Ping An Reports YoY Growth of 10.0% in Operating Profit Attributable to Shareholders of the Parent Company in Q1 2022
HONG KONG and SHANGHAI, April 29, 2022 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An of China," "Ping An," the "Company" or the "Group," HKEX: 2318; SSE: 601318) today announced its first quarter financial results for the three months ended 31 March 2022.
Global capital markets experienced substantial volatility in a complex and severe international environment where the COVID-19 pandemic continued and a geopolitical conflict broke out in the first three months of 2022. Domestic economic growth faced three headwinds, namely shrinking demand, supply chain disruption, and weakening expectations amid sporadic COVID-19 outbreaks. Facing challenges, Ping An adhered to the business policy of "focusing on financial business, introducing reforms and innovations, increasing revenue and reducing expenditure, and ensuring compliant business operations." Ping An pressed firmly ahead with Ping An Life's quality-oriented reform and transformation, continuously strengthened the advantages of integrated finance, and built the "HMO managed care model." 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" experience.
Thanks to the synergies and resilience of the integrated finance strategy, Ping An empowered its main financial businesses with ecosystems and gradually yielded results. The Group continued to deepen its Life & Health reform and transformation, strengthened its core competitiveness, and achieved steady business results. Ping An's operating profit attributable to shareholders of the parent company rose
Life & Health advanced reform and transformation. Property & Casualty maintained good business quality. The banking and asset management business increased steadily.
Ping An Life unswervingly advanced its reform and transformation and constantly upgraded its products and services. The operating profit of Life & Health rose
Ping An Property & Casualty maintained good business quality with steady growth in its written premium. Ping An P&C's premium income increased
Ping An Bank maintained stable business growth and asset quality. Revenue grew
Ping An continued to improve the asset allocation of its insurance fund investment portfolio to withstand market volatility. The Company's insurance fund investment portfolio grew
Net profit of the asset management business grew
Ping An continued to develop technology business steadily and accelerated the implementation of its healthcare ecosystem strategy. The synergies between insurance business and healthcare ecosystem improved customer experience.
Ping An continued to further its technology strategies, enhanced its technological capability and developed its technology business steadily. The technology patent applications increased by 2,048 from the beginning of the year to 40,468 as of March 31, 2022, more than most other international financial institutions'.
Ping An empowered financial services with technology to promote sales, improve efficiency and contain risks. AI service representatives provided services more than 580 million times in the first three months of 2022, covering a series of services including lending, credit cards, and insurance. The AI Customer Visit Assistant facilitated a monthly average of 2.36 hours of interactions per agent with existing and potential customers in the first three months of 2022, an increase of
Ping An accelerated the implementation of healthcare ecosystem strategy and empowered main financial businesses to improve customer experience. The Company offered customers with one-stop "worry-free, time-saving, and money-saving" services covering health, chronic disease, disease and eldercare management via its world-leading healthcare ecosystem. Ping An's healthcare ecosystem partnered with all top 100 hospitals and 3A hospitals and nearly 203,000 pharmacies in China as of March 31, 2022. Ping An Smart Healthcare cumulatively served 187 cities and over 54,000 medical institutions, and empowered approximately 1.38 million doctors as of March 31, 2022. Ping An's dedicated family doctors provide healthcare services by connecting "online, in-store, and home-delivered" service networks. Ping An achieved a 60-second connection rate of
As an integral part of the Group's "HMO managed care model," Ping An Health effectively reaches potential users under the fees-based "basic benefit packages + individual value-added services" model. Starting with members' dedicated family doctors, Ping An Health covers five healthcare scenarios, namely health, sub-health, disease, chronic disease, and elderly care management. Capitalizing on its online-to-offline (O2O) service network, Ping An Health has developed an online-merge-offline "medical + healthcare" services platform to provide users with high-quality and more convenient healthcare services. With its strong commitment to sustainable development, Ping An Health's MSCI ESG rating had risen to A, ranking among the best in the healthcare industry as of 31 March, 2022.
Lufax Holding is one of the leading technology-empowered personal financial services platforms in China. Ping An Puhui, a controlled subsidiary of Lufax Holding, rolled out an innovative AI-powered loan solution named Xingyun to transform and improve the credit service experience of SMEs. Since December 2021, Xingyun has helped more than 160,000 of such business owners to access loan services. In wealth management, Lufax Holding cooperates with financial product providers and builds a technology-powered smart business framework, using AI to match customers with products and providing middle-class and affluent investors with diverse, customized offerings.
OneConnect is a technology-as-a-service provider for financial institutions, providing clients with "full stack" integrated products, including Digital Banking, Digital Insurance, and Gamma Platform, which offers fintech infrastructure services. OneConnect continues to advance its innovation in fintech business and facilitates the digital transformation of the financial services ecosystem to provide governments, regulators, and enterprises with technological services relating to trade, supply chains, data security, risk management and so on.
Autohome, China's leading online auto services platform, is dedicated to developing a smart auto ecosystem centering on data and technology. In the ecosystem, Autohome provides auto consumers with diverse products and services across the entire auto lifecycle. Autohome continuously promotes the upgrade of its "ecosystem strategy." By developing the dual ecosystem based on Autohome and Ping An's cooperation, Autohome builds its new business portfolio and provides comprehensive services for consumers, automakers and various players in the auto ecosystem.
Ping An said, Looking forward, Ping An will adhere to its original aspiration of "being people-centric and contributing to national rejuvenation," advance the "integrated finance + healthcare" strategic upgrade, and comprehensively strengthen high-quality business development centering on life insurance reform and digital empowerment. Moreover, Ping An will contribute to the "Healthy China" initiative and respond to the national strategy of actively coping with population aging. In line with national strategies and people's livelihoods, Ping An will strive to become a world-leading integrated financial and healthcare services provider by providing retail and corporate customers with comprehensive risk protection and one-stop healthcare services.
View original content:https://www.prnewswire.com/news-releases/ping-an-reports-yoy-growth-of-10-0-in-operating-profit-attributable-to-shareholders-of-the-parent-company-in-q1-2022--301536355.html
SOURCE Ping An Insurance (Group) Company of China, Ltd.