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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:
The Group’s net profit attributable to shareholders of the parent company for 2017 was RMB89,088 million, up 42.8% year on year. The operating profit attributable to shareholders of the parent company for 2017 was RMB94,708 million, up 38.8% year on year. As at December 31, 2017, the equity attributable to shareholders of the parent company was RMB473,351 million, up 23.4% compared with the beginning of 2017; the Company’s total assets stood at over RMB6.49 trillion, up 16.4% compared with the beginning of 2017.

Business Review:
Life and Health Insurance Business
In 2017, China’s economy picked up steadily, with improving economic structures, effective control of financial risks, and increasing support for the real economy. Moreover, the protection-oriented insurance industry ushered in the key stage for transformation and upgrade in 2017. The Company’s life and health insurance business was powered by the “finance + technology” strategy of the Group. On the basis of compliance and risk prevention, the Company entered the new era of platform operations. With improving core competitive advantages in products and technology, the Company maintained stable, healthy development of its embedded value and business scale. In 2017, the NBEV of the life and health insurance business grew by 32.6% year on year to RMB67,357 million. The NBEV of the agent channel rose 31.0% year on year to RMB60,786 million, to which long-term protection-oriented business contributed RMB46,933 million or 77.2%.

Property and Casualty Insurance Business
In 2017, the macro-economy was stabilizing with an upturn in the upstream sectors of property and casualty insurance, bringing many growth opportunities to the industry. The on-going reform of commercial auto insurance premium rates and implementation of the China Risk Oriented Solvency System (C-ROSS) imposed more requirements on the operations of property and casualty insurers. Ping An Property & Casualty recorded rapid business growth through proactive market strategies, improved its cost competitiveness and maintained sound profitability based on its long-term application of risk screening technologies. Meanwhile, Ping An Property & Casualty continued efforts to implement its technology strategy. Based on its “Ping An Auto Owner” app, Ping An Property & Casualty provides customers with a variety of auto aftermarket services and one-stop auto use services. As at December 31, 2017, 26.94 million out of 44.24 million registered users linked their auto use with the app and the number of active users in December reached 9.53 million. These achievements enabled the app to stably top the list of auto service apps.

Investment Portfolio of Insurance Funds
In 2017, the net investment income of the group's investment portfolio of insurance funds rose by 12.3% year on year. The net investment yield dropped by 0.2pps to 5.8% as a result of a larger investment portfolio and lower interest rates of debt-related investments.

As realized capital gains from stocks and funds increased due to domestic capital market recoveries, the total investment income grew by 33.0% year on year, and the total investment yield increased by 0.7 pps year on year to 6.0%.

In 2017, the group effectively seized opportunities in equity markets and lower valuations of Hong Kong stocks, and increased holdings of blue chips and Hong Kong stocks. As a result, the comprehensive investment yield increased significantly by 3.3pps to 7.7%.

Banking Business
Ping An Bank maintained stable, healthy business growth. Ping An Bank’s net profit and total assets rose steadily. The revenue for 2017 was RMB105,786 million, down 1.8% year on year. (The revenue before impacts of the value-added tax reform grew by 1.7% year on year.)

Transformation towards a smart retail bank generated significant effects. Ping An Bank continued to transform into a smart retail bank centering on “SAT” (social media + app + tele). The Bank integrated apps, enhanced online functionalities, and realized onestop management of credit cards and debit cards. The new “Ping An Pocket Bank” app combines advanced biometrics with AI to improve customer services and experience. The Bank opened new offline retail outlets which show new images, offer upgraded services, and represent a new model. The Bank built agile mechanisms and a vertical management framework to increase efficiency of retail operations. The Bank’s retail customer base, retail assets under management (AUM), and retail loans (including credit card loans) continued to grow rapidly due to the transformation into a smart retail bank. For 2017, retail banking accounted for RMB46,692 million or 44.1% of the Bank’s revenue, up 13.5 pps year on year, and RMB15,679 million or 67.6% of the Bank’s net profit, up 26.4 pps year on year.

Ping An Bank developed its corporate banking business under the philosophy of being asset-light, capital-light, and industry-oriented. Ping An Bank built expertise in selected sectors, and adopted “C+SIE+R” (core customers + supply chains, industry chains, ecosystem customers + retail customers) and “commercial banking + investment banking + investment” industryspecific financial service models to support the real economy. As at the end of 2017, the industry-specific business units had RMB165,490 million of total deposits and RMB490,490 million of assets under management. As to asset-light, capital-light products, the Bank promoted low-risk-weight, low/zero-capital-requirement businesses and exploited the Group’s integrated finance resources and platforms to expand channels and boost revenues. In 2017, Ping An Bank strengthened cooperation with Ping An Securities, and fulfilled 76 investment banking projects worth RMB32,900 million. The Bank underwrote RMB105,105 million worth of bonds in 2017, increasing the market share from 1.9% to 2.7%. The Bank had RMB6.13 trillion in net assets under custody at the end of December 2017, and realized RMB3,046 million in asset custody fee revenue for 2017. As at the end of 2017, the number of gold accounts rose by 1,504,200 or 41.8% from the beginning of 2017 to 5,104,200.

Ping An Bank launched technology-powered smart services and expanded business application scenarios. To ensure successful transformation towards smart retail banking, Ping An Bank benchmarked itself against internet finance companies, and established an IT team of over 2,100 members dedicated to retail banking. Ping An Bank integrated three apps into one, i.e. Pocket Bank 4.0, boosting customer experience with fingerprint, voiceprint and face recognition technologies. The number of monthly active app customers reached 14.82 million, dwarfing most other joint-stock banks. Ping An Bank has applied AI+ innovations to marketing, risk management and other activities. The “AI+ robot Xiao An” has gone live on the Pocket Bank app. Offline robots have engaged in interactive marketing at outlets. In AI+ investment advisory services, Ping An Bank provides customized advice to different customers. On the Pocket Bank app, new functionalities such as Recommended Portfolio, Insurance Zone, Investment Advisory Livecast, and Financial News have gone live. The Pocket Bank app allows customers to purchase a package of products with one click. In “AI+ risk management”, risk models were deployed to monitor and evaluate risks across the Bank. For small and medium-sized enterprises (SMEs), Ping An Bank pursued product and service innovation. On the one hand, it is developing a specialized platform for SMEs, and building a mobile integrated service system to provide SMEs with payment, settlement and wealth management services. On the other hand, it is forging a credit service system for SMEs. Under the newly developed KYB model, SMEs are provided with diverse online smart financing services. Moreover, Ping An Bank leverages technologies to promote the influence of Orange E Platform, Cross-border E, Factoring Cloud and ET-Bank by offering better products and services.

Ping An Bank had strong, orderly risk management in place, and achieved significant results in collection. The Bank actively managed external risks and restructured its business portfolio by lending to higher-quality retail customers and enhancing corporate banking to maintain stable asset quality. In 2017, the non-performing loan ratio and the proportion of special mention loans decreased, while the provision coverage ratio for loans more than 90 days overdue increased. Ping An Bank maintained strict risk control over new loans, and effectively identified and mitigated risks in existing ones. The Special Asset Management Business Unit has achieved strong results since it was established in late 2016. In 2017, the department significantly enhanced its debt collection capability by strengthening expertise and promoting a shift towards an asset-light, capital-light business model. In 2017, the Bank recovered RMB 9,528 million of non-performing assets (NPAs), up 81.6% year on year; 83% of the recovered amount was collected in cash, while the rest in kind.

Asset Management Business
TRUST BUSINESS
The Company offers investment and financing services through Ping An Trust and Ping An New Capital to high-net-worth individuals (HNWIs), institutional clients, and other subsidiaries of the Company.

In 2017, Ping An Trust furthered its “wealth + fund” transformation to become an industry leader in funds and assets under the models of “wealth management, asset management, and investment and investment banking.” In the area of funds, Ping An Trust provides individuals with wealth management and institutional customers with asset management to help them achieve optimal asset allocation, value preservation, and capital appreciation. Ping An Trust builds industry-leading wealth management and asset management platforms to become a benchmark in China’s wealth and asset management market. In the area of assets, Ping An Trust provides comprehensive financial services for the economy and channels social capital into responsible investments by promoting fund-based investment and investment banking businesses and offering diverse financial instruments.

SECURITIES BUSINESS
The Company provides securities brokerage, futures brokerage, investment banking, asset management, and financial advisory services through Ping An Securities and its subsidiaries, i.e. Ping An Futures, Ping An Caizhi, Ping An Securities (Hong Kong), and Ping An Pioneer Capital.

In 2017, the capital market recorded mixed performance. The ROE of Ping An Securities was 30% higher than the industry average.

In online brokerage, with the Group’s huge customer base, Ping An Securities deepened cooperation with internal and external platforms. The number of its customers rose by 28.9% from the beginning of 2017 to 13.01 million, which enables Ping An Securities to stably rank first among peers. Besides, customer activity, the market share in brokerage volumes and the balance of margin trading further increased. The number of daily active users rose by 64.4% from the start of 2017, while the market share in brokerage volumes gained 0.53 pps and advanced by 4 places in the rankings from the beginning of 2017. The market share of margin trading rose to 1.5%, up 0.3 pps from the beginning of 2017.

OTHER ASSET MANAGEMENT BUSINESSES
Ping An Asset Management
In 2017, Ping An Asset Management grew steadily. It posted net profit of RMB2,581 million, up 16.2% year on year; its AUM rose by 18.1% from the start of 2017 to nearly RMB2.67 trillion.

Ping An Financial Leasing
As at the end of December 2017, Ping An Financial Leasing’s total assets reached RMB177,024 million, up 55.2% from the start of 2017. In 2017, its revenue reached RMB9,827 million, up 44.2% year on year; and its net profit reached RMB1,990 million, up 47.2% year on year. Meanwhile, Ping An Financial Leasing maintained stable asset quality with a non-performing asset ratio of 0.91%, down 0.13 pps from the start of 2017.

Fintech & Healthtech Business
Lufax Holding maintained rapid growth in such business segments as wealth management, consumer finance and institutional trading. As at the end of 2017, Lufax had RMB461,699 million in assets under management (AUM), up 5.3% from the beginning of 2017. Loans under management soared by 96.7% from the beginning of 2017 to RMB288,434 million. In 2017, Lufax Holding became profitable for the first time.

In its pre-IPO financing, Ping An Good Doctor raised USD400 million at a post-money valuation of USD5,400 million, and has filed an application with HKEx for IPO. It runs China’s largest online healthcare platform, and has provided health management services for over 190 million users.

OneConnect raised USD650 million by completing its first round of financing at a post-money valuation of USD7,400 million. Ping An Healthcare Technology raised USD1,150 million by completing its first round of financing at a post-money valuation of USD8,800 million. Autohome registered significant growth in media services, leads generation business and traffic by building an auto ecosystem.

Prospects:
The group's operations remain consistent and stable as no major changes have been made to the group's long-term operating objectives compared with those announced last year.

In 2017, the Company was committed to propelling its business plans, enhancing development of retail customers and improving the value of retail business. The group implemented the strategy of “finance + technology” to achieve technology-driven reform. The four pillar businesses – insurance, banking, asset management and fintech & healthtech maintained sound operations and sustainable growth. The Company’s profitability improved steadily, and the performance targets of all business plans set out last year were achieved.

In 2018, the Company will resolutely forge ahead with the plans formulated by the Board of Directors. With expertise, the group strive to create greater value for customers and lift the Group’s value. The group will pursue “finance + technology” and explore “finance + ecosystem”. The group's goal is to become a worldleading technology-powered personal financial services group. Focusing on two major industries of pan financial assets and pan health care, the group will create new growth drivers by applying innovative technologies to traditional finance and five ecosystems: financial services, health care, auto services, real estate services, and smart city services.

• In insurance business, the Company will enhance technology application for better performance. Keeping customer development as a focus, Ping An Life will leverage “product +” and “technology +” platform operations to create optimum customer experience, unleash new growth momentum, and achieve sustained, healthy and steady growth in its embedded value and business size. Ping An Property & Casualty will speed up its transformation into a business driven by technology innovation, strengthen its differentiation advantage and provide customers with better products and experience. Committed to becoming a “professional pension asset manager” and a “professional provider of livelihood benefits”, Ping An Annuity is vigorously developing pension asset management business centering on corporate annuities, and group insurance business centering on health care, accident coverage and old-age care. Through these efforts Ping An Annuity aims to contribute to the vision 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, and apply cutting-edge technologies to expedite product innovation and upgrade, so as to forge the No.1 brand of health insurance and services in China.

• In banking business, the Company will continue to pursue the strategic transformation, namely, making technology-driven breakthroughs in retail banking and enhancement of corporate banking. Ping An Bank will facilitate strategy implementation to become “China’s best and a world-leading retail bank”. In technology innovation and application, Ping An Bank will keep track of cutting-edge technologies like AI and biotechnology, and scale up technological input to optimize customer experience. In retail banking, more resources will be allocated to such key business segments as Ping An Pocket Bank app, wealth management, credit cards, consumer finance and auto finance to build a smart retail bank. In corporate banking, Ping An Bank will promote capital-light and asset-light operations to forge a boutique corporate bank. Meanwhile, it will keep operating risks under strict control, intensify recovery and disposal of non-performing assets, and enhance compliance in operations and management to sustain healthy development.

• In asset management business, the Company will continue its efforts to develop a leading investment management platform providing comprehensive services like wealth management, securities brokerage, equity and debt financing, financial consulting and asset management for better customer experience. Besides, the Company will facilitate product innovation and strengthen the capability of serving the real economy to promote co-prosperity of social capital and the real economy. In investment with insurance funds, the group will continue to prioritize risk prevention and improve investment risk management mechanisms.

• To meet customer requirements in fintech & healthtech business, the Company will develop the ecosystems of financial services, health care, auto services, real estate services and smart city by leveraging technologies such as AI, blockchains, cloud computing, big data, and security. Customers will be provided with more diverse, convenient and customized financial products and services.

• Remaining customer-centric, the Company will enhance retail customer development and identify more customer requirements through technology innovation. To increase the value of retail customers steadily, the group will diversify financial products and services, optimize experience and promote migration, conversion and cross-selling.

The group expect the Company to maintain stable, healthy business growth in 2018, including stable, healthy growth of insurance business, continued strategic transformation of banking business, more diverse incomes in asset management business and rapid growth of fintech & healthtech business. The Company will adapt to changes in the macro environment, the competition landscape and the investment market by adjusting its business targets in a timely manner, thus reinforcing its competitive edge.
Information from the financial statements of listed companies
Last Update: 2018/03/23
 
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