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Ping an Insurance (Group) Company of China, Ltd Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Ping An Insurance (Group) Company of China, Ltd. (A joint stock limited company incorporated in the People’s Republic of China with limited liability) (Stock Code: 2318) ANNOUNCEMENT OF AUDITED RESULTS FOR THE YEAR ENDED DECEMBER 31, 2018 The Board of Directors of Ping An Insurance (Group) Company of China, Ltd. (the “Company”) hereby announces the audited results of the Company and its subsidiaries for the year ended December 31, 2018. This announcement, containing the full text of the 2018 Annual Report of the Company, complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) in relation to information to accompany preliminary announcements of annual results. Both the Chinese and English versions of this results announcement are available on the websites of the Company (www.pingan.cn) and the Hong Kong Stock Exchange (www.hkexnews.hk). Printed version of the Company’s 2018 Annual Report will be delivered to the holders of H share of the Company and available for viewing on the websites of the Hong Kong Stock Exchange (www.hkexnews.hk) and of the Company (www.pingan.cn) in late March 2019. By order of the Board of the Directors Ma Mingzhe Chairman and Chief Executive Officer Shenzhen, PRC, March 12, 2019 As at the date of this announcement, the Executive Directors of the Company are Ma Mingzhe, Sun Jianyi, Lee Yuansiong, Ren Huichuan, Yao Jason Bo and Cai Fangfang; the Non-executive Directors are Soopakij Chearavanont, Yang Xiaoping, Liu Chong and Wang Yongjian; the Independent Non-executive Directors are Yip Dicky Peter, Wong Oscar Sai Hung, Sun Dongdong, Ge Ming and Ouyang Hui. Contents ABOUT US CORPORATE GOVERNANCE i Five-Year Summary 82 Corporate Governance Report 1 Introduction 97 Changes in the Share Capital and ’ 2 Ping An Milestones Shareholders Profile Directors, Supervisors, Senior Management 4 Chairman’s Statement 100 and Employees 6 Business Performance at a Glance 118 Report of the Board of Directors 123 Report of the Supervisory Committee MANAGEMENT DISCUSSION AND ANALYSIS 125 Significant Events 8 Customer Development 12 Technology-Powered Business Transformation FINANCIAL STATEMENTS 16 Business Analysis 147 Independent Auditor’s Report 16 Performance Overview 153 Consolidated Statement of Income 20 Life and Health Insurance Business 154 Consolidated Statement of Comprehensive 27 Property and Casualty Insurance Business Income 32 Investment Portfolio of Insurance Funds 155 Consolidated Statement of Financial Position 36 Banking Business 157 Consolidated Statement of Changes in Equity 42 Asset Management Business 158 Consolidated Statement of Cash Flows 46 Fintech & Healthtech Business 159 Notes to Consolidated Financial Statements 50 Analysis of Embedded Value and Operating Profit OTHER INFORMATION 61 Liquidity and Capital Resources 66 Risk Management 316 Honors and Awards 79 Corporate Sustainability 317 Definitions 80 Prospects of Future Development 320 Corporate Information Cautionary Statements Regarding Forward-Looking Statements To the extent any statements made in this report contain information that is not historical, these statements are essentially forward- looking. These forward-looking statements include but are not limited to projections, targets, estimates and business plans that the Company expects or anticipates will or may occur in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may be general or specific. Certain statements, such as those including the words or phrases “potential”, “estimates”, “expects”, “anticipates”, “objective”, “intends”, “plans”, “believes”, “will”, “may”, “should”, and similar expressions or variations on such expressions may be considered forward-looking statements. Readers should be cautioned that a variety of factors, many of which are beyond the Company’s control, affect the performance, operations and results of the Company, and could cause actual results to differ materially from the expectations expressed in any of the Company’s forward-looking statements. These factors include, but are not limited to, exchange rate fluctuations, market shares, competition, environmental risks, changes in legal, financial and regulatory frameworks, international economic and financial market conditions and other risks and factors beyond our control. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. In addition, the Company undertakes no obligation to publicly update or revise any forward-looking statement that is contained in this report as a result of new information, future events or otherwise. None of the Company, or any of its employees or affiliates is responsible for, or is making, any representations concerning the future performance of the Company. Dream Chaser on a New Journey After 30 years of hard work, with flowers and fruits To his original aspiration, the dream chaser remains true He set sail in Shekou to explore modern insurance He developed integrated finance with determination Now he leads technological innovation with passion He conducts Ping An Rural Communities Support to contribute to society He promotes Smart City to empower the ecosystem He seeks technological breakthroughs and advancements Artificial intelligence, fintech and smart poverty alleviation He enables countless use cases By proactively applying cutting-edge technologies This is a new day, a new beginning He is determined to seize the day And seize the future The 40th anniversary of reform and opening-up The 70th birthday of the People’s Republic of China At this critical moment, Ping An embarks on a new journey Marching ahead with you, each family, and the nation To pursue a better future Ping An strives to become a world-leading technology-powered retail financial services group. Ping An furthers “finance + technology” and pursues “finance + ecosystem,” focusing innovative technologies on two major industries of pan financial assets and pan health care. As an industry and technology leader, Ping An applies technologies to traditional financial businesses and five ecosystems, namely financial services, health care, auto services, real estate services, and smart city services. For Ping An, now 30 years old, 2019 marks a new starting point. The Company will continue to seek survival via competition and pursue development via innovation. Ping An will provide customers with better services by empowering financial services with technologies, empowering ecosystems with technologies, and empowering financial services with ecosystems. Ping An will proceed with the Ping An Rural Communities Support to eradicate poverty, develop rural communities, and improve people’s livelihood. Five-Year Summary 2018/ 2017/ 2016/ 2015/ 2014/ December December December December December (in RMB million) 31, 2018 31, 2017 31, 2016 31, 2015 31, 2014 CUSTOMER DEVELOPMENT Number of internet users (in million) 538.43 436.39 346.30 241.57 137.34 Number of retail customers (in million) 183.96 165.73 131.07 109.10 89.35 Number of contracts per customer (contract) 2.53 2.32 2.21 2.03 1.93 Operating profit per customer (in RMB) 531.25 449.69 N/A N/A N/A Proportion of customers holding multiple contracts with different subsidiaries (%) 34.6 28.5 24.0 19.0 N/A Proportion of the Group’ s new customers from internet users within the Group’ s five ecosystems (%) 35.6 40.4 22.3 19.4 11.8 GROUP Operating return on embedded value (%) 23.7 26.7 21.0 19.5 20.0 Embedded value 1,002,456 825,173 637,703 551,514 458,812 Operating profit attributable to shareholders of the parent company 112,573 94,708 68,252 N/A N/A Operating ROE (%) 21.9 22.0 19.0 N/A N/A Basic operating earnings per share (in RMB) 6.31 5.31 3.82 N/A N/A Equity attributable to shareholders of the parent company 556,508 473,351 383,449 334,248 289,564 Net profit attributable to shareholders of the parent company 107,404 89,088 62,394 54,203 39,279 Dividend per share(1) (in RMB) 1.72 1.50 0.75 0.53 0.375 Group comprehensive solvency margin ratio (%) 216.4 214.9 210.0 204.9 205.1 LIFE AND HEALTH INSURANCE BUSINESS Operating return on embedded value (%) 30.8 35.5 27.0 21.4 21.7 Value of new business 72,294 67,357 50,805 38,420 21,966 Embedded value 613,223 496,381 360,312 325,474 264,223 Operating profit 71,345 52,824 40,518 N/A N/A Residual margin 786,633 616,319 454,705 330,846 N/A Comprehensive solvency margin ratio – Ping An Life (%) 218.8 234.1 225.9 219.7 219.9 PROPERTY AND CASUALTY INSURANCE BUSINESS Net profit 12,274 13,372 12,700 12,650 8,817 Combined ratio (%) 96.0 96.2 95.9 95.6 95.3 Comprehensive solvency margin ratio (%) 223.8 217.5 267.3 269.5 164.5 BANKING BUSINESS Net profit 24,818 23,189 22,599 21,865 19,802 Net interest margin (%) 2.35 2.37 2.75 2.81 2.57 Cost-to-income ratio (%) 30.32 29.89 25.97 31.31 36.33 Non-performing loan ratio (%) 1.75 1.70 1.74 1.45 1.02 Provision coverage ratio for loans more than 90 days overdue (%) 159.45 105.67 98.51 N/A N/A Core tier 1 capital adequacy ratio (%) 8.54 8.28 8.36 9.03 8.64 ASSET MANAGEMENT BUSINESS Net profit of trust business 3,012 3,957 2,322 2,888 2,212 Assets held in trust of trust business 534,124 652,756 677,221 558,435 399,849 Net profit of securities business 1,680 2,123 2,215 2,478 924 FINTECH & HEALTHTECH BUSINESS Operating profit 7,748 5,488 (3,575) N/A N/A Notes: (1) The dividend per share was RMB1.72 in 2018.
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