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Annual Report 2009

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Annual Report 2009 Stock Code: 2318 Code: Stock Annual Report Annual Report 2009 Annual Report 2009 WorldReginfo - f6d1d646-10be-461e-b471-c99e995ecfa0 Ping An, our commitment to you Our faithful care for you Is your reliable shelter Protecting you from hardship and distress No matter what it takes We will always be there for you The world is full of uncertainties, and people have always sought security from the caprices of life. Ping An is committed to giving its clients a feeling of peace and safety and to providing them with the best level of service possible. Ping An is devoted to keeping its promises and earning the satisfaction and recognition of clients. Over the past two decades, Ping An has been striving to build its integrity and expertise. Benefiting from China’s significant development, which has been brought about by thirty years of reform and opening up, the company has become one of the top 500 companies in the world, creating great value for its clients, shareholders, employees, and society. Ping An offers comprehensive financial services covering insurance, banking and investment, catering to all of your financial needs and securing your ability to lead a prosperous and affluent life. WorldReginfo - f6d1d646-10be-461e-b471-c99e995ecfa0 Five-year summary (in RMB million) 2009 2008 2007 2006 2005 GROUP(2) Total income 152,838 87,658 138,213 88,198 64,995 Net profit 14,482 1,635 19,219 8,000 4,265 Basic earnings per share (in RMB) 1.89 0.19 2.61 1.27 0.68 Total assets 935,712 704,564 692,222 494,435 319,706 Total liabilities 843,969 637,405 578,371 446,685 286,184 Total equity 91,743 67,159 113,851 47,750 33,522 Net investment yield(3) (%) 3.9 4.1 4.5 4.3 4.2 Total investment yield(3) (%) 6.4 (1.7) 14.1 7.7 4.3 Embedded value 155,258 122,859 150,311 65,573 48,363 INSURANCE BUSINESS Life insurance business(2) Written premiums 134,503 102,369 79,279 68,411 58,849 Net profit 10,374 (1,464) 10,883 5,704 3,544 Net investment yield (%) 4.0 4.0 4.8 4.5 4.2 Total investment yield (%) 6.7 (2.4) 14.2 7.8 4.3 Solvency margin ratio – Ping An Life (%) 226.7 183.7 287.9 183.1 140.7 Property and casualty insurance business(2) Premium income 38,774 27,014 21,666 16,994 12,775 Net profit 675 500 2,073 1,048 422 Net investment yield (%) 4.0 4.3 4.0 3.7 4.3 Total investment yield (%) 5.4 7.0 14.7 5.3 4.3 Combined ratio (%) 98.9 104.0 97.6 95.6 95.3 Solvency margin ratio – Ping An Property & Casualty (%) 143.6 153.3 181.6 131.3 153.4 BANKING BUSINESS(4) Net interest income 3,425 3,814 3,478 112 – Net profit 1,080 1,444 1,537 71 – Net interest spread (%) 1.77 2.66 2.81 1.81 – Cost/income ratio (%) 59.5 47.0 41.0 43.1 – Total deposits 149,065 106,814 113,053 73,044 – Total loans 107,562 72,486 61,900 48,926 – Capital adequacy ratio (%) 13.0 10.7 9.1 11.9 – Non-performing loan ratio (%) 0.46 0.54 0.83 6.34 – INVESTMENT BUSINESS Securities business Total income 2,477 1,471 3,271 1,277 235 Net profit 1,072 550 1,492 609 6 Trust business Total income 1,192 1,661 1,216 332 179 Net profit 606 1,207 744 194 57 (1) Certain comparative figures have been reclassified or restated to conform to relevant period’s presentation. (2) The figures of 2009 and 2008 are prepared according to the accounting policies adopted in 2009, and the figures of 2007, 2006 and 2005 have not been restated. (3) The figures of 2009, 2008 and 2007 are the investment yield of insurance funds, and the figures of 2006 and 2005 have not been recalculated according to new method. (4) As the scale of our banking business was relatively small before 2006, the table presents the relevant figures of 2009, 2008, 2007 and 2006 only. WorldReginfo - f6d1d646-10be-461e-b471-c99e995ecfa0 Contents ABOUT US FINANCIAL STATEMENTS 1 Introduction 99 Independent auditors’ report 2 Business at a glance 100 Consolidated income statement 4 Honors and awards 101 Consolidated statement of comprehensive income 6 Chairman’s statement 102 Consolidated statement of financial position 10 Key strengths 103 Consolidated statement of changes in equity 104 Consolidated statement of cash flows OUR PERFORMANCE 105 Statement of financial position 106 Notes to financial statements 20 Management discussion and analysis 213 Appendix: supplementary information to financial 20 Overview statements 24 Insurance 34 Banking OTHER INFORMATION 38 Investment 42 Synergy 219 Notice of annual general meeting 44 Impact of changes in accounting policies 222 Definition 224 Corporate information 46 Regulation developments 48 Embedded value 54 Liquidity and financial resources 56 Risk management 60 Corporate social responsibility corporate governance 64 Directors, supervisors and senior management 73 Corporate governance report 86 Report of the Directors 96 Report of the supervisory committee Cautionary Statements Regarding Forward-Looking Statements To the extent any statements made in this report contains information that is not historical 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 include 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. WorldReginfo - f6d1d646-10be-461e-b471-c99e995ecfa0 Introduction ABOUT US ABOUT Ping An is China’s leading integrated financial services group. Our seamless structure allows us to serve the insurance, banking and investment needs of about 51 million individual customers and over 2 million corporate clients. We do this by combining local knowledge with high international standards of corporate governance. HIGHLIGHTS Our three pillars: insurance, banking and Market share of our property and casualty investment businesses, achieved rapid, insurance business and life insurance healthy and sustainable growth business both increased We are steadily implementing our Total assets of our banking business integrated financial strategy and exceeded RMB220 billion, an increase of strengthening our overall 51.2% as compared to the end of 2008, competitiveness with asset quality among the best in the Our overall profitability improved visibly. industry We recorded a net profit of RMB14,482 Assets held in trust under the million, representing a significant increase management of Ping An Trust exceeded over last year RMB100 billion Total Income (in RMB million) Net Profit (in RMB million) 09 152,838 09 14,482 08 87,658 08 1,635 07 138,213 07 19,219 06 88,198 06 8,000 05 64,995 05 4,265 Total Assets (in RMB million) Total Equity (in RMB million) 09 935,712 09 91,743 08 704,564 08 67,159 07 692,222 07 113,851 06 494,435 06 47,750 05 319,706 05 33,522 EPS (in RMB) Dividend Per Share(1) (in RMB) 09 1.89 09 0.45(2) 08 0.19 08 0.20 07 2.61 07 0.70 06 1.27 06 0.54 05 0.68 05 0.00 (1) Dividend per share includes final dividend, interim dividend and special (2) The 2009 final dividend of RMB0.30 per share is proposed for approval dividend, and the special dividend for 2006 is RMB0.20 per share. at the annual general meeting. WorldReginfo - f6d1d646-10be-461e-b471-c99e995ecfa0 Annual Report 2009 Ping An Insurance (Group) Company of China, Ltd. 1 Business at a glance In 21 years, Ping An has developed from its origin as a property and casualty insurance company to become one of the foremost providers of diversified financial services and products in China. The Group’s single-brand, multi-channel distribution network extends to all of the nation’s most economically-developed areas. Our three main businesses are: insurance, banking and investment. Ping An’s coverage – in terms of geography, sectors and products – enables us to deliver a seamless customer service as well as reliable shareholder return. Through implementation of our business strategy, centralization of back office and improved asset liability management, we aim to more than double Ping An’s customer and asset base in the years ahead.
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