Ping An Insurance (Group) Company Of China Ltd(601318) 2021 net profit of 101618 billion, continued to increase cash dividends, dividend per share of 2.38 yuan

On March 17, Ping An Insurance (Group) Company Of China Ltd(601318) released the annual performance report for 2021. In 2021, Ping An Insurance (Group) Company Of China Ltd(601318) overall performance maintained steady growth, and the operating profit attributable to the shareholders of the parent company was 147961 billion yuan, with a year-on-year increase of 6.1%; Operating roe reached 18.9%; Net profit of 121802 billion yuan; The net profit attributable to the shareholders of the parent company was 101618 billion yuan, a year-on-year decrease of 29.0%.

Ping An Insurance (Group) Company Of China Ltd(601318) said that thanks to the synergy and anti risk ability of comprehensive finance and the continuous enhancement of the effectiveness of enabling the main financial industry by science and technology and ecosystem, Ping An Insurance (Group) Company Of China Ltd(601318) core competitiveness has been steadily improved, and handed over a steady and warm annual performance answer to customers, shareholders and the society.

At the same time, Ping An Insurance (Group) Company Of China Ltd(601318) paid attention to the return of shareholders, continued to improve the level of cash dividends, and distributed annual dividends of RMB 2.38 per share to shareholders, an increase of 8.2% year-on-year. The company launched a new round of stock repurchase program in August 2021. By the end of December 2021, it had repurchased about 77.77 million shares, totaling 3.9 billion yuan.

life insurance reform continued to deepen and auto insurance business resumed growth

Our reporter learned from the annual report that in the past year, despite the complex and severe external environment and market challenges, Ping An Insurance (Group) Company Of China Ltd(601318) continued to deepen the strategic upgrading of “comprehensive finance + medical health”, accelerated the digital transformation of life insurance reform and operation management, and maintained steady growth in performance.

From the perspective of Ping An Insurance (Group) Company Of China Ltd(601318) traditional property and life insurance and banking business, life insurance and health insurance business achieved an operating profit of 97.075 billion yuan in 2021, with a year-on-year increase of 3.6%; The operating roe was 32.3%. The annual per capita new business value of its agent channel was 39031 yuan, and the per capita first year premium increased by more than 22% year-on-year. In 2021, the scale of outstanding teams was stable, and the per capita new business value increased by more than 20%.

However, the value of Ping An’s new business decreased by 23.6% year-on-year. In this regard, Ping An Insurance (Group) Company Of China Ltd(601318) explained that it was affected by the covid-19 pneumonia epidemic and the economic situation outside China, plus the decline in the number of agents during the reform period.

In terms of property insurance business, thanks to the continuous optimization of customer group structure and strengthening risk screening, in 2021, the overall comprehensive cost rate was optimized by 1.1 percentage points year-on-year to 98.0%, and the underwriting profit increased by 145.7% year-on-year to 5.136 billion yuan. The premium income of original auto insurance increased by 8.7% year-on-year in the fourth quarter.

In addition, as China’s largest auto tool app, by the end of December 2021, the number of registered users of “safe and good owner” had exceeded 150 million, and the cumulative number of tied up vehicles had exceeded 95 million; In December, the number of active users exceeded 37 million. Online claim settlement services continued to take the lead, and the utilization rate of “one click claim settlement” function of Ping An Property Insurance family car reached 92.2%.

Ping An Bank Co.Ltd(000001) in terms of revenue, the operating revenue reached 169383 billion yuan in 2021, with a year-on-year increase of 10.3%; The net profit was 36.336 billion yuan, a year-on-year increase of 25.6% Ping An Bank Co.Ltd(000001) asset quality remained stable and the ability of risk offset was continuously enhanced. By the end of December 2021, the non-performing loan ratio was 1.02%, down 0.16 percentage points from the beginning of the year; The provision coverage rate was 288.42%, an increase of 87.02 percentage points over the beginning of the year.

At the same time, Ping An Bank Co.Ltd(000001) retail transformation continues to make breakthroughs and develop, creating a new “five in one” model with open banking, AI banking, remote banking, offline banking and integrated banking interconnected and organically integrated. In 2021, the operating revenue of retail business increased by 8.4% year-on-year, and the net profit of retail business increased by 17.3% year-on-year; Retail customer assets under management (AUM) amounted to 3182634 billion yuan, an increase of 21.3% over the beginning of the year.

In terms of asset management, by the end of 2021, Ping An Insurance (Group) Company Of China Ltd(601318) insurance fund portfolio size was nearly 3.92 trillion yuan, an increase of 4.7% over the beginning of the year. Affected by the fluctuation of capital market, the decline of market interest rate and the increase of impairment provision, in 2021, the net investment rate of return was 4.6% and the total investment rate of return was 4.0%. From 2012 to 2021, the 10-year average return on net investment was 5.3%, and the 10-year average return on total investment was 5.3%, both higher than the embedded value long-term return on investment assumption (5%), which continued to lead the industry. In 2021, the operating profits of securities business and other asset management businesses achieved good growth.

In addition, in 2021, Ping An Insurance (Group) Company Of China Ltd(601318) personal business operating profit increased by 5.7% year-on-year to 129996 billion yuan, accounting for 87.9% of the group’s operating profit attributable to the shareholders of the parent company. By the end of December 2021, the number of individual customers of the group had exceeded 227 million, an increase of 4.1% over the beginning of the year; 32.4 million new customers were added throughout the year, of which 35.8% came from the group’s Internet users.

Moreover, with the deepening of the comprehensive financial strategy, the degree of customer cross penetration continues to improve. In 2021, nearly 33.01 million customers migrated between the group’s core financial companies. By the end of December 2021, 89.26 million individual customers held contracts with multiple subsidiaries at the same time, accounting for 39.3% of the overall individual customers; The average number of customer contracts of the group was 2.81, an increase of 1.8% over the beginning of the year.

technology business continues to grow and medical health ecosystem strategy upgrades

In 2021, Ping An deepened the construction of “Finance + technology” and “Finance + ecology” and continued to explore innovative business models. The total revenue of science and technology business reached 99.272 billion yuan, a year-on-year increase of 9.8%; The operating profit attributable to the parent company was 7.948 billion yuan, a year-on-year increase of 19.5%.

Ping An Insurance (Group) Company Of China Ltd(601318) said that the company continued to increase R & D efforts and deepen its core technical capabilities. By the end of December 2021, the number of science and technology patent applications of the company had increased by 7008 compared with the beginning of the year, reaching 38420 in total, ranking in the forefront of international financial institutions. The number of AI patent applications jumped from the third in the world to the first, and the number of financial technology and digital medical patent applications also ranked first in the world.

At present, Ping An Insurance (Group) Company Of China Ltd(601318) has widely applied leading technology to the main financial industry, enabling finance with technology to promote sales, improve efficiency and control risks. By the end of December 2021, Ping an AI agent had covered 2158 scenes, with an AI agent service volume of about 2.07 billion times, covering 84% of Ping An’s total customer service. The sales scale of AI agent driven products was about 275.8 billion yuan, accounting for 29.3% of the overall sales scale of agent products.

It is worth mentioning that Ping An continues to upgrade its medical and health ecosystem strategy and build a “Chinese version of United Health”. In 2021, the innovative group managed medical model with “HMO + family doctor + o2o” as the core was launched to open up the closed loop of supply, demand and payment, and provide customers with “worry-saving, time-saving and money-saving” medical and health services.

According to the data disclosed by Ping An Insurance (Group) Company Of China Ltd(601318) disclosure, the synergy between the medical and health ecosystem and the main financial industry has gradually emerged. Nearly 63% of Ping An’s more than 227 million individual customers use the services provided by the medical and health ecosystem at the same time, with an average number of customer contracts of 3.3 and an average AUM of 40000 yuan, respectively 1.6 and 3.0 times that of individual customers who do not use the medical and health ecosystem services. By the end of December 2021, Ping An smart medical has served 187 cities and more than 45000 medical institutions, benefiting about 1.32 million doctors and 10.48 million patients with chronic diseases. Ping An’s own doctor team has more than 40000 contracted doctors with more than 10000 cooperative hospitals, covering 99% of the top three hospitals and realizing the full coverage of the top 100 hospitals; There are 96000 cooperative health management institutions and 202000 cooperative pharmacies.

Ping An health, as an important part of Ping An medical and health ecosystem, takes the family doctor exclusive to members as the entrance, covering five medical and health service scenarios such as health management, sub-health management, disease management, chronic disease management and pension management, so as to build a Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integrated “medical + health” service platform. As of December 31, 2021, the cumulative number of registered users of Ping An health was nearly 423 million; The cumulative number of paid users increased rapidly to 38 million in 2021. In 2021, the operating revenue increased to 7.334 billion yuan.

As the country’s leading commercial technology cloud service platform for financial institutions, financial one account achieved an operating revenue of 4.132 billion yuan in 2021, a year-on-year increase of 24.8%; The number of high-quality customers increased by 202 to 796 year-on-year, of which the number of million cooperative customers increased by 44 to 212 year-on-year.

Ping An Insurance (Group) Company Of China Ltd(601318) its automobile Internet service platform, automobile home, promoted the upgrading of ecological strategy in 2021, actively created a new business pattern, and achieved an operating revenue of 7.237 billion yuan and a net profit of 2.582 billion yuan. Thanks to the transformation of marketing methods of automobile manufacturers and dealers and the continuous digital transformation, the revenue of online marketing and other businesses increased by 11.6% year-on-year, accounting for 30.9%. Autohome was listed on the stock exchange for the second time in March 2021 and was approved to be included in the Hang Seng Composite Index in early June 2021.

In 2021, lufax holdings actively served small and micro enterprises, continued to promote strategic transformation, and maintained steady business growth. The operating revenue was 61.835 billion yuan, a year-on-year increase of 18.8%; The net profit was 16.804 billion yuan, a year-on-year increase of 36.0%. The balance of managed loans increased by 21.3% over the beginning of the year, and the overdue rate of more than 30 days was 2.2%.

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