprehensive solvency margin ratio
December 31, 2022 Ping An Group Ping An Life Ping An P&C Ping An Group Ping An Life Ping An P&C
Base case 166.4% 124.1% 177.6% 217.6% 219.7% 220.0%
50 bps decline in interest rate 153.7% 98.1% 178.2% 202.4% 187.2% 220.6%
10% decrease in fair value of equity assets 161.2% 114.3% 174.8% 213.5% 212.6% 217.3%
Segment assets (in RMB million) December 31, 2022 December 31, 2021 Change (%)
Life and health insurance business 4,327,427 3,716,504 16.4
Property and casualty insurance business 513,347 470,407 9.1
Banking business 5,321,514 4,921,380 8.1
Asset management business 966,947 1,031,066 (6.2)
Technology business 141,792 149,785 (5.3)
Other businesses and elimination (133,859) (147,116) (9.0)
The Group 11,137,168 10,142,026 9.8
Segment liabilities (in RMB million) December 31, 2022 December 31, 2021 Change (%)
Life and health insurance business 3,956,183 3,397,184 16.5
Property and casualty insurance business 393,335 355,778 10.6
Banking business 4,886,834 4,525,932 8.0
Asset management business 828,077 884,597 (6.4)
Technology business 28,044 30,898 (9.2)
Other businesses and elimination (130,603) (130,086) 0.4
The Group 9,961,870 9,064,303 9.9
Segment equity (in RMB million) December 31, 2022 December 31, 2021 Change (%)
Life and health insurance business 371,244 319,320 16.3
Property and casualty insurance business 120,012 114,629 4.7
Banking business 434,680 395,448 9.9
Asset management business 138,870 146,469 (5.2)
Technology business 113,748 118,887 (4.3)
Other businesses and elimination (3,256) (17,030) (80.9)
The Group 1,175,298 1,077,723 9.1
Equity attributable to shareholders of the parent company (in RMB million) December 31, 2022 December 31, 2021 Change (%)
Life and health insurance business 305,537 296,877 2.9
Property and casualty insurance business 119,265 113,898 4.7
Banking business 222,956 200,217 11.4
Asset management business 117,143 115,843 1.1
Technology business 94,937 100,697 (5.7)
Other Businesses and elimination (1,163) (15,127) (92.3)
The Group 858,675 812,405 5.7
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(in RMB million) December 31, 2022 December 31, 2021
Assets (Audited) (Audited)
Cash and amounts due from banks and other financial institutions 770,751 584,995
Balances with the Central Bank 281,115 308,348
Financial assets purchased under reverse repurchase agreements 91,315 61,429
Premium receivables 72,280 79,834
Accounts receivable 36,118 26,628
Derivative financial assets 29,278 30,957
Reinsurers' share of insurance liabilities 24,969 26,852
Policy loans 188,765 178,298
Finance lease receivable 186,858 200,701
Loans and advances to customers 3,238,054 2,980,975
Financial assets at fair value through profit or loss 1,631,416 1,426,677
Financial assets at amortized cost 3,004,502 2,768,995
Debt financial assets at fair value through other comprehensive income 467,031 428,530
Equity financial assets at fair value through other comprehensive income 255,103 268,215
Investments in associates and joint ventures 280,793 284,061
Statutory deposits for insurance operations 14,444 12,606
Investment properties 114,763 86,041
Property and equipment 53,657 49,758
Intangible assets 99,411 68,462
Right-of-use assets 12,580 14,185
Deferred tax assets 92,846 65,360
Other assets 168,026 154,117
Policyholder account assets in respect of insurance contracts 19,467 31,847
Policyholder account assets in respect of investment contracts 3,626 4,155
Total assets 11,137,168 10,142,026
Equity and liabilities
Equity
Share capital 18,280 18,280
Reserves 255,730 234,186
Treasury shares (10,996) (9,895)
Retained profits 595,661 569,834
Equity attributable to owners of the parent 858,675 812,405
Non-controlling interests 316,623 265,318
Total equity 1,175,298 1,077,723
Liabilities
Due to banks and other financial institutions 918,977 797,646
Financial liabilities at fair value through profit or loss 88,770 57,376
Derivative financial liabilities 39,738 35,049
Assets sold under agreements to repurchase 271,737 127,477
Accounts payable 10,349 6,663
Income tax payable 16,076 16,247
Insurance payables 153,508 150,767
Policyholder dividend payable 71,445 67,276
Customer deposits and payables to brokerage customers 3,431,999 3,002,049
Bonds payable 931,098 1,097,523
Insurance contract liabilities 3,567,749 3,261,354
Investment contract liabilities for policyholders 73,862 72,839
Lease liabilities 13,013 14,208
Deferred tax liabilities 14,217 13,605
Other liabilities 359,332 344,224
Total liabilities 9,961,870 9,064,303
Total equity and liabilities 11,137,168 10,142,026
Copyright Ping An Group 2022

Embedded Value

Ping An Insurance (Group) Company of China, Ltd.
1. Key Data Summary
(in RMB million) 2022/ Dec.31, 2022 2021/ Dec.31, 2021 Change (%)
Group EV 1,423,763 1,395,509 2.0
L&H EV 874,786 876,490 (0.2)
L&H operating ROEV (%) 11.0 11.1 -0.1 pps
Value of one year' s new business after cost capital (NBV) 28,820 37,898 (24.0)
Long-run investment retuassumption (%) 5.0 5.0 - 0
Risk discount rate (%) 11.0 11.0 - 0
2. EV Movement Analysis
2.1 EV Movement Analysis
(in RMB million) 2022 Notes
L&H Opening EV 876,490 A
L&H EV operating profit 96,074 B = C+D+E+F
Including: Expected retuon opening EV 71,212 C
NBV post-risk diversification benefits 33,454 D
Operating assumptions and model changes (6,920) E
Operating variances and others (1,672) F
Economic assumptions changes - 0
Market value adjustment 1,014
Investment retuvariance (40,500)
Goodwill exclusion of New Founder Group (20,875)
Non-operating one-off item and others - 0
Shareholder dividends (52,572)
Employee stock ownership plan (1,916)
Capital Injection 17,070
L&H Closing EV 874,786
Other business closing ANA 548,977
Closing group EV 1,423,763
Note: Figures may not match the calculation due to rounding.
2.2 Operating retuof EV (operating ROEV)
(in RMB million) 2022 2021 Notes
L&H EV operating profit (in RMB million) 96,074 91,518 B
L&H operating ROEV (%) 11.0 11.1 G = B / A
Note: Figures may not match the calculation due to rounding.
3. NBV Relevant Data
3.1 NBV by segment
(in RMB million) FYP used to calculate value of new business NBV
2022 2021 Change (%) 2022 2021 Change (%)
Retail business 88,913 97,202 (8.5) 28,439 37,330 (23.8)
Agency 63,100 72,131 (12.5) 22,932 31,076 (26.2)
Long-term life & health protection 7,212 14,429 (50.0) 6,235 12,512 (50.2)
Endowment & annuity protection (long-PPP) 13,483 15,926 (15.3) 6,029 7,560 (20.2)
Endowment & annuity protection (short-PPP) 37,733 36,715 2.8 7,079 7,178 (1.4)
Short-term 4,672 5,062 (7.7) 3,589 3,827 (6.2)
Tele, internet and others 15,116 15,919 (5.0) 3,457 4,485 (22.9)
Bancassurance 10,696 9,152 16.9 2,050 1,769 15.9
Group business 30,423 39,088 (22.2) 380 568 (33.0)
Total 119,336 136,290 (12.4) 28,820 37,898 (24.0)
Notes:
(1) Figures may not match the calculation due to rounding.
(2) "PPP" stands for Premium Payment Period.
(3) Long-term life & health protection products cover whole life, term life, critical illness and long-term accident insurance. Endowment & annuity protection products (long-PPP) cover endowment and annuity products with a PPP of 10 years and above. Endowment & annuity protection products (short-PPP) cover endowment and annuity products with a PPP below 10 years.
(4) Tele, internet and others include telemarketing, internet marketing and Ping An Health Insurance's retail business.
3.2 NBV margin by segment
(in RMB million) By FYP (%) By ANP (%)
2022 2021 Change 2022 2021 Change
Retail business 32.0 38.4 -6.4 pps 38.5 43.7 -5.1 pps
Agency 36.3 43.1 -6.7 pps 45.9 50.6 -4.7 pps
Long-term life & health protection 86.4 86.7 -0.3 pps 87.7 87.3 0.3 pps
Endowment & annuity protection (long-PPP) 44.7 47.5 -2.8 pps 44.7 47.4 -2.6 pps
Endowment & annuity protection (short-PPP) 18.8 19.5 -0.8 pps 28.2 27.1 1.1 pps
Short-term 76.8 75.6 1.2 pps 79.5 79.9 -0.4 pps
Tele, internet and others 22.9 28.2 -5.3 pps 23.0 28.3 -5.2 pps
Bancassurance 19.2 19.3 -0.2 pps 22.7 21.8 0.9 pps
Group business 1.2 1.5 -0.2 pps 1.7 2.1 -0.4 pps
Total 24.1 27.8 -3.7 pps 30.1 33.8 -3.7 pps
Notes:
(1) ANP (annualised new premium) is calculated as the sum of 100 percent of annualised first year premiums and 10 percent of single premiums.
(2) Figures may not match the calculation due to rounding.
Copyright Ping An Group 2022

Disclaimer

Ping An Insurance (Group) Co. of China Ltd. published this content on 17 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2023 08:10:25 UTC.

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