PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD. 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 reliance upon the whole or any part of the contents of this announcement.
(A joint stock limited company incorporated in the People's Republic of China with limited liability)
(Stock Code: 2318) ANNOUNCEMENT OF AUDITED RESULTS FOR THE YEAR ENDED DECEMBER 31, 2016The Board of Directors of Ping An Insurance (Group) Company of China, Ltd. (the "Company") hereby announces the audited results of the Company and its subsidiaries for the year ended December 31, 2016. This announcement, containing the full text of the 2016 Annual Report of the Company, complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") in relation to information to accompany preliminary announcements of annual results.
Both the Chinese and English versions of this results announcement are available on the websites of the Company (www.pingan.cn) and the Hong Kong Stock Exchange (www.hkexnews.hk). Printed version of the Company's 2016 Annual Report will be delivered to the holders of H share of the Company and available for viewing on the websites of the Hong Kong Stock Exchange (www.hkexnews.hk) and of the Company (www.pingan.cn) in late April 2017.
By order of the Board of the Directors
Ma MingzheChairman and Chief Executive Officer
Shenzhen, PRC, March 22, 2017
As at the date of this announcement, the Executive Directors of the Company are Ma Mingzhe, Sun Jianyi, Ren Huichuan, Yao Jason Bo, Lee Yuansiong and Cai Fangfang; the Non-executive Directors are Lin Lijun, Soopakij Chearavanont, Yang Xiaoping, Xiong Peijin and Liu Chong; the Independent Non-executive Directors are Woo Ka Biu Jackson, Stephen Thomas Meldrum, Yip Dicky Peter, Wong Oscar Sai Hung, Sun Dongdong and Ge Ming.
Contents
ABOUT US FINANCIAL STATEMENTSi Five-Year Summary
Introduction
Ping An Milestones
4 Chairman's Statement
6 Business Performance at a Glance
9 Honors and Awards
135 Independent Auditor's Report
Consolidated Statement of Income
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to Consolidated Financial Statements
10 Customer Development
14 Business Analysis
14 Overview
16 Insurance Business
32 Banking Business
38 Asset Management Business
46 Internet Finance
50 Analysis of Embedded Value
58 Liquidity and Financial Resources
61 Risk Management
Corporate Social Responsibility
Prospects of Future Development
289 Definitions
292 Corporate Information
CORPORATE GOVERNANCE76 Changes in the Share Capital and Shareholders' Profile
88 Directors, Supervisors, Senior Management and Employees
103 Corporate Governance Report
120 Report of the Board of Directors
125 Report of the Supervisory Committee
127 Significant Events
Cautionary Statements Regarding Forward-Looking StatementsTo the extent any statements made in this report contains information that is not historical are essentially forward-looking. These forward-looking statements include but are not limited to projections, targets, estimates and business plans that the Company expects or anticipates will or may occur in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may be general or specific. Certain statements, such as those including the words or phrases "potential", "estimates", "expects", "anticipates", "objective", "intends", "plans", "believes", "will", "may", "should", and similar expressions or variations on such expressions may be considered forward-looking statements.
Readers should be cautioned that a variety of factors, many of which are beyond the Company's control, affect the performance, operations and results of the Company, and could cause actual results to differ materially from the expectations expressed in any of the Company's forward-looking statements. These factors include, but are not limited to, exchange rate fluctuations, market shares, competition, environmental risks, changes in legal, financial and regulatory frameworks, international economic and financial market
conditions and other risks and factors beyond our control. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. In addition, the Company undertakes no obligation to publicly update or revise any forward-looking statement that is contained in this report as a result of new information, future events or otherwise. None of the Company, or any of its employees or affiliates is responsible for, or is making, any representations concerning the future performance of the Company.
Ping An, your sincere partner, always within reach
We are committed to the pursuit of "expertise" so as to provide you with more convenient and reliable services.
Over a million Ping An Life agents are within reach to brave
the elements to be by your side, to give you an assurance and commitment that you can rely upon.
With the help of solid professional skills and a leading
technological platform, close to 10,000 Ping An Property &
Casualty inspectors are within reach to come to you to ease your worries and provide an assurance.
Over 30,000 Ping An hotline agents are within reach 24/7 all year round to ensure you receive a fast response any time of the
day, whether you are in China or abroad.
Whenever you click on Ping An app, connect to the hotline or enter a Ping An outlet, thanks to the wonders of technology,
Ping An is within reach anytime, anywhere, for anything ranging from financial asset services to healthcare.
We firmly believe that expertise makes life easier. Leave the complexities to us, so that we can make your life simpler and better.
Five-Year Summary
(in RMB million) | 2016 | 2015 | 2014 | 2013 | 2012 |
GROUP | |||||
Total income | 774,488 | 693,220 | 530,020 | 421,221 | 339,193 |
Net profit | 72,368 | 65,178 | 47,930 | 36,014 | 26,750 |
Net profit attributable to shareholders of the parent company | 62,394 | 54,203 | 39,279 | 28,154 | 20,050 |
Basic earnings per share (in RMB) | 3.50 | 2.98 | 2.47 | 1.78 | 1.27 |
Total assets | 5,576,903 | 4,765,159 | 4,005,911 | 3,360,312 | 2,844,266 |
Total liabilities | 5,090,442 | 4,351,588 | 3,652,095 | 3,120,607 | 2,634,617 |
Total equity | 486,461 | 413,571 | 353,816 | 239,705 | 209,649 |
Equity attributable to shareholders of the parent company | 383,449 | 334,248 | 289,564 | 182,709 | 159,617 |
Investment portfolio of insurance funds | 1,971,798 | 1,731,619 | 1,474,098 | 1,230,367 | 1,074,188 |
Net investment yield of insurance funds (%) | 6.0 | 5.8 | 5.3 | 5.1 | 4.7 |
Total investment yield of insurance funds (%) | 5.3 | 7.8 | 5.1 | 5.1 | 2.9 |
Embedded value(1) | 637,703 | 551,514 | 458,812 | 329,653 | 285,874 |
Group comprehensive solvency margin ratio (%)(1) | 210.0 | 204.9 | 205.1 | 174.4 | 185.6 |
INSURANCE BUSINESS | |||||
Life Insurance Business | |||||
Written premium | 373,781 | 299,814 | 252,730 | 219,358 | 199,483 |
Net profit | 22,596 | 18,992 | 15,689 | 12,219 | 6,457 |
Net investment yield (%) | 6.0 | 5.7 | 5.3 | 5.1 | 4.7 |
Total investment yield (%) | 5.3 | 8.0 | 5.0 | 5.0 | 2.8 |
Embedded value(1) | 360,312 | 325,474 | 264,223 | 203,038 | 177,460 |
Comprehensive solvency margin ratio - Ping An Life (%)(1) | 225.9 | 219.7 | 219.9 | 171.9 | 190.6 |
Property and Casualty Insurance Business | |||||
Premium income | 178,291 | 163,955 | 143,150 | 115,674 | 99,089 |
Net profit | 12,315 | 12,522 | 8,807 | 5,856 | 4,648 |
Net investment yield (%) | 6.8 | 6.3 | 5.3 | 5.3 | 4.8 |
Total investment yield (%) | 4.8 | 6.5 | 5.6 | 5.4 | 3.3 |
Combined ratio (%) | 95.9 | 95.6 | 95.3 | 97.3 | 95.3 |
Comprehensive solvency margin ratio - Ping An Property & Casualty (%)(1) | 267.3 | 269.5 | 164.5 | 167.1 | 178.4 |
BANKING BUSINESS(2) | |||||
Net interest income | 76,411 | 68,461 | 53,046 | 40,688 | 33,036 |
Net profit | 22,599 | 21,865 | 19,802 | 15,231 | 13,512 |
Net interest spread (%) | 2.60 | 2.62 | 2.40 | 2.14 | 2.19 |
Net interest margin (%) | 2.75 | 2.81 | 2.57 | 2.31 | 2.37 |
Cost-to-income ratio (%) | 25.97 | 31.31 | 36.33 | 40.77 | 39.41 |
Total deposits | 1,921,835 | 1,733,921 | 1,533,183 | 1,217,002 | 1,021,108 |
Total loans and advances | 1,475,801 | 1,216,138 | 1,024,734 | 847,289 | 720,780 |
Capital adequacy ratio (%)(3) | 11.53 | 10.94 | 10.86 | 9.90 | 11.37 |
Non-performing loan ratio (%) | 1.74 | 1.45 | 1.02 | 0.89 | 0.95 |
Provision coverage ratio (%) | 155.37 | 165.86 | 200.90 | 201.06 | 182.32 |
ASSET MANAGEMENT BUSINESS | |||||
Trust Business(4) | |||||
Total income | 5,695 | 8,007 | 6,557 | 4,732 | 4,231 |
Net profit | 2,322 | 2,888 | 2,212 | 1,962 | 1,484 |
Assets held in trust | 677,221 | 558,435 | 399,849 | 290,320 | 212,025 |
Securities Business | |||||
Total income | 8,850 | 10,119 | 4,026 | 2,758 | 2,897 |
Net profit | 2,215 | 2,478 | 924 | 510 | 845 |
The figures for 2016 are under C-ROSS, comparative figures for 2015 have been restated; In and before 2014, the figures were under China Solvency I.
The figures of banking business came from Ping An Bank's annual reports.
The capital adequacy ratio as at and after December 31, 2013 was calculated under the "Capital Rules for Commercial Banks (Provisional)" enforced by the CBRC, while the capital adequacy ratios as at December 31, 2012 were calculated under the "Rules for Regulating the Capital Adequacy Requirement of Commercial Banks" and relevant regulations enforced by the CBRC.
The figures of trust business include Ping An Trust and its subsidiaries which carry on trust business.
Certain comparative figures have been reclassified or restated to conform to relevant period's presentation.
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Ping An Insurance (Group) Co. of China Ltd. published this content on 22 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 22 March 2017 10:59:12 UTC.
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