Ping An Insurance (Group)

Company of China, Ltd.

Summary of Solvency Report for 2023

Company Overview and Reporting Contact

Company name (Chinese):

中国平安保险（集团）股份有限公司

Company name (English):

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

Legal representative:

Ma Mingzhe

Registered address:

47th, 48th, 109th, 110th, 111th and 112th Floors,

Ping An Finance Center,

No.5033 Yitian Road,

Futian District,

Shenzhen

Registered capital: RMB18,210,234,607

Corporate license number of insurance institution: 000016

Business commencement date: March 21, 1988

Business scope:

Investing in insurance enterprises, supervising and

managing the domestic and international businesses

of subsidiaries, engaging in insurance fund

utilization, conducting domestic and international

insurance business as approved by regulators, and

other businesses approved by the insurance

regulator and relevant government agencies

Reporting contact:

Liang Shuyi

Office telephone:

0755-88674268

Mobile phone:

18566298042

Email address:

liangshuyi426@pingan.com.cn

Note:

The Summary of Solvency Report for 2023 is prepared in accordance with applicable regulations including the Regulatory Rules on Solvency of Insurance Companies (II) (the "C-ROSS Phase II") released by the former China Banking and Insurance Regulatory Commission (the "CBIRC") and the National Financial Regulatory Administration's Circular on Improving Regulatory Standards for Solvency of Insurance Companies.

CONTENTS

I. Statement by the Board of Directors and the Management ........................................................... 1

II. Basic Information of the Group .................................................................................................... 2

III. Operation of Major Member Companies .................................................................................. 10

IV. Opinions from External Institutions .......................................................................................... 17

V. Solvency Statements .................................................................................................................. 18

VI. Management Discussion and Analysis ..................................................................................... 20

VII. Significant Events .................................................................................................................... 21

VIII. Risk Management Capability ................................................................................................. 23

IX. Integrated Risk Rating .............................................................................................................. 31

I. Statement by the Board of Directors and the

Management

This report has been approved by the Board of Directors of Ping An Insurance

(Group) Company of China, Ltd. (hereinafter referred to as "Ping An," the "Company"

or the "Group"). The Board of Directors and the management of the Company warrant

that the information contained in this report is true, accurate, complete and legally compliant and there are no false representations, misleading statements contained in or material omissions from this report, and severally and jointly accept legal responsibility for the above.

The statement is hereby given.

1

II. Basic Information of the Group

(I) Shareholding Structure, Shareholders and Their Changes

(1) Shareholding Structure and Its Changes

January 1, 2023

Unit: Shares

Number of shares

  • I. Selling-restricted sharesII.

-

Selling-unrestricted circulating shares 1.RMB ordinary shares 10,832,664,498

2.Domestically listed foreign shares 3.Overseas listed foreign shares 4.Others

Subtotal

- 18,280,241,410

-

7,447,576,912

III.Total number of shares 18,280,241,410

Changes during the Reporting PeriodIssuePercentage of new Bonus

Transfer

from

(%) shares issue reserveDecember 31, 2023

OthersSubtotalNumber of shares

-

-

-

-

-

-

59.26

- - - -

- - - -

- -70,006,803(1) -70,006,803(1) 10,762,657,695 59.10

40.74

-

- - -

- - -

-

- 7,447,576,912 40.90

-

-

100.00

-

-

- -70,006,803(1) -70,006,803(1) 18,210,234,607

100.00

-

-

- -70,006,803(1) -70,006,803(1) 18,210,234,607

Note: (1) The decrease of 70,006,803 A shares during the Reporting Period was due to the cancellation of repurchased shares.

(2) Shareholdings of Top Ten Shareholders as at the End of the Reporting Period

Name of shareholder Hong Kong Securities Clearing Company Nominees Limited(2) Shenzhen Investment Holdings Co., Ltd. China Securities Finance Corporation Limited Hong Kong Securities Clearing Company Limited(4)

Nature of shareholder (1)

Central Huijin Asset Management Ltd.

Overseas legal person

State-owned legal person

Others

Others

State-owned legal personBusiness Fortune Holdings Overseas legalLimited

Long-term Service Plan ofpersonPing An Insurance (Group) Others Company of China, Ltd.(5)

Shum Yip Group Limited

Dacheng Fund - Agricultural Bank of China - Dacheng Zhongzheng Financial Asset Management Plan

Huaxia Fund - Agricultural Bank of China - Huaxia Zhongzheng Financial Asset Management PlanState-owned legal person

Others

Others

Shareholding Total number of percentage shares held

(%) (shares)Changes during the Reporting

Period (shares)Type of sharesNumber of selling-restricted shares held

(shares)

38.26 6,966,685,599(3) +230,032,530 H Share

5.29 3.01

2.67

2.58 2.53

1.93

1.42

1.11

1.10

962,719,102 547,459,258

  • 485,789,140 -221,974,851

    470,302,252

  • 459,836,080 -11,838,752

  • 350,906,763 +96,443,179

257,728,008

201,948,582

199,511,462

Percentage

(%)

-

-

-

-

-

-

100.00

100.00

Number of pledged, marked or frozen shares

(shares)

-

- -

Unknown

  • A Share

    - -

  • A Share

    67,550,000 pledged shares

    -

  • A Share

    -

    -

    -

  • A Share

    - -

  • H Share

    -

    359,636,584 pledged shares

  • A Share

    -

    -

    -

  • A Share

    -

    -

    -

  • A Share

    -

    -

    -

  • A Share

-

-

Notes:

(1) Nature of the holders of A shares represents the nature of accounts held by the holders of A shares registered on the Shanghai Branch ofChina Securities Depository and Clearing Corporation Limited.

  • (2) Hong Kong Securities Clearing Company Nominees Limited ("HKSCC Nominees Limited") is the nominee holder of the shares held by non-registered H shareholders of the Company.

  • (3) Business Fortune Holdings Limited is an indirect wholly-owned subsidiary of Charoen Pokphand Group Company Limited ("CP Group Ltd."), and the shares owned by Business Fortune Holdings Limited have been registered under the name of HKSCC Nominees Limited. In order to avoid double counting, the shares owned by Business Fortune Holdings Limited have been deducted from the shares held by HKSCC Nominees Limited.

  • (4) The shares held by Hong Kong Securities Clearing Company Limited refer to the shares held by non-registered shareholders of the Northbound Trading of the Shanghai-Hong Kong Stock Connect Program.

  • (5) Participants in the Long-term Service Plan of the Company are the employees of the Company and its subsidiaries. Over 140,000 employees have participated in the Long-term Service Plan cumulatively throughout the years. The source of funding is the remunerations payable to employees.

  • (6) The above A shareholders do not participate in securities margin trading or centralized securities lending.

Explanation of the connected relationship or acting-in-concert relationship among the above shareholders:

Business Fortune Holdings Limited is an indirect wholly-owned subsidiary of CP Group Ltd. CP Group Ltd. indirectly held 1,063,597,013 H shares of the Company, representing approximately 5.84% of the Company's total share capital as of December 31, 2023, through Business Fortune Holdings Limited and other subsidiaries.

Save as disclosed above, the Company is not aware of any connected relationship or acting-in-concert relationship among the above-mentioned shareholders.

(3) Particulars of Controlling Shareholder and De Facto Controlling Party

The shareholding structure of the Company is relatively scattered. There is neither controlling shareholder nor de facto controlling party.

(II) Shareholding or Control Relations between the Group Parent Company and Member Companies

The Group's member companies under the C-ROSS Phase II, with clear shareholding structures, engage in businesses including insurance, banking, investment, and technology. Shareholding or control relations with and basic information of Ping An Group's main member companies as of December 31, 2023 are as follows:

(1) Shareholding or Control Relations with and Basic Information of the Subsidiaries of the Group

The Group had the following main consolidated subsidiaries as of December 31, 2023:

Shareholding

Company name

Principal place of Place of business registrationproportionRegistered capitalNature of business

Direct Indirect

(in RMB unless otherwise specified)

Ping An Life Insurance Company of China, Ltd.

Shenzhen Shenzhen

Life insurance

Ping An Property & Casualty Insurance Company of China, Ltd. Ping An Bank Co., Ltd.

Shenzhen Shenzhen

Shenzhen Shenzhen

Ping An Trust Co., Ltd.

Shenzhen Shenzhen

Property and casualty insurance Banking Investment and trust

99.51% 33,800,000,000 99.55% 21,000,000,000

49.56%

8.40% 19,405,918,198

99.88% 13,000,000,000

Ping An Securities Co., Ltd.

Shenzhen Shenzhen

Securities investment and brokerage

40.96%

55.59% 13,800,000,000

Ping An Annuity Insurance Company of China, Ltd.

ShanghaiShanghai

Annuity insurance

Ping An Asset Management Co., Ltd.

Shanghai

Shanghai

Asset management

Ping An Health Insurance Company of China, Ltd. China Ping An Insurance Overseas (Holdings) Limited China Ping An Insurance (Hong Kong) Company Limited

Shanghai

Shanghai

Health insurance

Hong Kong

Hong Kong

Hong Kong

Hong Kong

Investment holding Property and casualty insurance

94.18% 98.67% 74.33% 100.00%

5.79% 11,603,419,173 1.33% 1,500,000,000 0.68% 4,616,577,790

HKD7,085,000,000

Ping An International Financial Leasing Co., Ltd.

Shanghai

Shanghai

Financial leasing

69.44%

100.00% HKD490,000,000 30.56% 14,500,000,000

Ping An of China Asset Management (Hong Kong) Company Limited

Hong Kong

Hong Kong

Asset management

100.00% HKD395,000,000

Shenzhen Ping An Innovation Capital Investment Co., Ltd. Ping An Trendwin Capital Management Co., Ltd.

Shenzhen

Shenzhen

Shanghai

ShanghaiPing An Real Estate Co., Ltd.

Shenzhen

Shenzhen

Investment holding Investment consulting Property management and investment management

99.88% 99.75%

4,000,000,000

100,000,000

99.62% 21,160,523,628

Ping An Technology (Shenzhen) Co., Ltd.

Shenzhen

Shenzhen

IT services

37.66%

62.34% 5,310,315,757

Shenzhen Ping An Finserve Co., Ltd.

Shenzhen

Shenzhen

IT and business process outsourcing services

100.00%

598,583,070

Ping An E-wallet Electronic Commerce Company Limited eLink Commerce Company Limited

Shenzhen

Shenzhen

Internet service

77.14%

1,000,000,000

Hong Kong

Hong Kong

E-commerce trade

99.89% HKD25,124,600

Principal place of businessCompany name

Place of registration

Shenzhen Wanlitong Network Information Technology Co., Ltd.

Shenzhen Ping An Commercial Property Investment Co., Ltd.

Ping An Futures Co., Ltd.

Shenzhen Ping An Real Estate Investment Co., Ltd.

Shanghai Pingpu Investment Co., Ltd.

Anseng Investment Company Limited

Shenzhen Ping An Financial Technology Consulting Co., Ltd.

Ping An Tradition International Money Broking Company Ltd. Pingan Haofang (Shanghai) E-commerce Co., Ltd.

Ping An Wealthtone Investment Management Co., Ltd.

Ping An Fund Management Company Limited Shenzhen Ping An Financial Center Development Company Ltd.

Ping An Insurance Sales Services Co., Ltd.

Ping An Chuang Zhan Insurance Sales & Service Co., Ltd.

Reach Success International Limited

Jade Reach Investments LimitedShenyang Shengping Investment Management Co., Ltd.

Tongxiang Ping An Investment Co., Ltd.

Ping An Commercial Factoring Co., Ltd.

Shanxi Changjin Expressway Co., Ltd.

Shanxi Jinjiao Expressway Co., Ltd.

Ping An Caizhi Investment Management Company Limited Ping An of China Securities (Hong Kong) Company Limited Ping An of China Futures (Hong Kong) Company LimitedShenzhen

Shenzhen

Shenzhen

Shenzhen

Shanghai

British Virgin Islands

Shenzhen

Shenzhen

Shanghai

Shenzhen

Shenzhen

Shenzhen

Shenzhen

Shenzhen

British Virgin Islands British Virgin IslandsShenyangJiaxing

Shanghai

Jincheng

Jincheng

Shenzhen

Hong Kong

Hong KongShenzhen

Shenzhen

Shenzhen

Shenzhen

Shanghai

British Virgin Islands

Shenzhen

Shenzhen

Shanghai

Shenzhen

Shenzhen

Shenzhen

Shenzhen

Guangzhou

British Virgin Islands British Virgin IslandsShenyangJiaxing

Shanghai

Taiyuan

Taiyuan

Shenzhen

Hong Kong

Hong KongNature of business Custom loyalty service Property leasing and property management Futures brokerage Real estate investment management Investment managementProject investment

Corporation management advisory services Currency brokerage

Property agency

Asset management Fund raising and distribution Property leasing and property management Sales agency of insurance

Insurance agent

Project investment

Project investment

Property management and investment management Investment management Commercial factoring services Expressway operation Expressway operation

Equity investment

Shareholding proportion

Registered capitalDirectIndirect

(in RMB unless otherwise specified)

77.14%

200,000,000

99.50% 96.64%

1,810,000,000

721,716,042

100.00% 1,310,000,000

99.51% 9,130,500,000

99.51%

USD50,000

100.00%

30,406,000,000

66.92% 100.00% 68.11%

50,000,000 1,930,000,000

800,000,000

68.11% 1,300,000,000

99.51% 6,688,870,000

75.10% 515,000,000

99.55% 50,000,000

99.51% USD50,000

99.51% USD50,000

99.51% 419,000,000

99.62% 500,000,000

100.00%

2,700,000,000

59.71% 750,000,000

59.71% 504,000,000

96.55% 300,000,000

Investment holding

96.55% HKD663,514,734

Futures brokerage 96.55% HKD20,000,000

Principal place of businessCompany name

Place of registration

Ping An of China Capital (Hong Kong) Company Limited

China PA Securities (Hong Kong) Company Limited

Shanghai Lufax Fund Sales Co., Ltd.

Fuer Insurance Broker Co., Ltd.

Beijing Shuangronghui Investment Co., Ltd.

Chengdu Ping An Property Investment Co., Ltd.

Hangzhou Pingjiang Investment Co., Ltd.

Beijing Jingxinlize Investment Co., Ltd.

Anbon Allied Investment Company LimitedTalent Bronze LimitedPing An Pioneer Capital Co., Ltd.

Shenzhen Pingke Information Consulting Co., Ltd.

Beijing Jingping Shangdi Investment Co., Ltd. Guangzhou Xinping Property Investment Co., Ltd.

Shanghai Jahwa (Group) Company Ltd.

Shanghai Jahwa United Co., Ltd.

Falcon Vision Global Limited

Shanghai Zean Investment Management Company Limited

PA Dragon LLC

Shanghai Pingan Automobile E-commerce Co., Ltd.

Shanghai Gezhouba Yangming Property Co., Ltd.

Shanghai Jinyao Investment Management Co., Ltd. Shanghai Pingxin Asset Management Co., Ltd.

Shenzhen Qianhai Credit Service Centre Co., Ltd.

Pingan Real Estate Capital Limited

Shenzhen Pulian Consulting Co., Ltd.

Hong Kong

Hong Kong

Shanghai

Shanghai

Beijing

Chengdu

Hangzhou

Beijing

United KingdomUnited KingdomShenzhen

Shenzhen

Beijing

Guangzhou

Shanghai

Shanghai

Shanghai

Shanghai

USA

Shanghai

Shanghai

Shanghai

Shanghai

Shenzhen

Hong Kong

ShenzhenHong Kong

Hong Kong

Shanghai

Shanghai

Beijing

Chengdu

Hangzhou

Beijing

Hong Kong

Hong Kong

Shenzhen

Shenzhen

Beijing

Guangzhou

Shanghai

Shanghai British Virgin Islands

Shanghai

USA

Shanghai

Shanghai

Shanghai

Shanghai

Shenzhen

Hong Kong

ShenzhenNature of business Investment management Securities

Shareholding proportion

Registered capitalDirectIndirect

(in RMB unless otherwise specified)

96.55% HKD20,000,000

investment and 96.55% HKD440,000,000 brokerage

Fund sales

Insurance brokerage service

Property leasing

Real estate investment and management Real estate development and management Investment management Real estate

95.43% 20,000,000

100.00% 50,000,000

99.51% 256,323,143

99.51% 840,000,000

99.51% 1,430,000,000

99.51% 1,160,000,000

investment and 99.51% GBP90,000,160 management

Real estate investment and 99.51% GBP133,000,000 management

Financial products

and equity investment Management consulting

Property leasing

Property leasing

Production and sale of consumer chemicals Industry

Investment management

Property leasing

Logistics and real estate

E-commerce

Real estate development and management Investment management Asset management Credit Information services Investment platform Investment consulting

96.55% 1,000,000,000

100.00% 5,092,341,943

99.51% 45,000,000

99.51% 50,000,000

99.51% 51.56% 99.51%

5,268,261,234

678,873,194

USD50,000

99.51%

4,810,000,000

99.52% USD143,954,940

94.74% 63,330,000

99.51% 20,000,000

99.05% 1,290,000,000

100.00% 1,010,000,000

100.00%

99.62% 100.00%

345,075,000

2,536,129,600

100,000,000

Shareholding proportion

Company name

Principal place of businessPlace of registration

Guangzhou Ping An Good Loan Microfinance Co., Ltd.

An Ke Technology Company Limited

Ping An Pay Technology Service Co., Ltd.

Ping An Pay Electronic Payment Co., Ltd.

Tongxiang Anhao Investment Management Co., Ltd.

Ping An Infrastructure Investment Fund Management Co., Ltd.

Ping An Fortune Management Co., Ltd.

Shenzhen Dingshuntong Investment Co., Ltd. Shenzhen Ping An Evergreen Investment Development Holding Co., Ltd.

Ping An International Financial Leasing (Tianjin) Co., Ltd. Shenzhen Anpu Development Co., Ltd.

China PA Asset Management (Hong Kong) Company Limited Shanghai Tianhe Insurance Brokerage Co., Ltd.

Helios P.A. Company Limited

Ping An Urban-Tech (Shenzhen) Co., Ltd.

Shenzhen Ping An Chuangke Investment Management Co., Ltd. Shenzhen Anchuang Investment Management Co., Ltd.

Lianxin (Shenzhen) Investment Management Co., Ltd.

Autohome Inc.

Mayborn Group Limited

Jiaxing Ping An Cornerstone I Equity Investment Management Co., Ltd.

Ping An Wealth Management Co., Ltd.

TTP Car Inc.

Shenzhen Shengjun Investment Management Co., Ltd. Overseas W.H. Investment Company Limited Shenzhen Pingjia Investment Management Co., Ltd.

Guangzhou

Hong Kong

Shenzhen

Shanghai

Jiaxing

Shenzhen

Shanghai

Shenzhen

Shenzhen

Tianjin

Shenzhen

Hong Kong

Shanghai

Hong Kong

Shenzhen

Shenzhen

Shenzhen

Shenzhen

Beijing

United Kingdom

Shanghai

Shenzhen

Shanghai

Shenzhen

Cayman Islands

Shenzhen

Nature of businessRegistered capitalDirectIndirect

(in RMB unless Otherwise specified)

Guangzhou

Hong Kong

Shenzhen

Shanghai

Jiaxing

Shenzhen

Shanghai

Shenzhen

Shenzhen

Tianjin

Shenzhen

Hong Kong

Shanghai

Hong Kong

Shenzhen

Shenzhen

Shenzhen

Shenzhen

Cayman Islands United KingdomJiaxing

Shenzhen

Cayman Islands

Shenzhen

Cayman Islands

Shenzhen

Micro loan

Investment management and investment consulting

Internet service

Internet service

100.00%

600,000,000

100.00% USD582,996,000

77.14% 680,000,000

77.14% 489,580,000

Investment management Investment management Consulting services Investment consulting

99.81% 300,000,000

98.02%

1,000,000,000

100.00% 100,000,000

100.00% 100,000,000

Investment consulting

100.00% 1,500,100,000

Financial leasing 100.00% 10,400,000,000

Logistics and warehousing Asset management Insurance brokerage Project investment

IT services

Investment management Investment management Investment management Automotive internet platform

Infant products

Investment management

Asset management Second-hand car platform Investment management Investment holding Investment platform

79.61% 5,625,000,000

96.55% HKD10,000,000

42.52%

50,000,000

99.51% USD677,161,910

79.21% 50,000,000

99.81% 100,000,000

99.81% 100,000,000

99.72%

5,100,000,000

42.52% USD1,273,469

51.56%

GBP1,154,873

99.51%

1,000,000

57.96% 21.69% 99.72%

5,000,000,000

USD15,753

5,000,000

100.00% USD5,038,967,126

99.81%

5,000,000

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Ping An Insurance (Group) Co. of China Ltd. published this content on 22 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 March 2024 04:10:03 UTC.