Ping An's NBV up 45% YoY in the 1st half of 2023, interim cash dividend per share grows to RMB0.93.

HONG KONG and SHANGHAI: Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An", the "Company" or the "Group", HKEX: 2318; SSE: 601318) today announced its 2023 interim results for the six month period ended 30 June 2023.

The external environment remained complex and China's economy was generally stable in the first half of 2023. However, market confidence still needed to be continuously boosted. Amid internal and external complexities and uncertainties, Ping An followed the spirit of the 20th National Congress of CPC and adhered to the original aspiration of being people-centered. Under the leadership of the Board of Directors and in response to the financial consumption needs of the new era, Ping An has integrated its services into insurance, investment and wealth management, healthcare and elderlycare services scenarios, boosting domestic demand and consumption while simultaneously serving hundreds of millions of consumers through its integrated finance one-stop service model. With the continuous advancement of life insurance reform and the construction of the healthcare ecosystem, Ping An deeply implemented the new concept of high-quality development. The Group continuously improved its capability and level of financial services for the real economy and the protection of people's livelihoods. Furthermore, Ping An strengthened technological support and digital empowerment, comprehensively managed risks, optimized portfolios, and increased cost-effectiveness to ensure the long-term sustainable and sound operation of the Company.

Overall operating results remain solid. Ping An delivered an 18.2% annualized operating ROE, with operating profit and net profit attributable to shareholders of the parent company reaching RMB81,957 million and RMB 69,841 million, respectively, in the first half of 2023. The Group's basic operating earnings per share reached RMB4.63 in the first half of 2023. Ping An attaches importance to shareholder returns, and interim cash dividend per share continued to grow to RMB0.93, up 1.1% year on year. Life insurance reform showed significant results. Thanks to the Group's unwavering life insurance reform and innovation in the past 3 years, as well as the stabilization and improvement in market demand, Life & Health NBV amounted to RMB25,960 million in the first half of 2023, up 45.0% on a like-for-like basis year on year. In the agent channel, productivity strongly improved with NBV per agent rising 94.3% year on year. Bancassurance channel NBV also increased sharply by 174.7% year on year on a like-for-like basis to RMB2,825 million in the first half of 2023, mainly benefiting from the deepening exclusive agency model with Ping An Bank. Ping An continuously developed its "integrated finance + healthcare" strategy. Retail customers exceeded 229 million as of June 30, 2023, and contracts per customer grew 0.7% from the beginning of the year to 2.99. Over 90.71 million retail customers held multiple contracts with different subsidiaries and 29.7% of the Group's new retail customers were acquired from its healthcare ecosystem as of June 30, 2023. Customers entitled to "insurance + service" benefits accounted for over 68% of Ping An Life's NBV in the first half of 2023.

Top business highlights in 1H2023

Continuously growing cash dividends amid steady business results. The Group delivered an 18.2% annualized operating ROE, with operating profit attributable to shareholders of the parent company reaching RMB81,957 million in the first half of 2023. Ping An attaches importance to shareholder returns, and interim cash dividend per share continued to grow to RMB0.93, up 1.1% year on year.

Ping An continuously develops its integrated finance model. Retail customers exceeded 229 million as of June 30, 2023, and contracts per customer grew 0.7% from the beginning of the year to 2.99. Retail business accounted for 83.4% of total operating profit attributable to shareholders of the parent...