Annual report of 2012
catalogue
About our corporate governance
I interpretation 110 Corporate Governance Report
II important notes 125 changes in share capital and shareholders
1 company overview 128 directors, supervisors, senior managers and employees
2 performance overview 146 report of the board of directors and important matters
4 chairman’s speech 164 report of the board of supervisors
8 Financial Summary
financial statements
Discussion and analysis of operation
166 audit report
10 customer business analysis 172 consolidated balance sheet
16 leading business transformation with science and technology 175 consolidated income statement
20 create a new engine of value growth with medical health 177 consolidated statement of changes in shareholders’ equity
22 main business operation analysis 179 consolidated cash flow statement
22 performance summary 181 company balance sheet
26 life insurance and health insurance business 182 profit statement of the company
35 property insurance business 183 statement of changes in shareholders’ equity of the company
40 insurance fund portfolio 184 company cash flow statement
46 banking 185 notes to financial statements
54 asset management business 347 appendix: Supplementary information to financial statements
60 technology business
66 embedded value analysis and other information
76 liquidity and capital resources
82 risk management 349 safety memorabilia
96 350 honors and awards for sustainable development
108 future development prospects 351 company information
352 directory of documents for future reference
Prompt statements on forward-looking statements in addition to statements of historical facts, this report includes some “forward-looking statements”. All forecasts, objectives, estimates and business plans that the company expects or expects to occur in the future (including but not limited to) are forward-looking statements. Some words, such as “potential”, “estimate”, “expect”, “expect”, “purpose”, “intention”, “plan”, “believe”, “will”, “may”, “should”, and other combinations of these words and similar words, all show that the relevant words are forward-looking statements. Forward looking statements involve some common or special known and unknown risks and uncertainties. Readers should pay attention to these factors. Most of them are not controlled by the company and affect the performance, operation and actual performance of the company. Affected by the above factors, the actual results of the company in the future may differ significantly from these forward-looking statements. These factors include but are not limited to: exchange rate changes, market share, horizontal competition, environmental risks, legal, financial and regulatory changes, international economic and financial market conditions and other risks and factors beyond the control of the company. Anyone should carefully consider the above and other factors and should not rely entirely on the “forward-looking statements” of the company. In addition, the company declares that the company has no obligation to publicly update or modify any forward-looking statements in this report due to new information, future events or other reasons. The company and any of its employees or contacts have not made any warranty statement on the future performance of the company and are not responsible for any such statement.
Interpretation in this report, unless the context otherwise requires, the following words have the following meanings:
Ping An, Ping An Insurance (Group) Company Of China Ltd(601318) , company refers to Ping An Insurance (Group) Company Of China Ltd(601318) insurance (Group) Co., Ltd
The company, the group, the group
Ping An Group
Ping An Life insurance refers to Ping An Insurance (Group) Company Of China Ltd(601318) Life Insurance Co., Ltd., which is a subsidiary of the company
Ping An health insurance refers to Ping An Health Insurance Co., Ltd., a subsidiary of the company
Ping an endowment insurance refers to ping an Endowment Insurance Co., Ltd., which is a subsidiary of the company
Ping An Property insurance refers to Ping An Insurance (Group) Company Of China Ltd(601318) Property Insurance Co., Ltd., which is a subsidiary of the company
Ping An Bank Co.Ltd(000001) refers to Ping An Bank Co.Ltd(000001) , which is a subsidiary of the company
Shenzhen Development Bank Co., Ltd. refers to Shenzhen Development Bank Co., Ltd., which has become an associate of the company since May 2010, became a subsidiary of the company in July 2011 and changed its name to ” Ping An Bank Co.Ltd(000001) ” on July 27, 2012
Ping An trust refers to Ping An Trust Co., Ltd., which is a subsidiary of the company
Ping An innovation capital refers to Shenzhen Ping An Innovation Capital Investment Co., Ltd., which is a subsidiary of Ping An Trust
Ping An Securities refers to Ping An Securities Co., Ltd., a subsidiary of Ping An Trust
Ping An futures refers to Ping An Futures Co., Ltd., a subsidiary of Ping An Securities
Ping An Caizhi refers to Ping An Caizhi Investment Management Co., Ltd., a subsidiary of Ping An Securities
Ping An pioneer capital refers to Ping An pioneer Capital Co., Ltd., a subsidiary of Ping An Securities
Ping An financial leasing refers to Ping An International Financial Leasing Co., Ltd., which is a subsidiary of the company
Ping an asset management refers to Ping An Asset Management Co., Ltd., which is a subsidiary of the company
Ping An overseas holding refers to Ping An Insurance (Group) Company Of China Ltd(601318) insurance overseas (holding) Co., Ltd., which is a subsidiary of the company
Ping An financial technology refers to Shenzhen Ping An Financial Technology Consulting Co., Ltd., which is a subsidiary of the company
Ping An technology refers to Ping An Technology (Shenzhen) Co., Ltd., a subsidiary of Ping An financial technology
Ping An financial services refers to Shenzhen Ping An comprehensive financial services Co., Ltd., a subsidiary of Ping An financial technology
Lujin exchange holding refers to Lujin exchange Holding Co., Ltd., which is an associate of Ping An financial technology
Lujinsuo refers to Shanghai lujinsuo Information Technology Co., Ltd., which is a subsidiary controlled by lujinsuo
One wallet refers to ping an one wallet e-commerce Co., Ltd., a subsidiary of Ping An financial technology
Ping An health refers to Ping An Health Medical Technology Co., Ltd., which is an associate of Ping An financial technology
Financial one account refers to one account financial technology Co., Ltd., which is an associate of Ping An financial technology
Autohome means autohome Inc., a subsidiary of the company
Shanghai Jahwa United Co.Ltd(600315) refers to Shanghai Jahwa United Co.Ltd(600315) , a subsidiary of Ping An Life Insurance
Bofeng Group Co., Ltd. refers to Charoen Pokphand Group Company Limited, which is the flagship company of Bofeng group
Yuan means RMB unless otherwise specified
Chinese accounting standards refer to the accounting standards for business enterprises and other relevant regulations issued by the Ministry of finance of the people’s Republic of China
International financial reporting standards refer to the international financial reporting standards issued by the international accounting standards board
Scale premium refers to the total premium charged by the company for issuing insurance policies, that is, the premium data before major risk testing and before the spin off of mixed insurance contracts
Stock exchange means the stock exchange of Hong Kong Limited
Listing Rules of the stock exchange means the rules governing the listing of securities on the stock exchange of Hong Kong Limited
Shanghai stock exchange refers to Shanghai Stock Exchange
The Listing Rules of Shanghai Stock Exchange refer to the stock listing rules of Shanghai Stock Exchange
Corporate governance code means the corporate governance code set out in Appendix 14 to the Listing Rules of the stock exchange
Securities and Futures Ordinance means the securities and Futures Ordinance (Chapter 571 of the laws of Hong Kong)
Standard code refers to the standard code for securities transactions by directors of listed companies set out in Appendix 10 to the Listing Rules of the stock exchange
The articles of association refers to the articles of association of Ping An Insurance (Group) Company Of China Ltd(601318) insurance (Group) Co., Ltd
i
Important note: the board of directors, board of supervisors, directors, supervisors and senior managers of the company guarantee that the contents of this annual report are true, accurate and complete, and there are no false records, misleading statements or major omissions, and bear individual and joint legal liabilities.
The eighth meeting of the 12th board of directors of the company deliberated and adopted the text and summary of the company’s 2021 annual report on March 17, 2022. There were 14 directors who should attend the meeting, and 14 directors actually attended the meeting. The annual financial report of the company has been audited by Ernst & Young Huaming Certified Public Accountants (special general partnership) and issued a standard unqualified audit report. The company has no non operating occupation of funds by controlling shareholders and other related parties. The company does not provide external guarantee in violation of the specified decision-making procedures. The company has distributed dividends of RMB 0.88 per share (including tax) in the middle of 2021, totaling RMB 1597495357304 (including tax). The board of directors of the company proposes to distribute the company’s 2021 final dividend to the shareholders of the company, with cash per share of RMB 1.50 (including tax). According to the self regulatory guidelines for listed companies on Shanghai Stock Exchange No. 7 – share repurchases and other relevant provisions, as of the closing of the equity registration date of A-share shareholders of the final dividend distribution, the A-share shares of the company in the special securities account repurchased by the company will not participate in the final dividend distribution. The actual total amount of this final dividend distribution will be calculated based on the total number of shares that the shareholders of A-Shares have the right to participate in on the equity registration date of this dividend distribution. If according to the company as of December 31, 2021
