2023 First Quarter Results Presentation - Insurance News | InsuranceNewsNet

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April 26, 2023 Newswires
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2023 First Quarter Results Presentation

Hong Kong Stock Exchange (Web Disclosure) via PUBT

2023 First Quarter Results

April 2023

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.

2

Overview Group Financial Individual

Strategies Review Businesses

Business highlights for 1Q 2023

Group

Integrated finance

Life & Health

P&C insurance

Property & Casualty

Banking

  • Operating profit ofRMB41.4 billion equating to a 19% Operating ROE (annualized). Net profit rose 49% YoY to RMB38.4 billion
  • Have nearly229 million retail customers which on average hold c.3 contracts each
  • NBV rose21% on a like for like basis and rose 9% on a reported basis. All major channels delivered positive NBV growth on a reported basis in 1Q
  • P&C delivered a7% rise in insurance revenue and an underwriting profit (98.7% combined ratio)
  • Net profit rose14% YoY supported by a stable non-performing loan ratio. Provision coverage ratio remained strong at 290%

Notes: (1) Ping An has implemented IFRS 17 since January 1, 2023. This Report has been prepared under IFRS 17. Comparable data has been restated in accordance with IFRS 17.

(2) Operating profit and net profit of the Group refer to the operating profit and net profit attributable to shareholders of the parent company.

3

Core performance for 1Q 2023

Overview Group Financial Individual

Strategies Review Businesses

(in RMB)

Operating profit(1)

41.4 billion

-3.4%

Net profit(1)

38.4 billion

+48.9%

Operating ROE

(annualized)

18.8%

NBV(2)

13.7 billion

+21.1%

Number of retail

customers

229 million

+0.9%

Contracts per

retail customer

2.98

+0.3%

Notes: (1) Operating profit and net profit refer to the operating profit and net profit attributable to shareholders of the parent company respectively.

(2) Life & Health NBV grew 8.8% YoY to RMB13,702 million in the first three months of 2023. Like-for-like growth in Life & Health NBV reached 21.1% YoY in the first three months of 2023.

4

Overview Group Financial Individual

Strategies Review Businesses

Ping An's strategies: advancing the "integrated finance + healthcare" strategic upgrade

One vision

World-leading

Integrated Finance and Healthcare Services Provider

Two-pronged

Integrated Finance

Healthcare

One customer, multiple products,

Family doctors and

and one-stop services

elderlycare concierges

Technology-driven

Technological Empowerment

Empowering financial services with technologies, empowering financial services

with ecosystems, and advancing development with technologies

5

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Disclaimer

Ping An Insurance (Group) Co. of China Ltd. published this content on 26 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2023 10:01:46 UTC.

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