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Company Profile
Chairman MA Mingzhe
Share Issued (share) 7,448M
Par Currency RMB
Par Value 1
Industry Insurance
Corporate Profile Business Summary:
The principal activities of the Group comprise the provision of a wide range of financial products and services with a focus on the three core businesses namely, insurance, banking and investment.

Performance for the year:
As stated in the 2016 audited financial statements of the Group prepared under CAS, the net profit attributable to shareholders of the parent company was RMB62,394 million and net profit of the parent company was RMB28,678 million.

Business Review:
Insurance Business
Ping An Life
Ping An Life provides individuals and groups with life insurance products through its nationwide service network of 42 branches (including 7 telemarketing centers) and over 3,000 business outlets. As at December 31, 2016, Ping An Life had RMB33,800 million in registered capital, RMB107,814 million in net assets, and RMB1,858,618 million in total assets. In 2016, Ping An Life realized RMB24,444 million in net profit.

As at December 31, 2016, Ping An Life’s residual margin was RMB454,677 million, which was up by 37.4% from the beginning of the year due to the strong growth of new business. By retaining an increasing proportion of longterm protection business, the amortization of residual margin of Ping An Life rises continuously. The amortization of residual margin in 2016 was RMB38,198 million, resulting in an increase of 30.5% from 2015 and a compound growth rate of 23.3% over the past 6 years.

In 2016, Ping An Life realized RMB355,274 million in written premium, 25.3% higher than in 2015; for individual insurance business, Ping An Life realized RMB353,380 million in written premium, 25.3% higher than in 2015, including RMB121,707 million in new business written premium, 38.1% higher than in 2015.

Ping An Life’s life insurance products are primarily distributed through a network of over 1.10 million life insurance sales agents, 4,768 group insurance sales representatives, about 30 thousand telemarketing agents, and 3,094 bancassurance relation managers.

Ping An Annuity
Ping An Annuity was set up in 2004 and is the first specialized annuity company in China. Its business scope covers pension insurance, health insurance, accidental injury insurance, insurance fund management, annuity business, pension asset management products, entrusted management of basic pension funds, health insurance-related advisory and agency services, and asset management-related advisory services, with business outlets throughout the country. In 2016, Ping An Annuity became one of the first companies licensed to provide the basic pension funds with investment management services. Ping An Annuity is committed to “becoming the professional pension asset management institution and professional social welfare provider in China.” Ping An Annuity proactively engages in the pension asset management business centered on corporate annuities as well as the group insurance business centered on health care, casualty insurance and retirement pensions. As at December 31, 2016, Ping An Annuity had RMB4,860 million in registered capital, and was the largest specialized pension insurance company in China.

In 2016, Ping An Annuity realized RMB675 million in net profit, 4.7% higher than in 2015; its short-term and long-term insurance business scales grew to RMB15,684 million and RMB9,134 million respectively, with leading market shares in the industry. As at December 31, 2016, Ping An Annuity had a total of RMB440,094 million in assets under management including entrusted corporate annuities, corporate annuities under investment management, basic pension funds and other assets under management, maintaining the leadership among domestic specialized pension insurance companies.

Ping An Health
In 2016, Ping An Health maintained steady growth of its insurance business, and its premium income increased by 50.7% year on year to RMB788 million; its online insurance business developed from scratch and achieved over RMB100 million in premium income; its online health insurance products such as “E Jia Bao” and “E Sheng Bao” became well recognized by the market. Besides fast business growth, Ping An Health proactively builds its presence for the future. First, Ping An Health strengthens its capability and platform, has established the first “1 + N” full-line product system in the industry, upholds a customer-centric approach, and has built “digital, smart, whole-process” operating processes. Second, Ping An Health has created the app specializing in mobile healthcare services to provide customers with solutions to health insurance, medical services, and health management. Third, Ping An Health has built a “multi-tier, at home and abroad, O2O” healthcare network to provide customers with one-stop, whole-process healthcare services.

PROPERTY AND CASUALTY INSURANCE BUSINESS
The Company conducts property and casualty insurance business mainly through Ping An Property & Casualty and Ping An Hong Kong. As at December 31, 2016, Ping An Property & Casualty had registered capital of RMB21,000 million, net assets of RMB63,649 million and total assets of RMB283,623 million. In 2016, Ping An Property & Casualty realized RMB12,700 million in net profit.

In 2016, the property and casualty insurance market maintained steady growth. Automobile insurance is still the mainstay of property and casualty insurance. Implementation of the new “Ten National Rules” and the “One Belt, One Road” initiative continued to unleash government policy benefits and created a favorable environment for property and casualty insurance. The reform of commercial auto insurance premium rates and the China Risk Oriented Solvency System (C-ROSS), motivated property and casualty insurers to improve risk pricing, product structure and asset allocation, which facilitated the industry’s development.

In 2016, Ping An Property & Casualty recorded premium income of RMB177,908 million, up 8.7% over the previous year. The premium income of auto insurance grew by 13.4% year on year to RMB148,501 million. Cross-selling, telemarketing and online channels generated premiums of RMB81,725 million, up 8.3% year on year, while premiums from car dealers channel grew by 22.4% year on year to RMB41,485 million. Ping An Property & Casualty recorded premium income of RMB124,554 million from individual auto insurance, up 14.8% over the prior year.

Banking Business
The Company engages in banking business through Ping An Bank, which is a national joint-stock commercial bank headquartered in Shenzhen, and is listed on the Shenzhen Stock Exchange (stock code: 000001). As at December 31, 2016, Ping An Bank boasted total assets of RMB2.95 trillion, net assets of RMB202,171 million and registered capital of RMB17,170 million. Ping An Bank provides corporate, retail, and government clients with multiple financial services through 1,072 outlets across the country.

In 2016, Ping An Bank’s net profit climbed by 3.4% year on year to RMB22,599 million. As at December 31, 2016, Ping An Bank had deposits of RMB1,921,835 million, up 10.8% from the beginning of the year, which laid a solid foundation for its business development. Loans and advances grew by 21.4% from the beginning of the year to RMB1,475,801 million.

Ping An Bank maintained steady income and improved operating efficiency. Keeping abreast of market trends, Ping An Bank adjusted its business structure, stepped up efforts to develop intermediary business and improved its operating efficiency. In 2016, Ping An Bank’s revenue rose by 12.0% year on year to RMB107,715 million, including net non-interest income of RMB31,304 million, up 13.0% year on year. This is mainly due to the increase in fee income from credit cards and wealth management. The deposit structure was improved, and the daily average proportion of current deposits (excluding margin) rose by 6 percentage points from last year. The cost-to-income ratio fell by 5.34 percentage points year on year to 25.97%. Despite the reform of replacing business tax with value-added tax launched on May 1, 2016, the net interest spread (NIS) and net interest margin (NIM) remained stable in 2016 at 2.60% and 2.75% respectively.

Ping An Bank deepened reform and innovation and facilitated the development of a smart retail bank. Ping An Bank deepened the reform of its retail business unit, and sped up to forge a smart retail bank with the features of Ping An through customer migration and technology innovation. As at the end of 2016, Ping An Bank boasted 40.47 million retail customers, up 27.4% from the beginning of the year. Individual customers’ assets under management (AUM) rose by 19.5% from the beginning of the year to RMB797,600 million. Retail loans under management (LUM, excluding credit cards and small business loans) soared by 42.0% from the beginning of the year to RMB291,300 million. The total number of credit card holders was 22.74 million, rising by 29.8% from the beginning of the year. The transaction volume of credit cards grew by 38.9% year on year to RMB1,121,100 million. Due to business growth, Ping An Bank’s retail business generated a net profit after tax of RMB9,315 million, jumping by 147.2% year on year.

Ping An Bank promoted business growth by implementing the philosophy of being asset-light, capital-light, industry-oriented and professional with investment banking attributes. By consolidating corporate, investment banking and interbank businesses, Ping An Bank restructured its corporate business and operated in line with the philosophy of being asset-light, capital-light, industry-oriented and professional with investment banking attributes. Insisting on being differentiated, it stepped up efforts to adopt the “C+SIE+R (core customers + supply chain, industry chain and ecosystem + retail customers)” model, and embarked on the development of “commercial banking + investment banking”. Ping An Bank scored increasingly remarkable achievements in internet finance, while the transaction volume on its Orange-e-platform hit RMB1.48 trillion, soaring by 92.5% year on year. It launched the “Ping An Gold” app, the first of its kind for gold investment. In 2016, the net asset value under custody amounted to RMB5.46 trillion, while the daily AUM soared to RMB982,000 million, a significant increase from the previous year.

Ping An Bank enhanced risk management and scaled up provision and collection. It optimized its credit structure, tightened the control over risks in new business, scaled up collection and disposal of non-performing assets (NPAs), provision and write-offs, and maintained generally stable asset quality. In 2016, Ping An Bank’s loan impairment losses grew by 52.1% year on year to RMB45,435 million. From the beginning of the year, its loan loss provisions rose by 36.5% to RMB39,932 million, while the provision to loan ratio climbed by 0.30 percentage point to 2.71%. The non-performing loan ratio was 1.74% while the provision coverage rate reached 155.37%. In managing special assets, Ping An Bank improved its risk disposal and quick risk mitigation capabilities. Throughout the year, it clawed back NPAs of RMB5,246 million, including loan principal of RMB4,852 million. 88% of the NPAs were collected in cash, while the rest in kind.

Ping An Bank pushed ahead with capital replenishing and developed a proper network of business outlets. Ping An Bank issued preferred stocks worth RMB20,000 million through private placement in March 2016 to replenish other Tier 1 capital, and Tier-2 capital bonds worth RMB10,000 million in April to increase Tier 2 capital, which guaranteed business development. It developed a proper network of business outlets, and opened 6 new branches and added 75 new business outlets in total in 2016. As at the end of 2016, the number of its branches and business outlets reached 60 and 1,072 respectively.

Asset Management Business
TRUST BUSINESS
The Company offers investment and financing services through Ping An Trust to high-networth individuals (HNWIs), institutional clients, interbank clients and other subsidiaries of the Company. As at December 31, 2016, Ping An Trust had registered capital of RMB12 billion, net assets of RMB22,511 million, and total assets of RMB26,113 million.

Ping An Trust steadily implemented its strategic plan, and achieved safe, steady and healthy development. As at December 31, 2016, Ping An Trust recorded assets held in trust of RMB677,221 million, up 21.3% from the end of 2015. Facing the new normal, it insisted on business transformation and further adjusted its business structure. From the end of 2015, administrative trust AUM soared by 74.2% to RMB391,095 million, investment assets held in trust fell by 17.7% to RMB141,311 million, financing assets held in trust dropped by 10.6% to RMB144,815 million, and real estate financing trust decreased by 41.7% to RMB27,163 million.

Risk Management
With remarkable performance and good reputation, Ping An Trust secured a considerable number of authoritative awards in 2016. It was recognized by Securities Times as the “Best Chinese Trust Company” for the seventh consecutive year. It was again named “Trust Company of the Year” in Financial News Chinese Financial Institution Awards. It was named Excellent Charitable Trust Product Platform of the Year in the Economic Observer China Finance Excellence Awards.

Fees and commission income fell by 32.5% year on year. As trust business grew steadily in 2016, fixed-rate management fee income climbed by 11.5% year on year. Because of the capital market weakness, floating-rate management fee income of trust products fell by 64.3% year on year.

SECURITIES BUSINESS
The Company conducts securities business through Ping An Securities and its subsidiaries, which are Ping An Futures, Ping An Caizhi, Ping An Securities (Hong Kong), and Ping An Pioneer Capital, providing securities brokerage, futures brokerage, investment banking, asset management, and financial advisory services. As at December 31, 2016, Ping An Securities had registered capital of RMB13,800 million, net assets of RMB25,649 million and total assets of RMB91,079 million.

In terms of internet brokerage business, backed by the Group’s fast-expanding internet finance eco-system and its own technologies and expertise, Ping An Securities kept improving its brokerage service and customer experience to attract massive customers and boost customer activity. With an increased market share and a higher proportion of non-channel products, Ping An Securities realized net profit of RMB1,070 million from its brokerage business, down only 13.5% year on year despite a fall of 50.4% in the daily average trading volume on the stock market. As at the end of December 2016, the number of its brokerage customers reached 10.08 million, up 138.4% from a year earlier, representing a market share of 5.7%. Ping An Securities ranked high in the industry in terms of brokerage customer base. The Ping An Securities app enjoyed a steady growth in its active users. It had 4.34 million monthly active users, ranking No. 2 among securities firms, up 12 places from the end of the prior year, and had 1.06 million daily active users, ranking No. 4, up 8 places from a year earlier. Ping An Securities kept diversifying its offerings to provide a wider variety of quality financial products. As at the end of December 2016, its customers held RMB58,743 million worth of products, up 197.5% from the start of the year. Combining internet technologies and research expertise, Ping An Securities explored smart, customized wealth management services and developed intelligent asset allocation systems. It pioneered the use of big data to precisely identify customer needs, and employed professional asset allocation models to provide dynamic customized allocation plans. Customers have access to its one-stop asset allocation services guided by the smart robot. Ping An Securities was named the “Best Internet Securities Firm” in Securities Times’ 2016 China Best Wealth Manager Awards.

INVESTMENT MANAGEMENT BUSINESS
Ping An Asset Management is responsible for domestic investment management business. It is entrusted to manage the insurance funds of the Group as well as the investable assets of other subsidiaries of the Group. It also provides investment products and third-party asset management services to other investors through various channels. As at December 31, 2016, Ping An Asset Management had RMB1,500 million in registered capital.

FUND MANAGEMENT
In 2016, Ping An-UOB Fund maintained growth momentum across all businesses. Its mutual fund business grew rapidly and, as at the end of 2016, the assets under management amounted to RMB83,700 million, up 117.4% compared with the end of 2015. The scale of its mutual fund business ranked No. 30 in the industry, up 18 places from a year earlier. Money market funds managed by Ping An-UOB Fund proved to be excellent cash management instruments with their subscriptions exceeding RMB530,000 million in the year. As indicated by data from Wind, the performances of money market funds under Ping An-UOB Fund were remarkable. Ping An-UOB Caifubao ranked among top 11% in the industry in terms of performance in 2016. Shenzhen Ping An-UOB Huitong Wealth Management, a subsidiary of Ping An-UOB Fund, experienced stable growth in its segregate account business, ranking high in the industry in terms of assets under management, and established itself as a leader in product innovation. It was recognized as the “2016 New Third Board Best Institutional Investor” by Securities Times, as“2016 ABS Manager with Most Potential” by 21st Century Business Herald in the 2016 China PE/Funds Golden Sail Awards, and as “2016 China Best Private Equity Fund Platform (Fund Subsidiary)” by Chinafund.

Internet Finance
Lufax Holding has integrated Lufax, CQFAE, QEX and Ping An Puhui Financial, and strengthened its presence in wealth management, institutional trading of financial assets, and consumer finance. In 2016, the trading volume of retail channels hit RMB1,535,163 million, ending retail assets under management (AUM) reached RMB438,379 million, the number of active investors was 7.4 million, and the institutional trading volume amounted to RMB4,199,925 million.

Ping An Good Doctor completed A-round financing of USD500 million, and its valuation hit USD3,000 million. It has provided health management services for 130 million users, with the peak number of monthly active users exceeding 26 million and the peak number of daily inquiries hitting 440,000.

The Finance One Account platform boasted 185 million users, up 78.0% from the beginning of the year, in which the number of monthly active users soared by 62.7% year on year and exceeded 30 million.

Prospects:
In 2017, the Company will remain resolute and continue to forge ahead with the development plans formulated by the Board of Directors. It strives to create greater value for customers and improve the value of the Group leveraging its professional strength. Meanwhile, it is actively preparing for the future with close attention to global technological development trends and focus on pan financial assets and pan healthcare. Starting with customer demand and centering on services in finance-related “health, food, housing and transportation” areas, the Company strives to achieve “one customer, multiple products and one-stop services” and become “a world-leading personal financial services provider”.

With the vision of “becoming the most respected life insurance company in China”, Ping An Life focuses on “product + technology”. Driven by innovation, it builds its core competitive advantages in the Ping An 3.0 Era, and promotes the synergistic development of multiple channels, namely sales agents, bancassurance, telemarketing and internet marketing. Ping An Life also strives to achieve the sustained, healthy and stable development of its embedded value and business scale. Leveraging technology and the mobile internet, Ping An Property & Casualty will continue to foster innovations and build differentiated competitive advantages, and enhance the capability of risk screening and cost control. Meanwhile, it aims to provide better customer experience and improve customer satisfaction through matching specific products and services with customer attributes, and further increase the Net Promoter Score. Utilizing its professional strength, Ping An Annuity will develop business centering on the government’s livelihood projects and the social security system. It will also play an active role in corporate annuity, occupational annuity, pension asset management, tax-preferred insurance, tax-deferred insurance and group medical health insurance, and contribute to the aim that “elders have access to good care, patients have access to medical treatment, and the poor have access to assistance”. Ping An Health will strengthen the integration of health insurance and health management to create the No.1 brand of health insurance and services in China.

Ping An Bank will place “transformation into a retail bank” at the core, and implement the strategies taking the opportunity of “reform of business units” and “transformation of branches”. Insisting on being asset-light and capital-light, it will develop intermediary business vigorously, and improve the percentage of net non-interest income. In the reform of business units, it adopts a new cooperation model of “C+SIE+R (core customers + supply chain, industry chain and ecosystem + retail customers)” to promote the joint efforts on retail business throughout the Bank, and increase the percentage of retail business in overall business. While ensuring the sound development of corporate business, the Group also promotes its positive effects on retail business. Ping An Bank will make continuous efforts to ensure the promotion of strategic business, and the sustainable and reasonable growth of profits.

In the asset management business, the Group will continue to build a leading investment management platform. The Group offer customers a comprehensive range of services which include share and bond financing, security brokerage, financial advisory and asset management, improving customer experience. The Group will enhance the market value of the Group’s investment projects by strengthening post-investment management and output of experience. In managing the Group’s insurance funds, the Group will borrow global experience to further improve the Group’s investment management system.

In the internet finance business, the Group will utilize new technologies such as the mobile internet, big data and cloud services to optimize financial and daily life scenarios focused on customer needs, and promote the innovation of business and service models. Continuous efforts will be made to improve customer experience and build a stronger internet finance ecosystem, providing customers with more diverse convenient and personalized financial products and life services.

Adhering to the concept of “customer-centric”, the Group will continuously upgrade customer operation models, unlock customer value and promote customer migration to further implement “one customer, multiple products and onestop services”.
Information from the financial statements of listed companies
Last Update: 2017/06/16
 
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