Home » Key words for the development of Ping An in the first three quarters: Comprehensive finance drives the acceleration of the medical ecology and serves the development of the real economy

Key words for the development of Ping An in the first three quarters: Comprehensive finance drives the acceleration of the medical ecology and serves the development of the real economy

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Key words for the development of Ping An in the first three quarters: Comprehensive finance drives the acceleration of the medical ecology and serves the development of the real economy

On the evening of October 26, Ping An released its performance report for the first three quarters of 2022. The overall performance still maintained steady growth, and the operating fundamentals remained healthy and positive. Under the complex and severe international situation and the continuous fluctuation of the capital market, the life insurance industry is generally under pressure. Thanks to the promotion of comprehensive finance, the deepening of life insurance reform, and the acceleration of the medical ecology, Ping An has handed over a hard-won transcript.

Data shows that in the first three quarters of 2022, Ping An achieved operating profit attributable to shareholders of the parent company of 123.288 billion yuan, a year-on-year increase of 3.8%; customer operating performance also continued to grow. As of the end of September, Ping An had nearly 228 million individual customers, an increase from the beginning of the year. The number of contracts per customer increased by 1.7% from the beginning of the year to 2.96. The degree of cross-penetration of individual customers has continued to increase, with nearly 40% of individual customers holding contracts with multiple subsidiaries at the same time.

In terms of performance sectors, the life insurance reform continued to advance steadily. With the synergy of the Chinese version of the “managed medical model”, the life insurance and health insurance business achieved an operating profit of 86.486 billion yuan, a year-on-year increase of 17.4%; Ping An Property & Casualty’s original insurance premium income reached 222.024 billion yuan, an increase of 11.4% year-on-year, and the scale of premiums continued to grow steadily; the operating performance of the banking sector also achieved steady growth, and asset quality remained stable. In the first three quarters, the operating income was 138.265 billion yuan, an increase of 8.7% year-on-year; net profit was achieved 36.659 billion yuan, a year-on-year increase of 25.8%.

On the same day, Ping An also announced the decision to appoint Zhang Zhichun as the company’s chief financial officer (financial person in charge), Yao Bo no longer holds this position concurrently, and continues to serve as the executive director, co-CEO and executive deputy general manager of Ping An. According to the announcement, Zhang Zhichun joined Ping An in 1998 and has excellent professional skills in finance, planning and actuarial science, as well as rich business experience and management experience. The industry believes that Ping An has always attached great importance to the training of young cadres. As Ping An itself, Zhang Zhichun has cultivated “young and strong” executives, which is expected to further enrich the professional strength of Ping An Group’s management in financial planning.

Comprehensive financial synergy Insurance, banking and asset management work together

Ping An has always adhered to the comprehensive financial business model. Its insurance, banking, asset management and other business segments are both cross-coordinated and operated independently, which is the “troika” that promotes Ping An’s performance growth. Judging from the performance of the first three quarters of 2022, the synergy effect of various business units of Ping An Integrated Finance is more obvious.

Ping An Life continued to promote the reform of “channel + product”, and achieved high-quality development to improve performance.In the face of external challenges, Ping An’s life insurance reform continues to be under pressure, but with the empowerment of technology and the blessing of medical and health services, there are still many remarkable things. Data show that in the first three quarters of this year, Ping An’s life and health insurance business achieved an operating profit of 86.486 billion yuan, a year-on-year increase of 17.4%. In terms of channels, the Company will promote the parallel development of multiple channels, promote the transformation of the agent team into a “three-high” team, pursue quality instead of quantity, and further increase the per capita production capacity. As of the end of September 2022, the proportion of agents with a college degree or above increased by 4 percentage points year-on-year, the team’s productivity continued to increase, and the per capita new business value of agents increased by over 22% year-on-year. The strategy of channel sinking has been steadily advanced. Ping An Life’s community grid model has been piloted in 25 cities, and a high-quality elite team of over 4,000 people has been formed, driving the 13-month policy continuation rate of “orphans alone” to increase by more than 17% year-on-year. percent.

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In terms of products, with the concept of “creating a warm insurance”, adhere to the customer-centric, relying on the group’s medical and health ecosystem, through “insurance + health management”, “insurance + home care”, “insurance + high-end pension” three major Core services build differentiated competitive advantages. In the first three quarters of 2022, Ping An Life has served approximately 16.44 million customers, with an overall service satisfaction rate of 98%; Ping An’s home-based elderly care services have covered 32 cities across the country; the first high-end health care project in Shekou, Yiniancheng Community, was successfully launched on July 25 The foundation stone laying ceremony was held and construction started in an all-round way.

The property and casualty insurance business grew steadily in scale and maintained good business quality.Data shows that in the first three quarters of 2022, Ping An Property & Casualty’s original insurance premium income reached 222.024 billion yuan, a year-on-year increase of 11.4%, of which auto insurance income accounted for more than 60%; thanks to its good business management and risk screening capabilities, the first three quarters The combined ratio of Ping An Property & Casualty remained at a good level of 97.9%. Ping An Property & Casualty strengthened the application of technology to drive online business services. The “Ping An Good Car Owner” APP is a high-quality car service APP in China, with more than 166 million registered users and more than 100 million tethered vehicles. According to the Soochow Securities Research Report, it is expected that the overall comprehensive ratio of listed insurance companies will continue to improve year-on-year, and the underwriting performance is expected to continue to rise in volume and price in the fourth quarter.

Ping An Bank’s operating performance in the first three quarters grew steadily, and asset quality remained stable. In the first three quarters of this year, Ping An Bank achieved operating income of 138.265 billion yuan, a year-on-year increase of 8.7%; net profit was 36.659 billion yuan, a year-on-year increase of 25.8%. As of the end of September 2022, Ping An Bank managed retail customer assets (AUM) of RMB 3,532,560 million, an increase of 11.0% over the beginning of the year; the number of retail customers was 124,211,500, an increase of 5.1% over the beginning of the year, including 1,234,100 wealth customers, an increase of 12.2% over the beginning of the year ; The number of corporate customers was 592,800, an increase of 16.1% over the beginning of the year.

In the asset management business segment, Ping An Insurance continued to optimize its capital investment portfolio and improve asset-liability matching management.. In the first three quarters of 2022, the investment income of Ping An Insurance’s capital investment portfolio was affected by capital market fluctuations and was under pressure. As of September 30, 2022, the scale of Ping An Insurance’s capital investment portfolio exceeded 4.29 trillion yuan, an increase of 9.6% from the beginning of the year, the annualized net investment rate of return was 4.2%, and the annualized total investment rate of return was 2.7%.

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Some analysts said that judging from the performance of Ping An’s various business segments, the comprehensive financial model diversifies operational risks and greatly enhances the ability to resist risks caused by the fluctuation of a single business. In terms of resisting market and industry fluctuation cycles and smoothing overall performance, it highlights the important role of an integrated financial model.

The Chinese version of the “managed care model” accelerates the use of medical services by 146 million financial customers

The announcement shows that in the first three quarters of 2022, Ping An actively responded to the “Healthy China” strategy. By building a world-leading medical and health service ecosystem, Ping An seamlessly integrated differentiated medical and health services with the financial business as a payer to provide customers with ” One-stop medical and health service that saves worry, time and money, and deeply empowers the main business of finance. By the end of September 2022, nearly 100 million personal financial customers were using the services provided by the healthcare ecosystem at the same time. About 16.44 million life insurance customers have experienced the “insurance + health management” service, with an overall satisfaction rate of 99%.

It is worth mentioning that the Chinese version of the “managed care model” pioneered by Ping An has attracted much market attention. From the perspective of the model, it mainly represents the payer, integrates market suppliers related to medical care, health management, and elderly care services, and provides a one-stop service covering health, chronic diseases, diseases, and elderly care by creating a world-leading medical and health service ecosystem. Service, let customers “save worry, save time, and save money”.

From the payer, Ping An effectively cooperates with insurance and medical and health services, and in-depth research and development of related products. As of the end of September 2022, Ping An has accumulated nearly 100 million paying individual customers. At the same time, Ping An continued to promote the establishment of an enterprise employee health management service system. In the first three quarters of 2022, it covered over 47,000 enterprise customers and served over 20 million employees. In the first three quarters, Ping An’s health insurance premium income exceeded 110 billion yuan.

From service providers to online, Ping An Health provides medical and health services through an exclusive family doctor team, connecting the service network of “online, store, and home”, covering the whole process of consultation, diagnosis, diagnosis and treatment, and service, achieving 7 x 24 hours and seconds Management, Ping An has a team of nearly 4,000 doctors. Offline, Ping An has improved its service level by deploying business segments such as general hospitals, medical examination centers, and imaging centers. By participating in the reorganization of Founder Group, we have integrated high-quality resources such as 5 general hospitals and 6 specialized medical institutions under Peking University Medical into the existing medical and health ecosystem. By the end of September 2022, Ping An had deployed 14 health management centers.

Further deepen Ping An Health‘s B2C strategy and broaden the service boundaries for the Chinese version of “managed care”.On the evening of October 23, Ping An Health issued an announcement announcing the official acquisition of Ping An Smart Healthcare, a business unit of Ping An Smart City. Ping An Health said that the acquisition will comprehensively enhance its online and offline medical service capabilities, and fully leverage strategic synergies in three areas: “chronic disease service supplementation”, “doctor capacity enhancement” and “primary medical network coverage”. As of the end of September 2022, Ping An Smart Healthcare has served 187 cities, over 55,000 medical institutions, and empowered about 1.47 million doctors; Ping An’s digital healthcare patent applications ranks among the world‘s leading companies and has the world‘s largest medical database One of them, and actively build a leading remote diagnosis and treatment platform.

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Industry insiders believe that from the perspective of industry trends and Ping An’s medical ecosystem strategy, this transaction is both inevitable and necessary: ​​to C’s genes are expected to form a synergy with to G/B’s experience, and gradually form a relatively concentrated and efficient operation. The multi-combination business model, which reduces management and operating costs, is expected to improve the strategy and results of managed care.

Cumulative investment of more than 5.9 trillion yuan continues to enhance the quality and efficiency of serving the real economy

As of the end of September 2022, Ping An has comprehensively utilized financial resources such as insurance funds, bank credit and asset management, and has invested more than RMB 5.9 trillion to support the development of the real economy, covering major infrastructure projects such as energy, transportation, and water conservancy, and escorting the Guangdong-Hong Kong-Macao Greater Bay Area. District construction and other national strategic plans.

Over the past ten years, Ping An’s insurance business has settled over 558.6 million claims, with a claim amount of RMB 1,506.8 billion; Ping An’s “Three Villages Project” has invested nearly RMB 50 billion to support the development of rural industries. Comprehensively upgrade green finance actions and actively help achieve the “dual carbon” goal. As of the end of September 2022, Ping An’s green investment and financing scale was approximately RMB 319.8 billion, and the scale of green banking business was approximately RMB 184.2 billion. In the first three quarters of 2022, environmental sustainable insurance products achieved original insurance premium income of approximately RMB 110.5 billion.

Recently, Ma Mingzhe, chairman of Ping An, said that Ping An will focus on serving the real economy in the future, and escort the real economy and important national strategies and major constructions; Financial support in areas such as “agriculture, rural areas and farmers” and rural revitalization, optimizing financial services for new citizens, and effectively protecting the legitimate financial rights and interests of the people; financial security is an important part of national security, and we must take a more proactive attitude to deal with various risks and hidden dangers, and effectively maintain Economic and financial security and social harmony and stability.

Guotai Junan believes that the current life insurance industry is still in the stage of reform and adjustment. Taking into account the current fluctuations in the equity market and bank wealth management, the demand for insurance products with higher income certainty has increased significantly, and it is expected to bring new orders and NBV recovery. With the profound reconstruction of the life insurance industry and the gradual formation of the medical care ecosystem to meet the growing demand for health care, it will drive the industry to a virtuous circle of development and growth. Ping An maintains its strategic focus, deploys high-quality reform and transformation of its life insurance business ahead of schedule, continues to optimize its comprehensive financial business model, builds an in-depth healthcare ecosystem, and continuously improves the quality and efficiency of serving the real economy, laying a solid foundation for high-quality and healthy development.

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