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, 2019 The Board of Directors of Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or the “Company”) hereby announces the audited results of the Company and its subsidiaries for the year ended December 31, 2019. This announcement, containing the full text of the 2019 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 the 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 2019 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 the Company (www.pingan.cn) in early March 2020. By order of the Board of Directors Ma Mingzhe Chairman and Chief Executive Officer Shenzhen, PRC, February 20, 2020 As at the date of this announcement, the Executive Directors of the Company are Ma Mingzhe, Ren Huichuan, Yao Jason Bo and Cai Fangfang; the Non-executive Directors of the Company are Soopakij Chearavanont, Yang Xiaoping, Liu Chong and Wang Yongjian; the Independent Non-executive Directors of the Company are Ge Ming, Ouyang Hui, Ng Sing Yip, Chu Yiyun and Liu Hong. Contents ABOUT US CORPORATE GOVERNANCE i Five-Year Summary 98 Corporate Governance Report 1 Introduction 113 Changes in the Share Capital and ’ 2 Business Performance at a Glance Shareholders Profile Directors, Supervisors, Senior Management 4 Chairman’s Statement 116 and Employees 134 Report of the Board of Directors MANAGEMENT DISCUSSION AND ANALYSIS 139 Report of the Supervisory Committee 141 Significant Events 7 Customer Development 12 Technology-Powered Business Transformation 17 Business Analysis FINANCIAL STATEMENTS 17 Performance Overview 156 Independent Auditor’s Report 20 Life and Health Insurance Business 162 Consolidated Income Statement 28 Property and Casualty Insurance Business 163 Consolidated Statement of Comprehensive 34 Investment Portfolio of Insurance Funds Income 38 Banking Business 164 Consolidated Statement of Financial Position 46 Asset Management Business 166 Consolidated Statement of Changes in Equity 50 Technology Business 167 Consolidated Statement of Cash Flows 168 Notes to Consolidated Financial Statements 56 Analysis of Embedded Value 67 Liquidity and Capital Resources 72 Risk Management OTHER INFORMATION 86 Sustainability 315 Ping An Milestones 96 Prospects of Future Development 316 Honors and Awards 317 Glossary 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. Embracing the future with a true heart Beyond the high faraway mountains, Behind the tall factory buildings, In the cradle of the real economy, We are fighting against poverty. Clean water, green hills, and orange clothes, The color of Ping An, and the song of happiness, Written in folks’ insurance policies, Chanted as smart city melodies. Data-driven transformations usher in next thirty years, Ping An spreads wings of technologies and ecosystems, No matter how the world changes, Ping An is with you always. For 31 years, Ping An has remained true to its original aspiration and committed to implementing national strategies, safeguarding people’s livelihoods, and promoting national rejuvenation. Ping An continued to pursue transformations under the “finance + technology” and “finance + ecosystem” strategies. Ping An further developed the five ecosystems, namely financial services, health care, auto services, real estate services, and smart city services. Through robust data- driven operations, Ping An anticipated trends, made timely decisions, and took action ahead of others. The year 2020 is the last year of China’s 13th Five-Year Plan, a decisive year for building China into a moderately prosperous society, and a critical year for poverty alleviation in China. In a complex and ever-evolving world, Ping An will adhere to its original aspiration, focus on value creation, and seek sustainable growth. Ping An will maintain sound asset management and prudent investment strategies. Ping An will transform financial businesses by promoting smart business management, data-driven operations, robust channel development, and personalized customer services. Ping An will exploit its financial strength and technological expertise to serve customers, reward shareholders, support society, and contribute to the country. “After crossing the green hills, we are still young.” Ping An will continue making contributions to China’s poverty alleviation by advancing public welfare programs including Ping An Rural Communities Support. Ping An embraces the future with a true heart. Five-Year Summary 2019/ 2018/ 2017/ 2016/ 2015/ December December December December December (in RMB million) 31, 2019 31, 2018 31, 2017 31, 2016 31, 2015 CUSTOMER DEVELOPMENT Number of internet users (in million) 515.50 443.59 429.51 346.30 241.57 Number of retail customers (in million) 200.48 180.22 156.90 131.07 109.10 Number of contracts per customer (contract) 2.64 2.54 2.38 2.21 2.03 Operating profit per customer (in RMB) 612.54 542.28 474.99 N/A N/A Proportion of customers holding multiple contracts with different subsidiaries (%) 36.8 34.3 29.6 24.0 19.0 Proportion of the Group’ s new customers from internet users within the Group’ s five ecosystems (%) 40.7 34.4 37.2 22.3 19.4 GROUP Operating profit attributable to shareholders of the parent company 132,955 112,573 94,708 68,252 N/A Operating ROE (%) 21.7 21.9 22.0 19.0 N/A Basic operating earnings per share (in RMB) 7.48 6.31 5.31 3.82 N/A Dividend per share (in RMB) 2.05 1.72 1.50 0.75 0.53 Equity attributable to shareholders of the parent company 673,161 556,508 473,351 383,449 334,248 Embedded value 1,200,533 1,002,456 825,173 637,703 551,514 Net profit attributable to shareholders of the parent company 149,407 107,404 89,088 62,394 54,203 Group comprehensive solvency margin ratio (%) 229.8 216.4 214.9 210.0 204.9 Total Assets 8,222,929 7,142,960 6,493,075 5,576,903 4,765,159 Total liabilities 7,370,559 6,459,317 5,905,158 5,090,442 4,351,588 LIFE AND HEALTH INSURANCE BUSINESS Operating return on embedded value (%) 25.0 30.8 35.5 27.0 21.4 Embedded value 757,490 613,223 496,381 360,312 325,474 New business value 75,945 72,294 67,357 50,805 38,420 Operating profit 88,950 71,345 52,824 40,518 N/A Residual margin 918,416 786,633 616,319 454,705 330,846 Comprehensive solvency margin ratio – Ping An Life (%) 231.6 218.8 234.1 225.9 219.7 PROPERTY AND CASUALTY INSURANCE BUSINESS Operating profit 20,952 12,274 13,372 12,700 N/A Combined ratio (%) 96.4 96.0 96.2 95.9 95.6 Comprehensive solvency margin ratio (%) 259.2 223.8 217.5 267.3 269.5 BANKING BUSINESS Net profit 28,195 24,818 23,189 22,599 21,865 Net interest margin (%) 2.62 2.35 2.37 2.75 2.81 Cost-to-income ratio (%) 29.61 30.32 29.89 25.97 31.31 Non-performing loan ratio (%) 1.65 1.75 1.70 1.74 1.45 Provision coverage ratio for loans more than 90 days overdue (%) 222.89 159.45 105.67 98.51 N/A Core tier 1 capital adequacy ratio (%) 9.11 8.54 8.28 8.36 9.03 ASSET MANAGEMENT BUSINESS Trust business net profit 2,598 3,012 3,957 2,322 2,888 Securities business net profit 2,376 1,680 2,123 2,215 2,478 TECHNOLOGY BUSINESS Operating profit 4,661 7,748 5,488 (3,575) N/A Note: Some indicators have been disclosed for less than five years.