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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Ping An Insurance (Group) Company of China, Ltd.    2318   CNE1000003X6

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

(2318)
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Ping An Insurance of China : Interim Report 2020

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09/14/2020 | 06:00am EDT

2020 Interim Report

Contents

ABOUT US

CORPORATE GOVERNANCE

1

Introduction

92

Changes in the Share Capital and

4

Chairman's Statement

Shareholders' Profile

94

Directors, Supervisors and Senior Management

8

Financial Highlights

96

Significant Events

MANAGEMENT DISCUSSION AND ANALYSIS

FINANCIAL STATEMENTS

9

Customer Development

114

Report on Review of Interim Condensed

14

Technology-Powered Business Transformation

Consolidated Financial Information

20

Business Analysis

115

Interim Consolidated Income Statement

20

Performance Overview

116

Interim Consolidated Statement of

Life and Health Insurance Business

24

Comprehensive Income

32

Property and Casualty Insurance Business

117

Interim Consolidated Statement of

38

Investment Portfolio of Insurance Funds

Financial Position

119

Interim Consolidated Statement of

43

Banking Business

Changes in Equity

52

Asset Management Business

121

Interim Consolidated Statement of Cash Flows

58

Technology Business

122

Notes to the Interim Condensed

64

Analysis of Embedded Value

Consolidated Financial Information

74 Liquidity and Capital Resources

79 Sustainability

OTHER INFORMATION

173

Glossary

176

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. None of the Company, or any of its employees or affiliates is responsible for, or is making, any representations concerning the future performance of the Company.

Interim Report 2020

Ping An Insurance (Group) Company of China, Ltd. 1

Introduction

About us

Ping An strives to become a world-leading technology-poweredretail financial services group. Ping An continues to develop "finance + technology" as its core businesses. While ensuring steady growth in its main financial businesses, Ping An increases its investments in technology and accelerates "finance + ecosystem" empowerment to transform and upgrade its main businesses. Ping An employs technologies to drive revenue growth, improve efficiency, enhance risk management, and cut operating costs of its financial businesses. Moreover, Ping An leverages a broad array of innovative technologies to develop its five ecosystems, namely financial services, health care, auto services, real estate services, and smart city services, to optimize customer acquisition and promote integrated financial services. The core of Ping An's integrated financial business model is "one customer, multiple products, and one-stop services." Ping An leverages its local advantages while adhering to global corporate governance and business management standards. By empowering financial services with technologies, empowering ecosystems with technologies, and empowering financial services with ecosystems, Ping An provides financial products and services for 210 million retail customers and 560 million internet users. While remaining focused on retail business, Ping An extends its "1+N" philosophy to its corporate business to tap synergies among Ping An's multiple corporate-facing business units. Capitalizing on these synergies, Ping An seeks to strengthen the customer value and contributions of its corporate business by implementing an innovative corporate integrated financial business model.

Interim Report 2020

Ping An Insurance (Group) Company of China, Ltd. 1

Introduction

Ping An achieved steady business results. Ping An accelerated its transformation toward online operations and enhanced risk management to minimize the impact of COVID-19. In the first half of 2020, operating profit attributable to shareholders of the parent company rose by 1.2% year on year to RMB74,310 million, culminating in a 21.6% annualized operating ROE.

Ping An continues to pay dividends to shareholders. Despite the short- term adverse impact on economic growth, Ping An attaches importance to shareholder returns and will pay an interim dividend of RMB0.80 per share in cash, up 6.7% year on year.

Retail customer development continued to yield strong results. As of June 30, 2020, retail customers increased by 4.6% from the beginning of 2020 to 210 million. In the first half of 2020, Ping An acquired 18.09 million new customers, of whom 35.4% were sourced from internet users within the Group's five ecosystems. Contracts per customer rose by 1.9% from the beginning of 2020 to 2.69.

Value contributions from corporate business cross-sellinggrew steadily. Ping An continued to extend its "1+N" integrated financial business model to the corporate business and took a segmented approach to customer development, providing strategic customers with integrated "commercial banking + investment banking + investment" services while serving small and micro-business customers online. In the first half of 2020, the new financing scale achieved through corporate business cross- selling climbed by 170.2% year on year. The written premium of the corporate channel achieved through cross-selling grew by 168.4% year on year.

Ping An Life proactively utilized technology to minimize the impact of COVID-19 and advance its reform. In quick response to the epidemic, Ping An Life established an industry- leading online operations model. Ping An Life's sales agents recovered in the second quarter of 2020, with the number of sales agents increasing by

1.2% from March 31, 2020. In the first half of 2020, operating profit after tax of the life and health insurance business rose by 6.4% year on year to RMB51,535 million. Meanwhile, Ping An Life steadily advanced multiple reform projects to ensure sustainable, high-quality, and healthy growth.

The property and casualty insurance business grew steadily. In the first half of 2020, Ping An Property & Casualty's premium income grew by 10.5%

year on year despite the COVID-19 epidemic. Ping An Property & Casualty maintained better-than-industry business quality, with a combined ratio of 98.1%. As of June 30, 2020, the "Ping An Auto Owner" app had over 109 million registered users, up 17.8% year to date. In June 2020, the app had over 27 million monthly active users.

Ping An Bank maintained stable business operations and strengthened provisions. Amid the COVID-19 epidemic, Ping An Bank quickly resumed business by advancing online digital operations. In the first half of 2020, revenue increased by 15.5% year on year to RMB78,328 million. As of June 30, 2020, the provision coverage ratio rose by 31.81 pps to 214.93% from the beginning of 2020.

Revenue of online health care services surged. During the peak of the COVID-19 epidemic, Ping An Good Doctor's online platform was accessed over 1.11 billion times. In the first half of 2020, Ping An Good Doctor's revenue of online health care services grew strongly by 106.8% year on year to RMB695 million.

2 Interim Report 2020

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

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Ping An Insurance (Group) Co. of China Ltd. published this content on 14 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2020 08:59:04 UTC


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Financials
Sales 2020 789 B 117 B 117 B
Net income 2020 130 B 19 415 M 19 415 M
Net Debt 2020 - - -
P/E ratio 2020 9,81x
Yield 2020 3,07%
Capitalization 1 387 B 206 B 206 B
Capi. / Sales 2020 1,76x
Capi. / Sales 2021 1,69x
Nbr of Employees 372 194
Free-Float 82,0%
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Technical analysis trends PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 26
Average target price 89,68 CNY
Last Close Price 71,20 CNY
Spread / Highest target 47,4%
Spread / Average Target 26,0%
Spread / Lowest Target -13,9%
EPS Revisions
Managers
NameTitle
Bo Yao Co-CEO, CFO, Executive Director & Chief Actuary
Sin Ying Tan Co-CEO, COO, Executive Director & Executive VP
Yong Lin Xie President, Co-CEO & Executive Director
Ming Zhe Ma Chairman
Jian Yi Sun Chairman-Supervisory Board