Ping An Hosts Second Investor Day in 2017
HONG KONG and SHANGHAI, Nov. 20, 2017 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEx: 2318; SSE: 601318) held its second investor day this year. Today's event focuses on two key topics: namely the prospects for the groups leading Life insurance business and secondly how the group uses technology to create value for shareholders.
Today Ping An outlined the positive growth outlook for its market leading Life business; whose profitability has provided the foundation for our multi-year technology R&D investment. Ping An Life is well positioned to deliver high quality new business value growth owing to multitude of business specific and industry wide factors; not least China's ongoing consumption upgrade which is in its infancy.
Separately, having unveiled the scale and sophistication of its technology in July, today's event represents the start of Ping An's journey explaining how it uses technology to create value for its shareholders through enhancing performance of core finance businesses (focus of today), providing technology services to clients and the successful incubation of numerous Health-tech and Fin-tech businesses. During today's event Ping An will provide multiple quantified examples of how its core finance businesses (Life, P&C, Bank) performance has been enhanced through the use of in-house developed technology solutions; some of which are already being made available by us to external customers.
Ping An's 2017 Investor Day highlights:
- Ping An Life is well positioned to deliver high quality new business value growth owing to multitude of factors including technology enabled Agent force, large group customer base, value orientated/ KPI driven management team, smart risk management system, conservative embedded value assumption set and China's ongoing consumption upgrade which is in its infancy. We also provide incremental disclosure on the popular Residual Margin framework.
- Technology enhanced Life insurance business. Life insurance intelligent customer services can recognize customers and demands intelligently; precise risk rating; 99% of business activities conducted online.
- Technology enhanced P&C insurance business. World leading image-based loss verification accuracy rate reaches 92%, already provided to 7 external insurers.
- Financial services ecosystem: 400 banks, 20 insurers, 2,000 other FIs using OneConnect Fintech cloud platform with 800 million consumer usages and RMB8 trillion total transactions (C/F).
- Health ecosystem: 250 cities' Ping An Healthcare Management, 2,000 hospitals, 800 million people health data, more than 2.12 million people use city one connect app in Shenzhen.
- Auto ecosystem: covering 90 car manufacturers, 25,000 dealers, 34,000 used car dealers and 40,000 repair shops.
- Strategically well positioned to lead in the high potential Health-ecosystem through the incubation of three key Health-tech businesses (Ping An Healthcare Management, Wanjia Healthcare, Good Doctor) plus Ping An Life & Health.
- Developed world leading biometric technology. Face recognition technology has accuracy rate of 99.8% with over 800 million usages in over 200 scenarios; voice recognition accuracy rate exceeds 99% with 50 million voiceprint records; micro expression recognition can detect 54 complex micro expressions within 1 second.
Ping An's "Finance + Technology" business strategy also equals to "2 focuses + 5 key technologies". The technology uses the 5 technologies including artificial intelligence ("AI"), big data, cloud platform, block chain and biometrics as basis and apply these technologies in the 2 focuses of fintech and healthtech. While enhancing the competitiveness of traditional financial business, Ping An also exports its technologies and continuously constructs platforms and ecosystems in the industry.
At present, Ping An has extensively applied its 5 core technologies in the areas of customer management, channel management, customer service and risk management. The use of technologies not only improves efficiency of traditional business, but also helps lower costs, strengthen risk control capabilities and improve experience results, which fundamentally increased the value and competitiveness of traditional business in the financial industry.
During the course of adopting innovative technology to enhance competitiveness of traditional business, Ping An also developed its open technology platform, which offers continuous innovative technologies to other institutions and industries. During the last decade, Ping An has invested over RMB50 billion for the research and development of innovative technologies, and established the 4 major ecosystems of "Financial Services Ecosystem", "Health Care Services Ecosystem", "Auto Services Ecosystem" and "Real Estate Finance Ecosystem".
Mr. Yao Bo, Jason, Executive Vice President and Chief Financial Officer of Ping An, said, "We will continue to push forward our double engine business strategy of 'Finance + Technology', which can drive and enhance our company's competitiveness in the traditional finance business and healthcare industries. Meanwhile, we will export new technologies to other financial and medical institutions to enhance efficiency and make a profit from it. In the future, double engine business strategy will increase Ping An's market capitalization by leaps and bounds.
About Ping An
As China's first joint stock insurance company, Ping An Insurance (Group) Company of China, Ltd. ("Ping An") is dedicated to becoming a world-leading personal financial services provider. Today, it is an integrated, compact, multi-functional financial services group with services that include insurance, banking, and investment. As at 30 June 2017, the Group had over 143 million individual customers. As at the end of June 2017, the Group's consolidated total assets reached RMB5.99 trillion while equity attributable to shareholders of the parent company stood at RMB425,780 million. Ping An Life and Ping An Property & Casualty are both ranked the second largest in China, Ping An Annuity ranked top in China in their respective areas by premium income. Its subsidiary Ping An Bank is China's first joint stock bank. The Company's key areas of business include investment, with subsidiaries such as Ping An Trust, Ping An Securities and Ping An Asset Management. Further, Ping An strives to develop internet finance, including Lufax, Ping An Good Doctor, Ping An Haofang, E-Wallet, Financial OneConnect. It has achieved significant growth in both the scale and user base of internet finance. As at 30 June 2017, the number of internet users of the Company reached 403 million.
Ping An ranked 16th in Forbes' 2017 Global 2000, it ranked 39th in Fortune Magazine's 2017 Global 500 Leading Companies. Apart from these accolades, Ping An ranked 61st in WPP Millward Brown's BrandZTM Top 100 Most Valuable Global Brands ranking.
For more information, please visit http://t.sina.com.cn/pingan, http://t.qq.com/pingan or www.pingan.com.cn.
For enquiries, please contact:
Hill+Knowlton Strategies Asia:
Beatrice Wong Bowen Chiu
Tel: (852) 2894 6373 / (852) 9732 8223 Tel: (852) 2894 6233 / (852) 9783 0643
Email: [email protected]
SOURCE Ping An Insurance (Group) Company of China, Ltd.
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