Ping An Reports YoY Growth of 10.0% in Operating Profit Attributable to Shareholders of the Parent Company in Q1 2022

HONG KONG and SHANGHAI, April 29, 2022 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An of China," "Ping An," the "Company" or the "Group," HKEX: 2318; SSE: 601318) today announced its first quarter financial results for the three months ended 31 March 2022.

Global capital markets experienced substantial volatility in a complex and severe international environment where the COVID-19 pandemic continued and a geopolitical conflict broke out in the first three months of 2022. Domestic economic growth faced three headwinds, namely shrinking demand, supply chain disruption, and weakening expectations amid sporadic COVID-19 outbreaks. Facing challenges, Ping An adhered to the business policy of "focusing on financial business, introducing reforms and innovations, increasing revenue and reducing expenditure, and ensuring compliant business operations." Ping An pressed firmly ahead with Ping An Life's quality-oriented reform and transformation, continuously strengthened the advantages of integrated finance, and built the "HMO managed care model." Ping An laid a solid foundation for long-term sustainable, healthy growth by delivering "heartwarming financial services" and providing customers with "worry-free, time-saving, and money-saving" experience.

Thanks to the synergies and resilience of the integrated finance strategy, Ping An empowered its main financial businesses with ecosystems and gradually yielded results. The Group continued to deepen its Life & Health reform and transformation, strengthened its core competitiveness, and achieved steady business results. Ping An's operating profit attributable to shareholders of the parent company rose 10.0% year on year to RMB43,047 million in the first three months of 2022. Net profit attributable to shareholders of the parent company decreased 24.1% year on year to RMB20,658 million mainly due to volatile capital markets. Basic operating earnings per share rose 11.3 % to RMB2.46. Customer development continued to yield greater results. Ping An's retail customers grew 0.7% from beginning of the year to over 223 million as of March 31, 2022. Contracts per customer grew 1.0% from the beginning of the year to 2.94. The Group's internet users increased 1.6% from the beginning of the year to over 657 million as of March 31, 2022. The number of yearly active users exceeded 345 million as of March 31, 2022. Written premium of the corporate channel achieved through cross-selling increased 28.2% year on year and new financing scale achieved through corporate business cross-selling increased 9.0% year on year to RMB192,969 million in the first three months of 2022.