Ping An Insurance (Group)
Company of China, Ltd.
Summary of Solvency Report for 2023
Company Overview and Reporting Contact
Company name (Chinese): | 中国平安保险(集团)股份有限公司 |
Company name (English): | Ping An Insurance (Group) Company of China, Ltd. |
Legal representative: | Ma Mingzhe |
Registered address: | 47th, 48th, 109th, 110th, 111th and 112th Floors, |
Ping An Finance Center, | |
No.5033 Yitian Road, | |
Futian District, | |
Shenzhen |
Registered capital: RMB18,210,234,607
Corporate license number of insurance institution: 000016
Business commencement date: March 21, 1988
Business scope: | Investing in insurance enterprises, supervising and |
managing the domestic and international businesses | |
of subsidiaries, engaging in insurance fund | |
utilization, conducting domestic and international | |
insurance business as approved by regulators, and | |
other businesses approved by the insurance | |
regulator and relevant government agencies | |
Reporting contact: | Liang Shuyi |
Office telephone: | 0755-88674268 |
Mobile phone: | 18566298042 |
Email address: | liangshuyi426@pingan.com.cn |
Note: |
The Summary of Solvency Report for 2023 is prepared in accordance with applicable regulations including the Regulatory Rules on Solvency of Insurance Companies (II) (the "C-ROSS Phase II") released by the former China Banking and Insurance Regulatory Commission (the "CBIRC") and the National Financial Regulatory Administration's Circular on Improving Regulatory Standards for Solvency of Insurance Companies.
CONTENTS
III. Operation of Major Member Companies .................................................................................. 10
IV. Opinions from External Institutions .......................................................................................... 17
V. Solvency Statements .................................................................................................................. 18
VI. Management Discussion and Analysis ..................................................................................... 20
VII. Significant Events .................................................................................................................... 21
VIII. Risk Management Capability ................................................................................................. 23
IX. Integrated Risk Rating .............................................................................................................. 31
I. Statement by the Board of Directors and the
Management
This report has been approved by the Board of Directors of Ping An Insurance
(Group) Company of China, Ltd. (hereinafter referred to as "Ping An," the "Company"
or the "Group"). The Board of Directors and the management of the Company warrant
that the information contained in this report is true, accurate, complete and legally compliant and there are no false representations, misleading statements contained in or material omissions from this report, and severally and jointly accept legal responsibility for the above.
The statement is hereby given.
1
II. Basic Information of the Group
(I) Shareholding Structure, Shareholders and Their Changes
(1) Shareholding Structure and Its Changes
January 1, 2023
Unit: Shares
Number of shares
I. Selling-restricted sharesII.
-
Selling-unrestricted circulating shares 1.RMB ordinary shares 10,832,664,498
2.Domestically listed foreign shares 3.Overseas listed foreign shares 4.Others
Subtotal
- 18,280,241,410
-
7,447,576,912
III.Total number of shares 18,280,241,410
Changes during the Reporting PeriodIssuePercentage of new Bonus
Transfer
from
(%) shares issue reserveDecember 31, 2023
OthersSubtotalNumber of shares
-
-
-
-
-
-
59.26
- - - -
- - - -
- -70,006,803(1) -70,006,803(1) 10,762,657,695 59.10
40.74
-
- - -
- - -
-
- 7,447,576,912 40.90
-
-
100.00
-
-
- -70,006,803(1) -70,006,803(1) 18,210,234,607
100.00
-
-
- -70,006,803(1) -70,006,803(1) 18,210,234,607
Note: (1) The decrease of 70,006,803 A shares during the Reporting Period was due to the cancellation of repurchased shares.
(2) Shareholdings of Top Ten Shareholders as at the End of the Reporting Period
Name of shareholder Hong Kong Securities Clearing Company Nominees Limited(2) Shenzhen Investment Holdings Co., Ltd. China Securities Finance Corporation Limited Hong Kong Securities Clearing Company Limited(4)
Nature of shareholder (1)
Central Huijin Asset Management Ltd.
Overseas legal person
State-owned legal person
Others
Others
State-owned legal personBusiness Fortune Holdings Overseas legalLimited
Long-term Service Plan ofpersonPing An Insurance (Group) Others Company of China, Ltd.(5)
Shum Yip Group Limited
Dacheng Fund - Agricultural Bank of China - Dacheng Zhongzheng Financial Asset Management Plan
Huaxia Fund - Agricultural Bank of China - Huaxia Zhongzheng Financial Asset Management PlanState-owned legal person
Others
Others
Shareholding Total number of percentage shares held
(%) (shares)Changes during the Reporting
Period (shares)Type of sharesNumber of selling-restricted shares held
(shares)
38.26 6,966,685,599(3) +230,032,530 H Share
5.29 3.01
2.67
2.58 2.53
1.93
1.42
1.11
1.10
962,719,102 547,459,258
485,789,140 -221,974,851
470,302,252
459,836,080 -11,838,752
350,906,763 +96,443,179
257,728,008
201,948,582
199,511,462
Percentage
(%)
-
-
-
-
-
-
100.00
100.00
Number of pledged, marked or frozen shares
(shares)
-
- -
Unknown
A Share
- -
A Share
67,550,000 pledged shares
-
A Share
-
-
-
A Share
- -
H Share
-
359,636,584 pledged shares
A Share
-
-
-
A Share
-
-
-
A Share
-
-
-
A Share
-
-
Notes:
(1) Nature of the holders of A shares represents the nature of accounts held by the holders of A shares registered on the Shanghai Branch ofChina Securities Depository and Clearing Corporation Limited.
(2) Hong Kong Securities Clearing Company Nominees Limited ("HKSCC Nominees Limited") is the nominee holder of the shares held by non-registered H shareholders of the Company.
(3) Business Fortune Holdings Limited is an indirect wholly-owned subsidiary of Charoen Pokphand Group Company Limited ("CP Group Ltd."), and the shares owned by Business Fortune Holdings Limited have been registered under the name of HKSCC Nominees Limited. In order to avoid double counting, the shares owned by Business Fortune Holdings Limited have been deducted from the shares held by HKSCC Nominees Limited.
(4) The shares held by Hong Kong Securities Clearing Company Limited refer to the shares held by non-registered shareholders of the Northbound Trading of the Shanghai-Hong Kong Stock Connect Program.
(5) Participants in the Long-term Service Plan of the Company are the employees of the Company and its subsidiaries. Over 140,000 employees have participated in the Long-term Service Plan cumulatively throughout the years. The source of funding is the remunerations payable to employees.
(6) The above A shareholders do not participate in securities margin trading or centralized securities lending.
Explanation of the connected relationship or acting-in-concert relationship among the above shareholders:
Business Fortune Holdings Limited is an indirect wholly-owned subsidiary of CP Group Ltd. CP Group Ltd. indirectly held 1,063,597,013 H shares of the Company, representing approximately 5.84% of the Company's total share capital as of December 31, 2023, through Business Fortune Holdings Limited and other subsidiaries.
Save as disclosed above, the Company is not aware of any connected relationship or acting-in-concert relationship among the above-mentioned shareholders.
(3) Particulars of Controlling Shareholder and De Facto Controlling Party
The shareholding structure of the Company is relatively scattered. There is neither controlling shareholder nor de facto controlling party.
(II) Shareholding or Control Relations between the Group Parent Company and Member Companies
The Group's member companies under the C-ROSS Phase II, with clear shareholding structures, engage in businesses including insurance, banking, investment, and technology. Shareholding or control relations with and basic information of Ping An Group's main member companies as of December 31, 2023 are as follows:
(1) Shareholding or Control Relations with and Basic Information of the Subsidiaries of the Group
The Group had the following main consolidated subsidiaries as of December 31, 2023:
Shareholding
Company name
Principal place of Place of business registrationproportionRegistered capitalNature of business
Direct Indirect
(in RMB unless otherwise specified)
Ping An Life Insurance Company of China, Ltd.
Shenzhen Shenzhen
Life insurance
Ping An Property & Casualty Insurance Company of China, Ltd. Ping An Bank Co., Ltd.
Shenzhen Shenzhen
Shenzhen Shenzhen
Ping An Trust Co., Ltd.
Shenzhen Shenzhen
Property and casualty insurance Banking Investment and trust
99.51% 33,800,000,000 99.55% 21,000,000,000
49.56%
8.40% 19,405,918,198
99.88% 13,000,000,000
Ping An Securities Co., Ltd.
Shenzhen Shenzhen
Securities investment and brokerage
40.96%
55.59% 13,800,000,000
Ping An Annuity Insurance Company of China, Ltd.
ShanghaiShanghai
Annuity insurance
Ping An Asset Management Co., Ltd.
Shanghai
Shanghai
Asset management
Ping An Health Insurance Company of China, Ltd. China Ping An Insurance Overseas (Holdings) Limited China Ping An Insurance (Hong Kong) Company Limited
Shanghai
Shanghai
Health insurance
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Investment holding Property and casualty insurance
94.18% 98.67% 74.33% 100.00%
5.79% 11,603,419,173 1.33% 1,500,000,000 0.68% 4,616,577,790
HKD7,085,000,000
Ping An International Financial Leasing Co., Ltd.
Shanghai
Shanghai
Financial leasing
69.44%
100.00% HKD490,000,000 30.56% 14,500,000,000
Ping An of China Asset Management (Hong Kong) Company Limited
Hong Kong
Hong Kong
Asset management
100.00% HKD395,000,000
Shenzhen Ping An Innovation Capital Investment Co., Ltd. Ping An Trendwin Capital Management Co., Ltd.
Shenzhen
Shenzhen
Shanghai
ShanghaiPing An Real Estate Co., Ltd.
Shenzhen
Shenzhen
Investment holding Investment consulting Property management and investment management
99.88% 99.75%
4,000,000,000
100,000,000
99.62% 21,160,523,628
Ping An Technology (Shenzhen) Co., Ltd.
Shenzhen
Shenzhen
IT services
37.66%
62.34% 5,310,315,757
Shenzhen Ping An Finserve Co., Ltd.
Shenzhen
Shenzhen
IT and business process outsourcing services
100.00%
598,583,070
Ping An E-wallet Electronic Commerce Company Limited eLink Commerce Company Limited
Shenzhen
Shenzhen
Internet service
77.14%
1,000,000,000
Hong Kong
Hong Kong
E-commerce trade
99.89% HKD25,124,600
Principal place of businessCompany name
Place of registration
Shenzhen Wanlitong Network Information Technology Co., Ltd.
Shenzhen Ping An Commercial Property Investment Co., Ltd.
Ping An Futures Co., Ltd.
Shenzhen Ping An Real Estate Investment Co., Ltd.
Shanghai Pingpu Investment Co., Ltd.
Anseng Investment Company Limited
Shenzhen Ping An Financial Technology Consulting Co., Ltd.
Ping An Tradition International Money Broking Company Ltd. Pingan Haofang (Shanghai) E-commerce Co., Ltd.
Ping An Wealthtone Investment Management Co., Ltd.
Ping An Fund Management Company Limited Shenzhen Ping An Financial Center Development Company Ltd.
Ping An Insurance Sales Services Co., Ltd.
Ping An Chuang Zhan Insurance Sales & Service Co., Ltd.
Reach Success International Limited
Jade Reach Investments LimitedShenyang Shengping Investment Management Co., Ltd.
Tongxiang Ping An Investment Co., Ltd.
Ping An Commercial Factoring Co., Ltd.
Shanxi Changjin Expressway Co., Ltd.
Shanxi Jinjiao Expressway Co., Ltd.
Ping An Caizhi Investment Management Company Limited Ping An of China Securities (Hong Kong) Company Limited Ping An of China Futures (Hong Kong) Company LimitedShenzhen
Shenzhen
Shenzhen
Shenzhen
Shanghai
British Virgin Islands
Shenzhen
Shenzhen
Shanghai
Shenzhen
Shenzhen
Shenzhen
Shenzhen
Shenzhen
British Virgin Islands British Virgin IslandsShenyangJiaxing
Shanghai
Jincheng
Jincheng
Shenzhen
Hong Kong
Hong KongShenzhen
Shenzhen
Shenzhen
Shenzhen
Shanghai
British Virgin Islands
Shenzhen
Shenzhen
Shanghai
Shenzhen
Shenzhen
Shenzhen
Shenzhen
Guangzhou
British Virgin Islands British Virgin IslandsShenyangJiaxing
Shanghai
Taiyuan
Taiyuan
Shenzhen
Hong Kong
Hong KongNature of business Custom loyalty service Property leasing and property management Futures brokerage Real estate investment management Investment managementProject investment
Corporation management advisory services Currency brokerage
Property agency
Asset management Fund raising and distribution Property leasing and property management Sales agency of insurance
Insurance agent
Project investment
Project investment
Property management and investment management Investment management Commercial factoring services Expressway operation Expressway operation
Equity investment
Shareholding proportion
Registered capitalDirectIndirect
(in RMB unless otherwise specified)
77.14%
200,000,000
99.50% 96.64%
1,810,000,000
721,716,042
100.00% 1,310,000,000
99.51% 9,130,500,000
99.51%
USD50,000
100.00%
30,406,000,000
66.92% 100.00% 68.11%
50,000,000 1,930,000,000
800,000,000
68.11% 1,300,000,000
99.51% 6,688,870,000
75.10% 515,000,000
99.55% 50,000,000
99.51% USD50,000
99.51% USD50,000
99.51% 419,000,000
99.62% 500,000,000
100.00%
2,700,000,000
59.71% 750,000,000
59.71% 504,000,000
96.55% 300,000,000
Investment holding
96.55% HKD663,514,734
Futures brokerage 96.55% HKD20,000,000
Principal place of businessCompany name
Place of registration
Ping An of China Capital (Hong Kong) Company Limited
China PA Securities (Hong Kong) Company Limited
Shanghai Lufax Fund Sales Co., Ltd.
Fuer Insurance Broker Co., Ltd.
Beijing Shuangronghui Investment Co., Ltd.
Chengdu Ping An Property Investment Co., Ltd.
Hangzhou Pingjiang Investment Co., Ltd.
Beijing Jingxinlize Investment Co., Ltd.
Anbon Allied Investment Company LimitedTalent Bronze LimitedPing An Pioneer Capital Co., Ltd.
Shenzhen Pingke Information Consulting Co., Ltd.
Beijing Jingping Shangdi Investment Co., Ltd. Guangzhou Xinping Property Investment Co., Ltd.
Shanghai Jahwa (Group) Company Ltd.
Shanghai Jahwa United Co., Ltd.
Falcon Vision Global Limited
Shanghai Zean Investment Management Company Limited
PA Dragon LLC
Shanghai Pingan Automobile E-commerce Co., Ltd.
Shanghai Gezhouba Yangming Property Co., Ltd.
Shanghai Jinyao Investment Management Co., Ltd. Shanghai Pingxin Asset Management Co., Ltd.
Shenzhen Qianhai Credit Service Centre Co., Ltd.
Pingan Real Estate Capital Limited
Shenzhen Pulian Consulting Co., Ltd.
Hong Kong
Hong Kong
Shanghai
Shanghai
Beijing
Chengdu
Hangzhou
Beijing
United KingdomUnited KingdomShenzhen
Shenzhen
Beijing
Guangzhou
Shanghai
Shanghai
Shanghai
Shanghai
USA
Shanghai
Shanghai
Shanghai
Shanghai
Shenzhen
Hong Kong
ShenzhenHong Kong
Hong Kong
Shanghai
Shanghai
Beijing
Chengdu
Hangzhou
Beijing
Hong Kong
Hong Kong
Shenzhen
Shenzhen
Beijing
Guangzhou
Shanghai
Shanghai British Virgin Islands
Shanghai
USA
Shanghai
Shanghai
Shanghai
Shanghai
Shenzhen
Hong Kong
ShenzhenNature of business Investment management Securities
Shareholding proportion
Registered capitalDirectIndirect
(in RMB unless otherwise specified)
96.55% HKD20,000,000
investment and 96.55% HKD440,000,000 brokerage
Fund sales
Insurance brokerage service
Property leasing
Real estate investment and management Real estate development and management Investment management Real estate
95.43% 20,000,000
100.00% 50,000,000
99.51% 256,323,143
99.51% 840,000,000
99.51% 1,430,000,000
99.51% 1,160,000,000
investment and 99.51% GBP90,000,160 management
Real estate investment and 99.51% GBP133,000,000 management
Financial products
and equity investment Management consulting
Property leasing
Property leasing
Production and sale of consumer chemicals Industry
Investment management
Property leasing
Logistics and real estate
E-commerce
Real estate development and management Investment management Asset management Credit Information services Investment platform Investment consulting
96.55% 1,000,000,000
100.00% 5,092,341,943
99.51% 45,000,000
99.51% 50,000,000
99.51% 51.56% 99.51%
5,268,261,234
678,873,194
USD50,000
99.51%
4,810,000,000
99.52% USD143,954,940
94.74% 63,330,000
99.51% 20,000,000
99.05% 1,290,000,000
100.00% 1,010,000,000
100.00%
99.62% 100.00%
345,075,000
2,536,129,600
100,000,000
Shareholding proportion
Company name
Principal place of businessPlace of registration
Guangzhou Ping An Good Loan Microfinance Co., Ltd.
An Ke Technology Company Limited
Ping An Pay Technology Service Co., Ltd.
Ping An Pay Electronic Payment Co., Ltd.
Tongxiang Anhao Investment Management Co., Ltd.
Ping An Infrastructure Investment Fund Management Co., Ltd.
Ping An Fortune Management Co., Ltd.
Shenzhen Dingshuntong Investment Co., Ltd. Shenzhen Ping An Evergreen Investment Development Holding Co., Ltd.
Ping An International Financial Leasing (Tianjin) Co., Ltd. Shenzhen Anpu Development Co., Ltd.
China PA Asset Management (Hong Kong) Company Limited Shanghai Tianhe Insurance Brokerage Co., Ltd.
Helios P.A. Company Limited
Ping An Urban-Tech (Shenzhen) Co., Ltd.
Shenzhen Ping An Chuangke Investment Management Co., Ltd. Shenzhen Anchuang Investment Management Co., Ltd.
Lianxin (Shenzhen) Investment Management Co., Ltd.
Autohome Inc.
Mayborn Group Limited
Jiaxing Ping An Cornerstone I Equity Investment Management Co., Ltd.
Ping An Wealth Management Co., Ltd.
TTP Car Inc.
Shenzhen Shengjun Investment Management Co., Ltd. Overseas W.H. Investment Company Limited Shenzhen Pingjia Investment Management Co., Ltd.
Guangzhou
Hong Kong
Shenzhen
Shanghai
Jiaxing
Shenzhen
Shanghai
Shenzhen
Shenzhen
Tianjin
Shenzhen
Hong Kong
Shanghai
Hong Kong
Shenzhen
Shenzhen
Shenzhen
Shenzhen
Beijing
United Kingdom
Shanghai
Shenzhen
Shanghai
Shenzhen
Cayman Islands
Shenzhen
Nature of businessRegistered capitalDirectIndirect
(in RMB unless Otherwise specified)
Guangzhou
Hong Kong
Shenzhen
Shanghai
Jiaxing
Shenzhen
Shanghai
Shenzhen
Shenzhen
Tianjin
Shenzhen
Hong Kong
Shanghai
Hong Kong
Shenzhen
Shenzhen
Shenzhen
Shenzhen
Cayman Islands United KingdomJiaxing
Shenzhen
Cayman Islands
Shenzhen
Cayman Islands
Shenzhen
Micro loan
Investment management and investment consulting
Internet service
Internet service
100.00%
600,000,000
100.00% USD582,996,000
77.14% 680,000,000
77.14% 489,580,000
Investment management Investment management Consulting services Investment consulting
99.81% 300,000,000
98.02%
1,000,000,000
100.00% 100,000,000
100.00% 100,000,000
Investment consulting
100.00% 1,500,100,000
Financial leasing 100.00% 10,400,000,000
Logistics and warehousing Asset management Insurance brokerage Project investment
IT services
Investment management Investment management Investment management Automotive internet platform
Infant products
Investment management
Asset management Second-hand car platform Investment management Investment holding Investment platform
79.61% 5,625,000,000
96.55% HKD10,000,000
42.52%
50,000,000
99.51% USD677,161,910
79.21% 50,000,000
99.81% 100,000,000
99.81% 100,000,000
99.72%
5,100,000,000
42.52% USD1,273,469
51.56%
GBP1,154,873
99.51%
1,000,000
57.96% 21.69% 99.72%
5,000,000,000
USD15,753
5,000,000
100.00% USD5,038,967,126
99.81%
5,000,000
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Ping An Insurance (Group) Co. of China Ltd. published this content on 22 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 March 2024 04:10:03 UTC.