Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the 
"Group" or the "Company", HKEX: 2318; SSE: 601318) announced today 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. 

Core finance businesses maintain steady growth

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%. 

The Company further implemented fintech and healthtech strategies 

In the first quarter of 2019, under the "finance + technology" and "finance + 
ecosystem" strategies, Ping An continued to increase investment in areas 
including AI, blockchain, and cloud computing to proactively develop its five 
ecosystems and facilitate the Group's business growth. Ping An achieved steady 
business growth by "Empowering financial services with technologies, empowering 
ecosystems with technologies, and empowering financial services with 
ecosystems." As of March 31, 2019, Ping An had filed 15,316 technology patent 
applications, up 3,265 from the beginning of the year, ranking among the top 
tier of international financial institutions. The applications include 3,761 
filed under the Patent Cooperation Treaty (PCT) and abroad.

In the first quarter of 2019, Lufax Holding's revenue and profit rose steadily. 
Assets under management (AUM) grew by 2.0% from the beginning of 2019 to 
RMB376, 707 million. The balance of loans under management rose by 7.5% from 
the beginning of 2019 to RMB403, 121 million. Lufax Holding has completed its 
Series C financing at a post-money valuation of USD39, 400 million.

OneConnect is committed to building a world-leading fintech service cloud 
platform. As of March 31, 2019, OneConnect had provided fintech services for 
590 banks, 77 insurers and 2,634 other non-bank financial institutions. In the 
first quarter of 2019, OneConnect's risk management products were used 326 
million times.

Ping An Smart City Business builds "1+N" platforms that center on government 
services, economic development and people's livelihood, under the philosophy of 
serving the country, society and public. Ping An Smart City's business covers 
fiscal management, government administration, transportation, life, healthcare, 
trade, and so on. Ping An Smart City is rolling out its business to over 100 
Chinese cities including Beijing, Shanghai and Shenzhen, as well as multiple 
countries and regions along the Belt and Road Initiative. 

In targeted poverty alleviation, Ping An continues to promote the Ping An Rural 
Communities Support initiative, covering village officers, doctors and 
teachers. Ping An uses cutting-edge technologies to support rural industrial 
upgrade, strengthen health care in poor areas, and improve rural education. As 
of the end of March 2019, the Company had implemented the Ping An Rural 
Communities Support in nine provinces or autonomous regions across China. The 
Company had contributed RMB9, 800 million for poverty alleviation, built or 
upgraded over 400 rural clinics, trained 5,702 village doctors, built or 
upgraded 391 rural schools, and trained 4,819 village teachers.

Outlook

According to Mr. Peter Ma, Chairman and CEO of Ping An, "The year 2019 is 
crucial for our strategic transformation. Ping An will closely follow national 
policies and continue to strengthen the ability to support the real economy. 
Under the 'finance + technology' and 'finance + ecosystem' strategies, Ping An 
will proactively develop its five ecosystems, increase R&D investment, offer 
excellent products and services, and promote various businesses. As a socially 
responsible corporation, Ping An has a longstanding commitment to our society. 
We will continue the Ping An Rural Communities Support initiative to give back 
to society and contribute to the nation. In this way, we will create value for 
customers, shareholders and society in tribute to the 70th anniversary of the 
founding of the People's Republic of China."

For enquiries, please contact: Gareth Hewett @ +852 68822027 or 
gareth.john@pingan.com.hk



SOURCE: Ping An Insurance (Group) Company of China, Ltd.