2021 Third Quarter Results Report

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

(A joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 2318)

ANNOUNCEMENT OF UNAUDITED RESULTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021

The board of directors (the "Board of Directors") of Ping An Insurance (Group) Company of China, Ltd. ("Ping An" or the "Company") announces the unaudited results (the "Third Quarter Results") of the Company and its subsidiaries (the "Group") for the nine months ended September 30, 2021 (the "Reporting Period"). The Board of Directors and its Audit and Risk Management Committee have reviewed the Third Quarter Results.

1. KEY BUSINESS PERFORMANCE

1.1 Business Highlights

• Ping An achieved steady business results. Operating profit attributable to shareholders of the parent company rose 9.2% year on year to RMB118,737 million, which is equivalent to a 20.3% annualized operating ROE in the first nine months of 2021.
• Customer development continued to yield greater results. Retail customers increased 3.1% year to date to over 225 million as of September 30, 2021. Of our total retail customers, 39.0% or 87.74 million held multiple contracts with different subsidiaries. New financing scale achieved through corporate business cross-selling increased 29.5% year on year in the first nine months of 2021.
• Ping An Life unswervingly advanced the transformation toward high-quality development and constantly upgraded its heartwarming insurance products. Ping An Life refined the tiered management of its agent force and improved its team structure, with Diamond Agents remaining stable in the third quarter of 2021. Ping An upgraded the "Ping An Zhen Xiang RUN Health Services Plan" in September 2021, providing customers with "worry-free,time-saving, and money-saving" health services experience through the Group's healthcare ecosystem.
• Property & Casualty (the property and casualty insurance business) maintained good business quality. The combined ratio of Ping An Property & Casualty ("Ping An P&C") improved by 1.8 pps year on year to 97.3% and operating profit grew 20.2% year on year to RMB13,283 million in the first nine months of 2021. Ping An P&C made every effort to fight super rainstorms in Henan Province by settling claims as rapidly as possible, with flood claim payments expected to exceed RMB3.4 billion. Moreover, Ping An P&C promptly provided front-line rescue workers with complimentary exclusive insurance.

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• Ping An Bank maintained stable business growth and continued to improve its asset quality. Revenue grew 9.1% year on year to RMB127,190 million and net profit rose 30.1% year on year to RMB29,135 million in the first nine months of 2021. Non-performing loan ratio improved by 0.13 pps year to date to 1.05% and provision coverage ratio rose 66.95 pps year to date to 268.35% as of September 30, 2021.
• Ping An continued to strengthen its technological capabilities to empower its main businesses. Ping An's technology patent applications increased by 5,423 year to date to 36,835 as of September 30, 2021. Ping An leverages cutting-edge technologies to comprehensively upgrade the end-to-end services of its core financial businesses. AI service representatives provided services about 1.54 billion times in the first nine months of 2021.
• Ping An comprehensively deepened its green finance initiative to support the sustainable development of society. Ping An's green investment and green credit totaled RMB208,886 million and RMB53,278 million respectively as of September 30, 2021. Ping An's premium of green insurance totaled RMB25,109 million in the first nine months of 2021. Moreover, Ping An continued to advance the Ping An Rural Communities Support program, moving from poverty alleviation to rural revitalization. Ping An cumulatively provided RMB37,583 million for poverty alleviation and industrial revitalization as of September 30, 2021. Ping An received the 11th "China Charity Award" and the 3rd "Capital Charity Award" for these efforts.

1.2 Key Figures

For the nine months ended September 30	2021	2020	Change (%)
Operating profit attributable to
shareholders of the parent company	118,737
(in RMB million)	108,692	9.2
Basic operating earnings per share	6.74
(in RMB)	6.15	9.6
Net profit attributable to shareholders of	81,638
the parent company (in RMB million)	103,041	(20.8)
Life & Health new business value
("NBV")(1) (in RMB million)	35,237	42,844	(17.8)
Property & Casualty combined ratio (%)	97.3	99.1	-1.8 pps
	September 30,	December 31,
	2021	2020	Change (%)
Number of retail customers (in million)	225.25	218.43	3.1
Number of internet users (in million)	633.95	598.04	6.0
Proportion of retail customers holding
multiple contracts with different	39.0
subsidiaries (%)	38.0	1.0 pps

Note: (1) The computation of Life & Health NBV is based on the 11.0% risk discount rate.

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2. PERFORMANCE REVIEW FOR KEY BUSINESSES

2.1 Overview

The Chinese economy continued to recover steadily in the third quarter of 2021 due to proactive fiscal policies and prudent monetary policies. Vitality was unleashed through innovation by advances in economic restructuring and industrial upgrading. Nevertheless, the foundation for economic recovery requires further consolidation against the backdrop of a complicated international environment, sporadic COVID-19 outbreaks in China, and the impact of natural disasters including floods. Household consumption shrank quarter on quarter, affecting the long-term protection business of Ping An. Facing challenges in China and abroad, Ping An upheld the compliance philosophy and strengthened risk management while adopting various forward-looking measures. Ping An pressed firmly ahead with Ping An Life's quality-oriented reform and transformation, improved the integrated financial business model, and enhanced the healthcare ecosystem. Moreover, Ping An laid a solid foundation for long-term sustainable, healthy growth by delivering "heartwarming financial services" and providing customers with "worry-free,time-saving, and money-saving" experiences.

The Group's operating profit attributable to shareholders of the parent company rose 9.2% year on year to RMB118,737 million in the first nine months of 2021. Net profit attributable to shareholders of the parent company decreased 20.8% year on year to RMB81,638 million mainly because the Company made adjustments including impairment provisions to investments related to China Fortune Land Development Co., Ltd. ("China Fortune") in the first nine months of 2021. The Group's operating profit attributable to shareholders of the parent company rose 7.3% year on year to RMB36,901 million in the third quarter of 2021. Net profit attributable to shareholders of the parent company decreased 31.2% year on year to RMB23,633 million primarily due to capital market volatility in the third quarter of 2021. Ping An made no major adjustment to the provisions (including impairment provisions, valuation adjustments, and other equity adjustments) for investments related to China Fortune in the third quarter of 2021.

Operating profit

Operating profit after tax is based on net profit from financial statements, excluding items that are of short-term, volatile or one-off nature and others. The operating profit after tax which excludes fluctuations of the following non-operating items can provide a clearer and more objective representation of the Company's business performance and trend.

• Short-terminvestment variance, which is the variance between the actual investment return of the life and health insurance business ("Life & Health") and the embedded value (EV) long-run investment return assumption, net of the associated impact on insurance and investment contract liabilities. The investment return of Life & Health is locked at 5% after excluding the short-term investment variance;
• The impact of discount rate(1) change is the effect on the insurance contract liability of Life & Health due to changes in the discount rate; and
• The impact of one-off material non-operating items and others is the impact of material items that management considered to be non-operating incomes and expenses. Such impact comprised the revaluation gain or loss on the convertible bonds issued by Lufax Holding to the Group in the first nine months of 2021.

Note: (1) Refer to the significant accounting policies in the notes to the Company's 2020 Annual Report for the information about the discount rate.

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									2021
			Property
	Life and	and														Other
	health	casualty							Other asset				businesses
For the nine months ended	insurance	insurance	Banking	Trust	Securities	management	Technology		and
September 30 (in RMB million)	business	business	business	business	business		business		business	elimination	The Group
Net profit attributable to shareholders
of the parent company	44,394		13,221		16,887	1,869	2,808	7,192		(1,355)	(3,378)	81,638
Net profit attributable to non-controlling
interests	706	62	12,248	2	120	1,168		1,227	377	15,910
Net profit (A)	45,100		13,283		29,135	1,871	2,928	8,360		(128)	(3,001)	97,548
Excluding:
Short-term investment variance (B)	(18,636)	-	-	-	-		-		-		-	(18,636)
Impact of discount rate change (C)	(9,949)	-	-	-	-		-		-		-	(9,949)
Impact of one-off material
non-operating items and others (D)	-		-	-	-	-		-	(8,792)		-	(8,792)
Operating profit (E=A-B-C-D)	73,684		13,283		29,135	1,871	2,928	8,360		8,664	(3,001)	134,924
Operating profit attributable to
shareholders of the parent company	72,701		13,221		16,887	1,869	2,808	7,192		7,437	(3,378)	118,737
Operating profit attributable to
non-controlling interests	983		62	12,248	2	120	1,168		1,227	377	16,187

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										2020
	Life and		Property													Other
	health	and casualty								Other asset					businesses
For the nine months ended	insurance		insurance	Banking	Trust	Securities	management	Technology		and
September 30 (in RMB million)	business		business	business	business	business		business		business	elimination	The Group
Net profit attributable to shareholders
of the parent company	69,113		11,003		12,981	2,239	2,381	3,808	4,669	(3,153)	103,041
Net profit attributable to non-controlling
interests	665	52	9,417	3	106	723	1,011	(126)	11,851
Net profit (A)	69,778			11,055		22,398	2,242	2,487	4,531	5,680	(3,279)	114,892
Excluding:
Short-term investment variance (B)	19			-	-	-	-		-		-		-	19
Impact of discount rate change (C)	(5,687)		-	-	-	-		-		-		-	(5,687)
Impact of one-off material
non-operating items and others (D)	-		-	-	-	-		-		-		-		-
Operating profit (E=A-B-C-D)	75,446		11,055		22,398	2,242	2,487	4,531	5,680	(3,279)	120,560
Operating profit attributable to
shareholders of the parent company	74,764		11,003		12,981	2,239	2,381	3,808	4,669	(3,153)	108,692
Operating profit attributable to
non-controlling interests	682		52	9,417	3	106	723	1,011	(126)	11,868

Notes: (1) The life and health insurance business represents the results of three subsidiaries, namely Ping An Life, Ping An Annuity, and Ping An Health. The property and casualty insurance business represents the results of Ping An P&C. The banking business represents the results of Ping An Bank. The trust business represents the results of Ping An Trust and Ping An New Capital. The securities business represents the results of Ping An Securities. The other asset management business represents the results of other subsidiaries that engage in asset management business including Ping An Asset Management, Ping An Financial Leasing, and Ping An Overseas Holdings. The technology business represents the results of subsidiaries, associates and jointly controlled entities that engage in technology business including Autohome, Lufax Holding, OneConnect, Ping An Good Doctor, and Ping An HealthKonnect. Eliminations include offsets against cross-shareholding among business lines.

1. Figures may not match the calculation due to rounding.

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