Ping An Insurance (group) Company Of China, Ltd. Class A · SSE:601318
Ping An Insurance (group) Company Of China, Ltd. Class A — Investor Day (November 2023)
51 slides from Ping An Insurance (group) Company Of China, Ltd. Class A's investor day presentation, Nov 6, 2023
Slide 1: Overseas Regulatory Announcement
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 relia
Slide 2: Announcement regarding Disclosure of Relevant Representation on 2023 Investor Day
Stock Code: 601318 Stock Short Name: Ping An Serial No.: Lin 2023-057 THE ANNOUNCEMENT OF PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD. REGARDING THE DISCLOSURE OF RELEVANT REPRESENTATION ON 2023 INVESTOR DAY The board of directors and all directors of Ping An Insurance (Group) Company of China,
Slide 3: Ping An Group Investor Day: Integrated Finance Uncovered
Ping An Group Investor Day Ping An Group Integrated Finance Uncovered PHFRRKA HAA RUFRKA RSS Vv 2023.11.06
Slide 4: 有关前瞻性陈述之提示声明
有关前瞻性陈述之提示声明 除历史事实陈述外，本报告中包括了某些“前瞻性陈述”。所有本公司预计或期待未来可能发生的（包括但不限于）预测、目标、估 计及经营计划都属于前瞻性陈述。某些字词，例如“潜在”、“估计”、“预期”、“预计”、“目的”、“有意”、“计划”、“相 信”、“将”、“可能”、“应该”，以及这些字词的其他组合及类似措辞，均显示相关文字为前瞻性陈述。 前瞻性陈述涉及一些通常或特别的已知和未知的风险与不明朗因素。读者务请注意这些因素，其大部分不受本公司控制，影响着公司 的表现、运作及实际业绩。受上述因素的影响，本公司未来的实际结果可能会与这些前瞻性陈述出现重大差异。这些因素包括但不限于：
Slide 5: Cautionary Statements Regarding Forward-Looking Statements
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 an
Slide 6: Agenda: Presentation, Tea break, Q&A
14:00 - 15:00 集团综合金融战略介绍 Presentation 15:00 - 15:15 茶歇 Tea break 15:15 - 16:00 问答环节 Q&A 3
Slide 7: Presenters: Yonglin Xie and Frank Cai
Yonglin Xie Frank Cai 谢永林 蔡新发 Deputy Director and Secretary General of Group President and Co-CEO Group Retail Integrated Finance Committee 集团总经理兼联席首席执行官 集团个人客户综合金融管理委员会副主任兼秘书长 4
Slide 8: Contents
目录 01 02 03 04 What is integrated Why integrated Why does PA’s Integrated Outlook finance? finance? Finance Model Work？ 未来展望 什么是 为什么 为什么 综合金融？ 要做综合金融？ 平安综合金融可以成功？ 5
Slide 9: Chapter I: What is Integrated Finance?
Chapter I： What is Integrated Finance? 第一章 什么是综合金融？ Providing one-stop integrated financial solutions to meet diversified customer financial needs and maximize the value of customers and Ping An 平安通过一站式综合金融解决方案，满足客户多元化金融需求，实现客户与公司的价值最大化 6
Slide 10: Integrated finance as core strategy over three decades
Throughout the past three decades, integrated finance has always been a core strategy that runs through PA's development and underpins its future vision 历经三十年，综合金融始终是贯穿平安发展、实现未来愿景的核心战略 One vision World-leading 一个愿景 integrated finance and healthcare + eldercare services provider 国际领先的综合金融、医疗+养老服务集团 I
Slide 11: One-stop integrated finance solutions centered on customer needs
Professional and convenient one-stop integrated finance solutions, centered around customer needs to maximize value 平安专业、便捷的一站式综合金融解决方案，围绕客户需求，实现价值最大化 Customer’s financial needs One-stop integrated financial solutions Deliver Customer Value 客户金融需求 一站式综合金融解决方案 客户价值实现 Insurance Investment … 买保险 投资 • W
Slide 12: Example: Product portfolio addresses complex demands with one-stop services
Examples: Product portfolio addresses complex demands with one-stop services 综合金融案例：组合产品一站式满足客户复杂需求 + • Auto purchase and maintenance • Gas, parking, chauffeur • Auto insurance • Providing combo products and 72 auto owner benefits, • Annual inspection & insurance • Auto owner credit card serving 89m
Slide 13: Example: Integrated marketing and service platform
Examples: Integrated marketing and service platform creates one-stop user experience 综合金融案例：统一营销服务平台提供一站式客户体验 • Wide product offering covering multiple • Smart mini program “Ren Yi Men”(cross-app navigation tool) putting scenarios together essential features (account management, financial product •
Slide 14: Chapter II: Why Integrated Finance?
Chapter II： Why Integrated Finance? 第二章 为什么要做综合金融？ Integrated Finance is the natural choice of PA’s development, the core driver of PA’s value growth 综合金融是平安发展的必然选择，是平安价值增长的核心驱动力 11
Slide 15: Few global successes in integrated finance given challenges
While multiple groups have pursued the integrated finance model, there have been few successes globally given challenges 综合金融是国际金融业模式的重要选项，但复杂度极高、难度巨大，鲜见成功案例 International financial group attempted to layout integrated finance Challenges 国际金融集团尝试布局综合金融 面临挑战与困难 • A world's leading multinational banki
Slide 16: PA pursued integrated finance for country, customers and shareholders
Despite the challenges, PA steadfastly pursued integrated finance to meet the demands of country, customers and shareholders 虽然综合金融很难，但从国家、客户、股东的需求出发，平安坚定地选择了综合金融的道路 National needs Customer needs Shareholder needs 支持国家需求 满足客户需求 符合股东需求 Prosperous • Serve individuals Diversity and • Comprehensive asse
Slide 17: PA model meets the demanding needs of Chinese customers
PA integrated finance model meets the demanding needs of Chinese customers 平安完美契合了中国客户对综合金融的期待 PA Integrated Finance 平安综合金融 Expertise and quality Service efficiency and Lower fees, more benefits and Integrated finance assurance responsiveness better offers 一个客户 Unique One customer needs to meet 专业性与
Slide 18: Integrated finance drives superior, more stable profit growth
Integrated finance has driven superior and more stable profit growth for our shareholders 事实证明，综合金融惠及股东，是平安实现超市场高速发展的正确选择 PA’s net profit growth significantly outperformed the market Maintain high ROE, smooth out 净利润稳健增长，增速远超市场 cyclical fluctuations Macro indicators CAGR over the same period PA’s Ne
Slide 19: Growth of the "three numbers"
Integrated finance success is driven by our ability to grow the “three numbers” 综合金融持续推动三大客户经营指标“三数”高质量增长 2015 VS. 2022 586 585 2015 VS. 2022 542 个人 619 576 Profit per customer, 310 355 +2.0x 289 +4.2x RMB +2.0倍 +4.2倍 客均利润，元 个人 1230 1300 1326 1228 977 2.91 2.97 Retail OPAT, RMB 100million 个人 2.67 2.
Slide 20: Contribution to individual business unit performance
Integrated finance model has made a significant contribution to individual business unit performance 综合金融对各类业务业绩作出了非常显著的贡献 Higher Life agent income Enable businesses to outperform market 助力寿险代理人收入提升 助力各类业务超越市场 Contributed to >1/4 of monthly avg. agent income and 22% of yoy growth RMB6.4bn premiums f
Slide 21: Integrated finance improves operational efficiency
Integrated finance improves operational efficiency 综合金融带来了更高的经营效率 Lower customer acquisition cost Higher customer retention Higher profits per customer 获客：更低的获客成本 黏客：更高的客户留存 价值提升：更高的客均利润 From 2018 to 2022, the more contracts per customer, 1yr vs. 5yr+ customer Lower customer acquisition cost thanks
Slide 22: Chapter III: Why does PA's Integrated Finance Model Work?
Chapter III：Why does PA’s Integrated Finance Model Work？ 第三章 为什么平安综合金融可以成功？ PA has been committed to integrated finance for the past three decades, and has gained a strong competitive advantage that cannot be replicated 平安三十年来坚定布局综合金融，构建了不可复制的强大竞争优势 19
Slide 23: Start-up, growth and acceleration stages of integrated finance
With China's reform and opening-up, PA has seized historical opportunities at various stages, established integrated finance advantages and enjoyed rapid growth 伴随中国改革开放，平安抓住各阶段历史机遇，成功打造综合金融优势，实现快速成长 Early stage of China’s opening-up (1992-1997) China’s expanded opening-up (1998-2007) China’s compre
Slide 24: Start-up (1992-1997)
Start-up (1992-1997) : Piloted cross-selling and shaped integrated finance vision to underpin long-term development 初创阶段（1992-1997）：初试交叉销售，制定综合金融战略愿景，形成长期发展的基础 Acquired financial licenses Developed technology capabilities Undertook Institutional reforms 获取金融牌照 搭建科技能力 推动制度改革 • 1995, established Ping
Slide 25: Growth (1998-2007)
Growth (1998-2007) : Underpinned integrated finance with full insurance licenses and three phases of back office centralization 成长阶段（1998-2007）：完成保险全牌照，三次大规模后援集中，为综合金融奠定坚实基础 Expanded financial licenses Enhanced technological operation capabilities Formed a synergistic and inclusive corporate culture
Slide 26: Acceleration (2008 till now)
Acceleration (2008 till now) : Created a differentiated moat for integrated finance with “Finance+ Tech+ Ecosystem” 加速阶段（2008至今）：“金融+科技+生态”，构筑综合金融差异化竞争的护城河 Achieved full suite of licenses Ecosystems + Fintech Highly synergized corporate culture 获取金融全牌照 搭建生态+科技能力 巩固高度协同的企业文化 • 2011: Ping An Fund esta
Slide 27: Strong and unique competitive advantages
Over the past three decades, integrated finance has built strong and unique competitive advantages for PA, which is the key to PA's success 铸剑三十年，综合金融为平安构筑起强大而独特的竞争优势，是平安成功的关键 Full suite of licenses Focus on core business Channel network Ecosystem service Tech platform Corporate culture 牌照齐全 主业聚焦 渠道
Slide 28: Financial group with a full suite of licenses
Full Focus on Channel Ecosystem Tech Corporate licenses core biz network service platform culture 牌照齐全 主业聚焦 渠道网络 生态服务 科技平台 组织文化 An integrated financial group with a full suite of financial service licenses 拥有金融全牌照的综合金融集团 保险业务 Insurance licenses 银行业务 Banking licenses 资管业务 Asset management licenses Pi
Slide 29: Focus on the Chinese financial industry
Full Focus on Channel Ecosystem Tech Corporate licenses core biz network service platform culture 牌照齐全 主业聚焦 渠道网络 生态服务 科技平台 组织文化 PA is focused on the high growth potential Chinese financial industry 聚焦中国市场和金融主业，建立了领先的行业地位 Business source PA serves 230 million Chinese customers, or 1 in every 6 Chines
Slide 30: Nationwide coverage with >1.3mn offline distribution points
Full Focus on Channel Ecosystem Tech Corporate licenses core biz network service platform culture 牌照齐全 主业聚焦 渠道网络 生态服务 科技平台 组织文化 Nationwide coverage with >1.3mn offline distribution points 拥有超130万覆盖全国的线下销售触点 Over 7,000 branches, covering all provinces and major cities in China A large sales and servi
Slide 31: Strong online channel brings >700mn points of sales
Full Focus on Channel Ecosystem Tech Corporate licenses core biz network service platform culture 牌照齐全 主业聚焦 渠道网络 生态服务 科技平台 组织文化 Strong online channel brings >700mn points of sales 强大的线上网络带来超7亿的销售触点 Ping An Jin Ping An Bank Ping An Good Guan Jia (PAL) 平安金管家（寿险） Digital Pocket 平安口袋银行 Car Owner(P&C) 平安
Slide 32: Healthcare and eldercare ecosystem (1/2)
Full Focus on Channel Ecosystem Tech Corporate Comprehensive closed-loop healthcare and eldercare ecosystem enables core licenses core biz network service platform culture 牌照齐全 主业聚焦 渠道网络 生态服务 科技平台 组织文化 financial businesses to acquire customers and enhance customer value 广覆盖、全闭环的医疗养老生态圈，赋能金融主业获客及价值提升
Slide 33: Healthcare and eldercare ecosystem (2/2)
Full Focus on Channel Ecosystem Tech Corporate Comprehensive closed-loop healthcare and eldercare ecosystem enables core licenses core biz network service platform culture 牌照齐全 主业聚焦 渠道网络 生态服务 科技平台 组织文化 financial businesses to acquire customers and enhance customer value 广覆盖、全闭环的医疗养老生态圈，赋能金融主业获客及价值提升
Slide 34: World-class technology empowered back office
Full Focus on Channel Ecosystem Tech Corporate licenses core biz network service platform culture 牌照齐全 主业聚焦 渠道网络 生态服务 科技平台 组织文化 World-class technology empowered back office which is the largest in Asia 国际领先、亚洲最大的后援服务平台 High-quality service Unified smart service system experience 一体化、智能化的服务体系 高质量的服务体
Slide 35: Customer insights backed by leading label system
Full Focus on Channel Ecosystem Tech Corporate Integrated finance customer insights and operation strategies backed licenses core biz network service platform culture 牌照齐全 主业聚焦 渠道网络 生态服务 科技平台 组织文化 by leading label system 行业领先的标签体系，支撑综合金融客户洞察及经营策略 Advanced customer label system provides insights Oper
Slide 36: "One Ping An" culture
Full Focus on Channel Ecosystem Tech Corporate licenses core biz network service platform culture “One Ping An” culture with value maximization at its core 牌照齐全 主业聚焦 渠道网络 生态服务 科技平台 组织文化 以价值最大化为核心的“一个平安”文化 Value maximization Diverse team Synergy culture 价值最大化原则 多元化团队 协同文化 • Sole criterion for testing
Slide 37: Chapter IV: Outlook
Chapter IV: Outlook 第四章 展望未来 PA’s integrated finance model has significant advantages which will ensure future growth success 平安综合金融能力优势和模式优势明显，未来增长潜力巨大 34
Slide 38: Growth potential of China's underserved retail financial customer segment
Growth potential Growth path Growth target China’s underserved retail financial customer segment has huge growth 增长潜力 增长路径 增长目标 potential driven by economic development and wealth accumulation 随着经济发展和财富的积累，中国个人客户市场发展空间仍然巨大 Strong growth in wealth per capita and WM market Domestic insurance market of
Slide 39: Existing high-value customers offer unrealized growth potential
Growth potential Growth path Growth target 增长潜力 增长路径 增长目标 Existing high-value customers offer unrealized high growth potential 存量高价值客户潜力巨大，待深入挖掘价值 Vast internal migration opportunity, tens of millions of high-value customers to be leveraged Huge room for product portfolio improvement with growing cu
Slide 40: Maximizing customer value with a demand-driven approach
Maximizing customer value by adopting a demand-driven approach Growth potential Growth path Growth target 增长潜力 增长路径 增长目标 to enhance the business, operational and profit major models 需求驱动，强化三大模式，实现客户价值最大化 Top-notch services beyond expectations, allowing customers to enjoy the benefits of integrated f
Slide 41: Enhance business model: accurate product matching
Enhance business model: Unlock customer value via accurate product matching Growth potential Growth path Growth target 增长潜力 增长路径 增长目标 based on customer demand Leverage core advantages: 撬动核心优势： 强化业务模式：基于客群需求，精准匹配产品，在经营链路中实现客群价值跃升 Full licenses Eco. service 牌照齐全 生态服务 Focused Tech platform 主业聚焦 科技平台 Co
Slide 42: Customer demand by asset level and life stage
Growth potential Growth path Growth target 增长潜力 增长路径 增长目标 Examples of demand of customers from different asset levels and life stages 分资产等级、人生阶段、职业三个维度划分客群，洞察需求 Occupational dimension: Young 青年 Middle-aged 中年 entrepreneur Elderly 老年 职业维度示例：企业主 Investible asset Preference for aggressive investment an
Slide 43: Elderly HNWI pathway example
Elderly HNWI: Focus on key demands such as wealth inheritance , Growth potential Growth path Growth target 增长潜力 增长路径 增长目标 quality healthcare and eldercare, identifying huge potential for value elevation Leverage core advantages: 示例1-高净值老年客群：聚焦财富传承、品质康养的关键需求，价值跃升空间巨大 Classic pathway example 1 撬动核心优势：
Slide 44: Small and micro enterprise owners pathway example
Small and micro enterprises owners: Focus on key demands such as wealth management, Growth potential Growth path Growth target 增长潜力 增长路径 增长目标 protection and financing, identifying huge potential for value elevation Leverage core advantages: 撬动核心优势： 示例2-小微企业主客群：聚焦财富、保障、融资的关键需求，价值跃升空间巨大 Classic pathwa
Slide 45: Enhance operation model: unified smart operation
Growth potential Growth path Growth target 增长潜力 增长路径 增长目标 Enhance operation model: Fully enable demand-driven unified smart operation 强化运营模式：全面实现需求驱动的一体化智慧经营 Unified service portal 统一服务入口 Professional financial advisor 专业金融顾问 Convenient portfolio allocation 便捷配置产品 Intelligent integrated account AI f
Slide 46: Enhance profit model: focus on "three numbers"
Enhance profit model: Reshape valuation rationale, focus on retail business Growth potential Growth path Growth target 增长潜力 增长路径 增长目标 value growth driven by three major customer operation indicators 强化盈利模式：重塑估值逻辑，聚焦以三大客户经营指标“三数”驱动的个人业务价值增长 Customer acquisition product 获客型 Contracts per customer Cust
Slide 47: Outlook: retail business profit growth and targets
Growth potential Growth path Growth target 增长潜力 增长路径 增长目标 Outlook 未来展望 Retail business profit: stable and sustainable growth Operation target 2015 2022 经营目标 个人业务利润：实现平稳可持续增长 Retail business OPAT 个人业务营运利润 RMB 31.3bn RMB 132.6bn Double-digit retail OPAT growth “Three numbers” drive sustained growth “三
Slide 48: Thank you
OB PINGAN Pra Thank you RAI OT
Slide 49: Recap: Key messages
Recap: Key messages 回顾：关键点 • Despite the challenges, over the past 30 years PA has successfully built a domestically • 过去三十载，平安不畏挑战，成功打造了专注于国内的综合金融服务集团，为股东和客户带 focused integrated financial services group that has delivered tangible benefits to 来实实在在的价值 shareholders and customers alike • PA’s success
Slide 50: Recap: Key messages
Recap: Key messages 回顾：关键点 • Specific model advantages include: • 细数综金模式的独特优势： • Integrated finance contributed to over 1/4 of monthly average agent income • Significant revenue contribution with integrated finance channel sourced revenue equivalent • 综合金融稳定贡献代理人月均收入的1/4以上 to #4 Annuity player, #3 h
Slide 51: Recap: Key messages
Recap: Key messages 回顾：关键点 • Our future success is driven by our ability to grow the “three numbers”. • 未来的成功将由客户数、客均合同数、客均利润数的“三数”增长推动 • We are focused on delivering long term double digit retail OPAT growth driven by • 我们聚焦长期双位数营运利润增长，主要驱动因素包括： • Growing “retail customer” number from 227mn to >400
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