PING AN INS GRP/S ADR OTCMKTS: PNGAY is a world-leading technology-powered personal financial services group. With 184 million retail customers and 538 million Internet users, Ping An is one of the largest financial services companies in the world.
Ping An has two over-arching strategies ‘pan financial assets’ and ‘pan healthcare’, which focus on the provision of financial and healthcare services through our integrated financial services platform and our five ecosystems in financial services, healthcare, auto services, real estate services and Smart City services. Our aim is to provide customers and internet users with innovative and simple products and services. As China’s first joint stock insurance company, Ping An Group is committed to upholding the highest standards of corporate reporting and corporate governance. The company is listed on the stock exchanges in Hong Kong and Shanghai.
Ping An ranked 10th in Forbes’ 2018 Global 2000, and it ranked 29th in Fortune Magazine’s 2018 Global 500 Leading Companies. Ping An also ranked 43rd in 2018 WPP Millward Brown’s BrandZTM Top 100 Most Valuable Global Brands.
PING AN INS GRP/S ADR OTCMKTS: PNGAY On April 29, 2019 announced its 2019 first quarter financial results for the three months ended March 31, 2019.
Operating profit attributable to shareholders of the parent company rose 21.0% year on year to RMB34, 119 million. Net profit attributable to shareholders of the parent company increased 77.1% year on year to RMB45, 517 million. As of March 31, 2019, the Group’s total retail customers grew to nearly 191 million, an increase of 3.6% compared with the beginning of this year. The Group’s internet user base was also up 4.2% over the same period to 561 million. In the first quarter of 2019, the Group acquired 11 million new customers, 31.3% of whom were sourced from internet users within its five ecosystems.
NBV of the life and health insurance business strengthened. While maintaining balanced growth in scale and value, the Company attaches greater importance to stable quarterly growth in business, enabling sustainable business growth and healthy growth in the size of our sales agent team. In the first quarter of 2019, under the belief that “insurance should be protection-oriented,” the Company proactively adjusted the product mix by de-scaling short-PPP (Premium Payment Period) savings products and increasing focus on long-term protection products and hybrid long-PPP protection and savings products. As a result, NBV of the life and health insurance business rose by 6.1% year on year to RMB21, 642 million despite first-year premium (FYP) declining 10.8% year on year.
Ping An Property & Casualty maintained stable business growth and high business quality. In the first quarter of 2019, Ping An Property & Casualty recorded a premium income of RMB69, 220 million, up 9.5% year on year. Ping An Property & Casualty maintained high business quality, with a better-than-industry combined ratio of 97.0%. Ping An Property & Casualty’s net profit increased by 77.3% year on year due to a higher investment income driven by a capital market recovery and a decrease in income tax attributable to declining commission rates.
The Company continued to optimize asset allocation of insurance funds and asset-liability matching. As of March 31, 2019, the Company’s investment portfolio of insurance funds grew to nearly RMB2.88 trillion, up by 3.2% from the beginning of 2019. In the first quarter of 2019, the investment portfolio’s annualized net and total investment yields reached 3.9% and 5.1% respectively.
Ping An Bank maintained steady growth, and furthered its retail banking transformation. In the first quarter of 2019, Ping An Bank’s revenue increased by 15.9% year on year to RMB32, 476 million. Net profit grew by 12.9% year on year to RMB7, 446 million. Ping An Bank furthered its retail banking transformation by capitalizing on technological innovations. As of March 31, 2019, retail assets under management (AUM) rose by 17.4% from the beginning of 2019 to RMB1, 663,298 million. The core tier 1 capital adequacy ratio rose by 0.21 pps from the beginning of 2019 to 8.75%.