Ping An Reports YoY Growth of 10.0% in Operating Profit Attributable to Shareholders of the Parent Company in Q1 2022 - Seite 2

Life & Health advanced reform and transformation. Property & Casualty maintained good business quality. The banking and asset management business increased steadily.

Ping An Life unswervingly advanced its reform and transformation and constantly upgraded its products and services. The operating profit of Life & Health rose 16% year on year to RMB29,678 million. NBV of Life & Health fell 33.7% year on year to RMB12,589 million in the first three months of 2022 due to the agent force adjustment, product mix change, spread of pandemic, and the high base in the first quarter of 2021. Nevertheless, the decline significantly narrowed in March. Ping An Life adhered to its original aspiration of reform, and advanced the quality-oriented transformation via its two-pronged "channel + product" strategy to build a solid foundation for long-term healthy development. In terms of channels, Ping An Life refined the tiered management of its agent force to optimize the team structure. The proportion of agents with a college education background and above rose 3.5 pps year on year as of March 31, 2022. The bancassurance channel continuously built the professional operations framework of "channel + product + technology." Ping An Life continuously deepened cooperation with Ping An Bank to build an exclusive product suite, share training resources, and accelerate the development of Ping An Bank's Private Wealth Advisers whose contributions are increasing. Ping An Life actively explored innovative channels including the Community Grid channel and the Lower-tier Market channel to facilitate multi-channel development. Ping An Life successfully piloted the Community Grid channel in cities including Shanghai, Shenzhen and Shenyang as of March 31, 2022, and also initiated and promoted pilots at eight more cities. The 13-month persistency ratio of "orphan policies" improved sharply year on year. Ping An promoted the intelligent operation through multiple channels. As of March 31, 2021, the intelligent operation had been promoted in 65% of the business units through the agent channel. In respect of products, Ping An Life increased the supply of competitive products to meet customer demands. Ping An Life created differentiated advantages with three core services, namely "insurance + health management," "insurance + high-end elderly care," and "insurance + home-based elderly care," by leveraging the Group's healthcare ecosystem. In the first quarter, more than one third of the NBV was contributed by the three core services. For example, Ping An Life launched a whole life insurance product named "Sheng Shi Jin Yue" in the first quarter of 2022. This product was widely recognized by customers for its unique advantages.