Wed Jun 19, 2019 17:17
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PING AN (2318)

Principal Activities

The principal activities comprise the provision of a wide range of financial products and services with a focus on the businesses of insurance, banking, asset management, fintech and healthtech.

Latest Results

The Group's profit attributable to shareholders for the 3 months ended 31-03-2019 amounted to RMB 45.52 billion, an increase of 77.1% compared with previous corresponding period. Basic earnings per share was RMB 2.55. No dividend was declared. Net earned premium amounted to RMB 256.10 billion, an increase of 7.3% over the same period last year. (Announcement Date: 29 Apr 2019)

Business Review - For the year ended December 31, 2018

The year 2018 marked the 40th anniversary of China’s reform and opening-up. Also in 2018, Ping An celebrated its 30th birthday. With the global economic landscape changing and reshaping, China’s economy has entered a new era of development. Technologies are advancing rapidly, with unprecedented impacts. The global financial services industry is also experiencing rapid and fundamental changes, and facing huge challenges and opportunities. Against this backdrop and with a strong sense of mission and urgency, Ping An has taken careful steps to manage the risks and to seize the opportunities. As a result, we realized stable and healthy growth in assets, revenue and profit in 2018. To embrace the opportunities ahead, we made greater investment in our technologies at a faster pace in the year. We continued with our “finance + ecosystem” transformation. We are exploring data-driven operations and we made encouraging progress in developing our business models and technological innovations.

In 2018, our market cap rose above RMB1 trillion as our strengths and achievements gained worldwide recognition. We ranked 29th in the Fortune Global 500 and 10th in the Forbes Global 2000 for the first time. Our operating profit attributable to shareholders of the parent company reached RMB112,573 million, up 18.9% year on year. Our net profit attributable to shareholders of the parent company grew to RMB107,404 million, up 20.6% year on year. With fast growing operating profit, we are increasing dividends. The cash dividend per share for 2018 jumped by 14.7% year on year to RMB1.72. In addition, the Company distributed the 30th Anniversary Special Dividend of RMB0.20 per share. Our integrated financial business model of “one customer, multiple products and one-stop services” provided 184 million retail customers and 538 million internet users with financial products and services via cross-selling. The operating profit per customer was RMB531. About 63.64 million retail customers held multiple contracts with different subsidiaries of the Group, up 34.7% from the beginning of 2018.

At Ping An we are empowering our financial services with technologies by leveraging world-leading AI, blockchain and cloud computing to contain cost, boost efficiency, enhance risk management, and improve our customer experience. As a result, our financial offerings gained competitiveness and our core financial businesses grew steadily. The operating profit of the life and health insurance business was RMB71,345 million, up 35.1% year on year. NBV rose 7.3% year on year to RMB72,294 million. We adopted innovative agent management models and tools, including an AI-based interview functionality, which helped us sharply boost our agent retention rate.

Ping An Property & Casualty expanded its market share and increased premium income by 14.6% year on year to RMB247,444 million, with a better-thanindustry combined ratio of 96.0%. We processed 96.4% of onsite auto claim investigations within 5-10 minutes via our upgraded “510 City Superfast Onsite Investigation” services. Ping An Bank made significant progress in its strategic transformation toward retail banking, which accounted for 53.0% and 69.0% of the Bank’s revenue and net profit respectively. Ping An Bank continued to de-risk itself and strengthen its risk compensation.

At Ping An we empower ecosystems with technologies. We are building five ecosystems, covering financial services, health care, auto services, real estate services, and smart city services. The contribution from our technology innovation greatly increased. In the fintech and healthtech sectors, we have explored and developed innovative business models and built a number of unicorns from scratch. Several of our unicorns have completed financing to enhance their strength. Ping An Good Doctor went public on the Main Board of HKEX and successfully pursued overseas expansion. OneConnect completed a Series A financing at a post-money valuation of USD7,500 million. OneConnect established a subsidiary in Singapore and also began to export technologies to overseas markets. Ping An HealthKonnect completed a Series A financing at a post-money valuation of USD8,800 million. Lufax Holding, a leading online wealth management platform in China, also concluded a refinancing at a post-money valuation of USD39.4 billion, again favored by leading global investors.

To serve the country, society and public, we are empowering China’s smart city initiative by building “1+N” platforms with our core technologies. Such platforms now cover more than 100 Chinese cities, including Beijing, Shanghai and Shenzhen, as well as countries and regions along the Belt and Road Initiative. The platforms serve hundreds of millions of people through a variety of applications, including fiscal management, government administration, transportation, life, health care, customs control, education, agriculture, judicial activities, environmental protection, and community governance. We help provincial and municipal governments to address pain points and difficulties in city governance, improve efficiency and effectiveness, reduce urban development costs, and help promote citizen satisfaction.

Ping An has been a beneficiary of the changing era. On turning 30, Ping An gratefully promoted the Ping An Rural Communities Support, covering village officers, doctors and teachers. We support rural industrial upgrade, strengthen health care in poor areas, and improve rural education. Through the Village Officer Program, we input over RMB5,000 million for poverty alleviation and aided over 15,000 poor rural residents by the end of 2018. Of the RMB5,000 million, RMB3,819 million was invested in poverty alleviation bonds, benefiting millions of people in 65 undeveloped counties in Guangxi, Yunnan, Guizhou and Sichuan. We integrate our financial and technological resources to support entire industry chains in poverty-stricken areas. We granted poverty-alleviation loans to support oat growing and poultry raising in Ulanqab, Inner Mongolia, where 1,995 registered poor households increased their average income by nearly RMB3,300. Our Village Doctor Program channeled urban medical resources to rural areas through AI and telemedicine. We built or upgraded over 400 village clinics, and held over 100 free medical services programs, providing 19,271 checkups and consultations.

Through our Village Teacher Program, we built or upgraded nearly 400 village schools, trained nearly 5,000 village teachers, and provided distance learning courses for tens of thousands of teachers and students. Moreover, we established the Ping An Volunteers Association to engage employees in volunteer activities. As of the end of 2018, over 100,000 employees took part in volunteer activities.

Business Outlook - For the year ended December 31, 2018

The year 2019 marks the 70th anniversary of the founding of the People’s Republic of China and is the beginning of Ping An’s fourth decade, a crucial period for our strategic transformation. We have updated our brand logo, defining “finance + technology” as our core businesses. In 2019, we will maintain stable, healthy growth of core businesses, optimize the business mix, strictly manage risks, and build the foundation of our future. We will continue to increase investment in technology, pursue “finance + ecosystem,” and enhance our data-driven operations and smart risk management capabilities to create value for customers, shareholders and society.

Competition between ecosystems is heated and the era of smart operations has come. Technologies and data will empower us to anticipate trends, make timely decisions, and take actions ahead of others. At this new starting point, Ping An will continue to pursue “finance + ecosystem” and the all-round development and promotion of our smart data-driven operations. With the efforts of our outstanding staff and the support of our shareholders, Ping An will bravely navigate through the uncharted deep waters ahead toward a brighter future.



Source: Ping An Inc (02318) Annual Results Announcement

Business Nature

Looking ahead at 2007, it is expected that the PRC economy will continue to develop rapidly and positively, personal wealth will continue to increase, and the opening up of the financial sector in the PRC to foreign entities will be accelerated. The Group is expected to benefit from all these developments. Ping An will adhere to its strategic missions and visions, maintain its leading position in the domestic market, create synergy across its portfolio of businesses, execute its ¡§One Customer, Multiple Products¡¨ strategy, and constantly enhance its competitive advantages.

Prospect

The Group will make strong efforts to improve the economy of scale and profitability of its core businesses, enhance the margin and profit contribution from the transformed business, and set up solid platform and high industry standards for its new business. The businesses of the Group will coordinate and grow with each other through a robust resources sharing platform, together with the back-office center, which has been put into use, to provide the distribution channels with customer-oriented support. The Group will seek to broaden its investment channels, such as infrastructure investment projects to diversify investment risks, enhance investment return and improve its asset-liability management, so as to increase the competitiveness of its financial products.

Chairman
MA Mingzhe
Contact Info
Company Address:
Ping An Building,Ba Gua No. 3 Road,Shenzhen,PRC
Web: http://www.pingan.com.cn
Quote
HSI: 28,202.14 703.37
91.00
3.15 (3.6%)
As of16:15 19 Jun 2019
Open: 91.40 52Wk High: 96.00
Day High: 91.40 52Wk Low: 65.95
Day Low: 90.45 P/E: 13.271
Prev. Close: 87.85 Yield: 2.188%
Volume: 46.42M
Mkt Cap: 654.27B
Turnover: 4.22B NAV: 34.663
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Contact PING AN
Company Address:
Ping An Building,Ba Gua No. 3 Road,Shenzhen,PRC
Web: http://www.pingan.com.cn

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