Ping An Insurance (Group) Company of China, Ltd.

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for informational purposes only and you agree not to misrepresent any calculations derived from the information included in this workbook as Ping An’s calculations

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Contact info: IR@pingan.com.cn, PR@pingan.com.cn

Ping An Insurance (Group) Company of China, Ltd.
2019/ 2018/ 2017/ 2016/
Change
Dec.31, 2019 Dec.31, 2018 Dec.31, 2017 Dec.31, 2016
Customer Development
Number of internet users (in million) 515.50 443.59 0.16 429.51 346.30
Number of retail customers (in million) 200.48 180.22 0.11 156.90 131.07
Number of contracts per customer (contract) 2.64 2.54 3.9% 2.38 2.21
Operating profit per customer (in RMB) 612.54 542.28 13.0% 474.99 N/A
Proportion of customers holding multiple contracts with different subsidiaries (%) 36.8 34.3 2.5 pps YTD 29.6 24.0
Proportion of new customers sourced from ecosystem internet users (%) 40.7 34.4 6.3 pps YoY 37.2 22.3

Group (in RMB million, unless otherwise stated)

Operating profit attributable to shareholders of the parent company 132,955 112,573 18.1% 94,708 68,252
Operating ROE (%) 21.7 21.9 -0.2 pps YoY 22.0 19.0
Basic operating earnings per share (in RMB) 7.48 6.31 18.5% 5.31 3.82
Dividend per share (in RMB) 2.05 (1) 1.72 19.2% 1.50 0.75
Equity attributable to shareholders of the parent company 673,161 556,508 21.0% 473,351 383,449
Embedded value 1,200,533 1,002,456 19.8% 825,173 637,703
Net profit attributable to shareholders of the parent company 149,407 107,404 39.1% 89,088 62,394
Group comprehensive solvency margin ratio (%) 229.8 216.4 13.4 pps YTD 214.9 210.0
Total Assets 8,222,929 7,142,960 15.1% 6,493,075 5,576,903
Total liabilities 7,370,559 6,459,317 14.1% 5,905,158 5,090,442

Life and health insurance business (in RMB million, unless otherwise stated)
Operating return on embedded value (%) 25.0 30.8 -5.8 pps YoY 35.5 27.0
Embedded value 757,490 613,223 23.5% 496,381 360,312
New business value 75,945 72,294 5.1% 67,357 50,805
Operating profit 88,950 71,345 24.7% 52,824 40,518
Residual margin 918,416 786,633 16.8% 616,319 454,705
Comprehensive solvency margin ratio – Ping An Life (%) 231.6 218.8 12.8 pps YTD 234.1 225.9

Property and casualty insurance business (in RMB million, unless otherwise stated)
Operating profit 20,952 12,274 70.7% 13,372 12,700
Combined ratio (%) 96.4 96.0 0.4 pps YoY 96.2 95.9
Comprehensive solvency margin ratio 259.2 223.8 35.4 pps YTD 217.5 267.3

Banking business (in %, unless otherwise stated)

Net profit (in RMB million) 28,195 24,818 13.6% 23,189 22,599
Net interest margin 2.62 2.35 0.27 pps YoY 2.37 2.75
Cost-to-income ratio 29.61 30.32 -0.71 pps YoY 29.89 25.97
Non-performing loan ratio 1.65 1.75 -0.10 pps YTD 1.70 1.74
Provision coverage ratio for loans more than 90 days overdue 222.89 159.45 63.44 pps YTD 105.67 98.51
Core tier 1 capital adequacy ratio 9.11 8.54 0.57 pps YTD 8.28 8.36

Asset management business (in RMB million, unless otherwise stated)

Trust business net profit 2,598 3,012 -13.7% 3,957 2,322
Securities business net profit 2,376 1,680 41.4% 2,123 2,215

Technology business (in RMB million, unless otherwise stated)

Operating profit 4,661 7,748 -39.8% 5,488 (3,575)
Notes:
(1) This includes a final dividend of RMB1.30 per share pending approval at the 2019 Annual General Meeting.
(2) Some indicators have been disclosed for less than five years. Certain figures have been reclassified or restated to conform to relevant periods’presentation.
(3) Indicators including embedded value, NBV, NBV margin and solvency margin ratios in and after 2016 are assessment results under the C-ROSS. Data for 2015 have been rest

Copyright Ping An Group 2019

 2015/
Dec.31, 2015

241.57
109.10
2.03
N/A
19.0
19.4

N/A
N/A
N/A
0.53
334,248
551,514
54,203
204.9
4,765,159
4,351,588

21.4
325,474
38,420
N/A
330,846
219.7
 N/A
95.6
269.5

21,865
2.81
31.31
1.45
N/A
9.03

2,888
2,478

N/A

a for 2015 have been restated.

Ping An Insurance (Group) Company of China, Ltd.
1. Operating Profit Of the Group (Table A)

Property and
Life and health
(in RMB million) casualty insurance
insurance business
business
Table B Table C
Net profit attributable to shareholders of the parent
102,659 22,697
company
Net profit attributable to non-controlling interests 1,078 111
Net profit (A) 103,737 22,808
Excluding:
Short-term investment variance(1) (B) 19,354 -
Impact of discount rate change (C) (13,164) -
Impact of one-off material non-operating items(2) (D) 8,597 1,856
Operating profit (E=A-B-C-D) 88,950 20,952
Operating profit attributable to shareholders of the
88,054 20,850
parent company
Operating profit attributable to non-controlling interests 896 102

Property and
Life and health
(in RMB million) casualty insurance
insurance business
business
Table B Table C
Net profit attributable to shareholders of the parent
57,914 12,215
company
Net profit attributable to non-controlling interests 843 59
Net profit (A) 58,757 12,274
Excluding:
Short-term investment variance(1) (B) (12,853) -
Impact of discount rate change (C) 265 -
Impact of one-off material non-operating items (D) (2)
- -
Operating profit (E=A-B-C-D) 71,345 12,274
Operating profit attributable to shareholders of the
70,320 12,215
parent company
Operating profit attributable to non-controlling interests 1,026 59
Notes:
(1)
(2) Short-term investment
Impacts of one-off variance isitems
non-operating the variance between
are material itemsthe actual
that investment
management return andtothe
considered be EV ultimate investment
non-operating ret
income and
2019 as a result of the Company’s insurance subsidiaries implementing the Circular on Pre-tax Deduction of Fee and Co
The
impact of one-off non-operating item in 2018 referred to the fair value revaluation gain or loss, as required by the accoun
The fair
value of the convertible bonds significantly increased due to Lufax Holding’s Series C financing.
(3) The life and health insurance business represents results of Ping An Life, Ping An Annuity, and Ping An Health. The pro
represents results of Ping An Bank. The trust business represents results of Ping An Trust and Ping An New Capital. Th
results of companies that engage in asset management business including Ping An Asset Management, Ping An Financ
technology business including Lufax Holding, OneConnect, Ping An Good Doctor, Ping An HealthKonnect, and Autohom
(4) Figures may not match the calculation due to rounding.

2. Results of life and health insurance business

2.1 Analysis of operating profit and profit sources (Table B)
(in RMB million) 2019 2018
Release of residual margin (A) 74,454 62,287
Return on net worth (B) 11,738 8,959
Spread income (C) 3,947 5,048
Operating variance and others (D) 10,406 21,749
Operating profit before tax (E=A+B+C+D) 100,545 98,043
Income tax (F) (11,595) (26,698)
Operating profit after tax (G=E+F) 88,950 71,345
Short-term investment variance (H) 19,354 (12,853)
Impact of discount rate change (I) (13,164) 265
Impact of one-off material non-operating items (J) 8,597 -
Net profit (K=G+H+I+J) 103,737 58,757
Note: Figures may not match the calculation due to rounding.

2.2 The movement of residual margin of life and health insurance business
(in RMB million) 2019 2018
Openning residual margin 786,633 616,319
Contribution from new business 155,684 177,485
Expected interest growth 33,811 28,498
Release of residual margin (74,454) (62,287)
Lapse variances and others 16,742 26,617
Closing residual margin 918,416 786,633
Note：Figures may not match totals due to rounding.

2.3 Residual Margin Analysis of L&H

(in RMB million) Residual Margin Change (%)
Dec. 31, 2015 330,846 -
Dec. 31, 2016 454,705 37.4
Dec. 31, 2017 616,319 35.5
Dec. 31, 2018 786,633 27.6
Dec. 31, 2019 918,416 16.8
Note: Above Residual margin of L&H in 2016 is based on the total of Ping An Life, Ping An Annuity and Ping An Health, wh
annual
report is based on Ping An Life solely.

2.4 Release of Residual Margin of L&H

Including:
Release of Residual
(in RMB million) Proportion of long-
Margin
term protection
2011 13,400 52
2012 15,865 52
2013 18,710 54
2014 22,519 58
2015 29,267 63
2016 38,202 69
2017 49,811 72
2018 62,287 73
2019 74,454 73
Note: The above figures are data of Ping An Life for 2011-2015 and data of the L&H business for 2016-2019.

3. Results of property & casualty business (Table C)

(in RMB million) 2019 2018
Premium income 270,930 247,444
Net earned premiums 231,403 211,918
Claim expenses (132,615) (116,305)
Commission expenses of insurance operations (39,368) (49,337)
Administrative expenses (57,567) (44,760)
Reinsurance commission income 6,547 6,964
Underwriting profit 8,400 8,480
 Combined ratio (%) 96.4 96.0
Total investment income 17,981 11,016
Average investment assets 273,819 249,576
Total investment yield (%) 6.6 4.4
Other net revenue and expenses (896) 19
Profit before tax 25,485 19,515
Income tax (2,677) (7,241)
Net profit after tax (A) 22,808 12,274
Impact of one-off material non-operating items 1,856 -
Operating profit (C=A-B) 20,952 12,274

3.1 Operating data by product type

(in RMB million) Insured amount Premium income
Auto insurance 65,925,601 194,315
Guarantee insurance 374,438 34,708
Liability insurance 1,156,894,115 11,981
Accidental injury insurance 624,006,362 11,750
Corporate property & casualty insurance 19,128,756 6,356

4. Results of banking business (Table D)

(in RMB million) 2019 2018
Net interest revenue 89,961 74,745
Average balance of interest-earning assets 3,433,756 3,186,151
Net interest margin (%) 2.62 2.35
Net non-interest revenue 47,997 41,971
Including: Net fee and commission revenue 36,743 31,297
Other net non-interest revenue 11,254 10,674
Revenue 137,958 116,716
General and administrative expenses (40,852) (35,391)
Cost-to-income ratio (%) 29.61 30.32
Loan impairment loss (53,288) (43,657)
Average balance of loans (including discounted bills) 2,096,394 1,858,353
Credit costs (%) 2.54 2.35
Other expenses (7,578) (5,437)
Profit before tax 36,240 32,231
Income tax (8,045) (7,413)
Net profit 28,195 24,818

4.1 Loan quality

(in RMB million) December 31, 2019 December 31, 2018
Total loans and advances 2,323,205 1,997,529
Pass 2,238,307 1,908,072
Special mention 46,665 54,552
Non-performing loans 38,233 34,905
Non-performing loan ratio (%) 1.65 1.75
Deviation of loans more than 90 days overdue (%) 82 97
Balance of loans more than 90 days overdue 31,411 33,984
Percentage of loans more than 90 days overdue (%) 1.35 1.70
Percentage of special mention loans (%) 2.01 2.73
Impairment provision balance (70,013) (54,187)
Loan loss provision ratio (%) 3.01 2.71
Provision coverage ratio (%) 183.12 155.24
Provision coverage ratio for loans more than 90 days
222.89 159.45
overdue (%)

5. Results of trust business (Table E)

(in RMB million) 2019 2018
Fees and commission revenue 3,722 3,801
Monthly average assets held in trust 491,630 588,788
Fee rate of assets held in trust (%) 0.76 0.65
Fees and commission expenses (190) (116)
Net fees and commission revenue 3,532 3,685
Administrative expenses (1,217) (1,039)
Total investment revenue 617 1,104
Other net revenue and expenses 437 163
Profit before tax 3,369 3,913
Income tax (771) (901)
Net profit 2,598 3,012

5.1 Assets held in trust

(in RMB million) December 31, 2019 December 31, 2018
Investment category 83,001 100,829
Capital market investment 56,879 46,767
Financial institutions' investment 9,652 11,644
Other investments 16,470 42,418
Financing category 174,675 185,870
Infrastructure industry financing 20,569 25,736
Real estate financing 116,237 92,930
Corporate loans 30,585 59,598
Pledge and other financing 7,284 7,606
Administrative category 184,932 247,425
Total 442,608 534,124

5.2 Fees and commission revenue

(in RMB million) 2019 2018
Fees and commission revenue 3,722 3,801
Investment category 924 1,406
Financing category 2,384 1,913
Administrative category 414 482
Fee rate of assets held in trust (%) 0.76 0.65
Investment category (%) 1.00 1.14
Financing category (%) 1.35 1.10
Administrative category (%) 0.19 0.17

6.Results of securities business (Table F)

(in RMB million) 2019 2018
Fees and commission revenue 5,457 4,014
Fees and commission expenses (1,183) (847)
Net fees and commission revenue 4,274 3,167
Total investment income 5,520 4,654
Other revenue 4,510 2,928
Revenue 14,304 10,749
Administrative expenses (3,892) (3,497)
Cost-to-income ratio (%) 44.8 52.7
Financial costs (1,813) (1,125)
Other expenses (5,612) (4,113)
Profit before tax 2,987 2,014
Income tax (611) (334)
Net profit 2,376 1,680

6.1 Fees and commission revenue

(in RMB million) 2019 2018
Brokerage business 3,544 2,321
Underwriting business 991 750
Asset management business 463 527
Others 459 416
Total 5,457 4,014

Copyright Ping An Group 2019

 2019
Other Asset
Technology
Banking business Trust business Securities business management
business
business
Table D Table E Table F
16,342 2,595 2,319 4,680 3,487
11,853 3 57 761 1,174
28,195 2,598 2,376 5,441 4,661

- - - - -
- - - - -
- - - - -
28,195 2,598 2,376 5,441 4,661
16,342 2,595 2,319 4,680 3,487
11,853 3 57 761 1,174

2018
Other Asset
Technology
Banking business Trust business Securities business management
business
business
Table D Table E Table F
14,394 3,008 1,599 8,264 14,006
10,424 4 81 753 978
24,818 3,012 1,680 9,017 14,984

- - - - -
- - - - -
- - - - 7,236
24,818 3,012 1,680 9,017 7,748
14,394 3,008 1,599 8,264 6,770
10,424 4 81 753 978

he
be EV ultimate investment
non-operating return
income and assumption
expenses, (5%),
which net of
in 2019 theto
refer associated impact
the one-off onofinsurance
impact and investment
the decrease contract
in income tax liability.
for 2018 factored into th
-tax Deduction of Fee and Commission Expense for Insurers issued by the Ministry of Finance and the State Administration of Taxation

ss, as required by the accounting standards, of the convertible bonds issued by Lufax Holding to the Group as the consideration of Puhu

cing.
and Ping An Health. The property and casualty insurance business represents results of Ping An Property & Casualty. The banking bus
and Ping An New Capital. The securities business represents results of Ping An Securities. The other asset management business repr
Management, Ping An Financial Leasing, and Ping An Overseas Holdings. The technology business represents results of companies tha
HealthKonnect, and Autohome. Eliminations include offsets against cross-shareholding among business lines.

Change (%) Notes

19.5 A
31.0
 (21.8)
(52.2)
2.6
(56.6)
24.7 See Table A
N/A
N/A
N/A
76.6

Change (%) Notes

27.6
(12.3)
18.6
19.5 A
(37.1)
16.8

nuity and Ping An Health, while that from 2016

Change of Release of
Residual Margin (%)

-
18.4
17.9
20.4
30.0
30.5
30.4
25.0
19.5
for 2016-2019.

Change (%) Notes

9.5
9.2 B
14.0
(20.2)
28.6
(6.0)
(0.9) D = B X (1- C)
 0.4 pps C
63.2 E=FXG
9.7 F
2.2 pps G
N/A
30.6
(63.0)
85.8
N/A
70.7 See Table A

Net earned premium Claim expenses Underwriting profit Combined ratio Reserve liabilities
176,799 101,063 4,915 97.2% 143,112
24,135 18,307 1,552 93.6% 55,359
9,230 4,156 223 97.6% 10,806
10,831 2,842 1,705 84.3% 7,253
3,187 1,618 524 83.6% 6,374

Change (%) Notes

20.4 H=IXJ
7.8 I
0.27 pps J
14.4
17.4
5.4
18.2 K
15.4 L = -(K X M)
-0.71 pps M
22.1 N = -(O X P)
12.8 O
0.19 pps P
39.4
12.4
8.5
13.6 See Table A

Change (%)
16.3
17.3
(14.5)
9.5
-0.10 pps
-15 pps
(7.6)
-0.35 pps
-0.72 pps
29.2
0.30 pps
27.88 pps
63.44 pps

Change (%) Notes

 (2.1) Q=RXS
(16.5) R
0.11 pps S
63.8
(4.2)
17.1
(44.1)
168.1
(13.9)
(14.4)
(13.7) See Table A

Change (%)
(17.7)
21.6
(17.1)
(61.2)
(6.0)
(20.1)
25.1
(48.7)
(4.2)
(25.3)
(17.1)

Change (%)
(2.1)
(34.3)
24.6
(14.1)
0.11 pps
-0.14 pps
0.25 pps
0.02 pps

Change (%) Notes

35.9
39.7
35.0
18.6
54.0
33.1 T
11.3 U = -(T-W) X V
-7.9 pps V
61.2
36.4 W
48.3
82.9
41.4 See Table A

Change (%)
52.7
 32.1
(12.1)
10.3
35.9
 Other Businesses
The Group
and elimination

(5,372) 149,407
(79) 14,958
(5,451) 164,365

- 19,354
- (13,164)
- 10,453
(5,451) 147,722
(5,372) 132,955
(79) 14,767

Other Businesses
The Group
and elimination

(3,996) 107,404
(94) 13,048
(4,090) 120,452

- (12,853)
- 265
- 7,236
(4,090) 125,804
(3,996) 112,573
(94) 13,231

ment contract
me tax liability.
for 2018 factored into the income tax for
tate Administration of Taxation on May 29, 2019.

up as the consideration of Puhui transaction.

rty & Casualty. The banking business

set management business represents
esents results of companies that engage in
lines.
Ping An Insurance (Group) Company of China, Ltd.
December 31, December 31,
(in RMB million) Change (%)
2019 2018
Total assets 8,222,929 7,142,960 15.1
Total liabilities 7,370,559 6,459,317 14.1
Shareholders' equity 852,370 683,643 24.7
Equity attributable to shareholders of the parent
673,161 556,508 21.0
company
Total shares (in million) 18,280 18,280 0.0
Net asset value per share attributable to
36.82 30.44 21.0
shareholders of the parent company (in RMB)
Investment portfolio of insurance funds 3,208,836 2,794,620 14.8
Group core capital 1,574,150 1,258,768 25.1
Group actual capital 1,607,650 1,290,268 24.6
Group minimum capital 699,522 596,238 17.3
Group core solvency margin ratio (%) 225.0 211.1 13.9 pps
Group comprehensive solvency margin ratio (%) 229.8 216.4 13.4 pps

Solvency margin Ping An Life

December 31, December 31,
(in RMB million) Change (%)
2019 2018
Core capital 934,301 741,727 26.0
Actual capital 949,301 764,727 24.1
Minimum capital 409,874 349,513 17.3
Core solvency margin ratio (%) 227.9 212.2 15.7 pps
Comprehensive solvency margin ratio (%) 231.6 218.8 12.8 pps
Notes:
(1) Core solvency margin ratio = core capital/minimum capital; comprehensive solvency margin ratio = actual capital/minimu
(2) The regulatory minimum requirements for the Core solvency margin ratio, and Comprehensive solvency margin ratio are
(3) For details of subsidiaries’ solvency margin, please visit the Company’s website (www.pingan.cn).
(4) Figures may not match the calculation due to rounding.

December 31, December 31,

Ping An Bank capital adequacy ratio Change (%)
2019 2018
Total risk weighted assets (in RMB million) 2,784,405 2,340,236 19.0
Core tier 1 capital adequacy ratio (%) 9.11 8.54 0.57 pps
Tier 1 capital adequacy ratio (%) 10.54 9.39 1.15 pps
Capital adequacy ratio (%) 13.22 11.50 1.72 pps
Note: The regulatory minimum requirements for the core tier 1 capital adequacy ratio, tier 1 capital
adequacy ratio, and capital adequacy ratio are 7.5%, 8.5%, and 10.5% respectively.

Stress test on comprehensive solvency

December 31, 2019
margin ratio
Ping An Group Ping An Life Ping An P&C
Central case 229.8% 231.6% 259.2%
50 bps decline in interest rate 222.2% 217.6% 259.8%
30% decrease in fair value of equity assets 220.2% 219.5% 254.4%

December 31, December 31,

Segment Assets (in RMB million) Change (%)
2019 2018
Life and health insurance business 3,062,412 2,632,057 16.4
Property and casualty insurance business 415,435 372,624 11.5
Banking business 3,939,070 3,418,592 15.2
Trust business 27,135 23,943 13.3
Securities business 138,964 122,302 13.6
Other asset management business 637,279 530,365 20.2
Technology business 132,217 123,787 6.8
Other businesses and elimination (129,583) (80,710) 60.6
The Group 8,222,929 7,142,960 15.1

December 31, December 31,

Segment liabilities (in RMB million) Change (%)
2019 2018
Life and health insurance business 2,808,318 2,446,812 14.8
Property and casualty insurance business 322,435 295,235 9.2
Banking business 3,626,087 3,178,550 14.1
Trust business 6,529 6,205 5.2
Securities business 107,323 92,901 15.5
Other asset management business 574,697 477,014 20.5
Technology business 37,173 36,493 1.9
Other businesses and elimination (112,003) (73,893) 51.6
The Group 7,370,559 6,459,317 14.1

December 31, December 31,

Segment Equity (in RMB million) Change (%)
2019 2018
Life and health insurance business 254,094 185,245 37.2
Property and casualty insurance business 93,000 77,389 20.2
Banking business 312,983 240,042 30.4
Trust business 20,606 17,738 16.2
Securities business 31,641 29,401 7.6
Other asset management business 62,582 53,351 17.3
Technology business 95,044 87,294 8.9
Other businesses and elimination (17,580) (6,817) 157.9
The Group 852,370 683,643 24.7

Equity Attributable to Shareholders of the December 31, December 31,

Change (%)
Parent Company (in RMB million) 2019 2018
Life and health insurance business 246,069 178,824 37.6
Property and casualty insurance business 92,548 77,014 20.2
Banking business 169,814 139,224 22.0
Trust business 20,581 17,717 16.2
Securities business 30,256 27,976 8.1
Other asset management business 45,381 43,161 5.1
Technology business 85,737 79,541 7.8
Other Businesses and elimination (17,225) (6,949) 147.9
The Group 673,161 556,508 21.0

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

December 31, December 31,

(in RMB million)
2019 2018
Assets (Audited) (Audited)

Cash and amounts due from banks and other

508,706 457,524
financial institutions
Balances with the Central Bank 246,771 273,513
Financial assets purchased under reverse
96,457 92,951
repurchase agreements
Premium receivables 82,416 67,150
Accounts receivable 28,579 22,011
Derivative financial assets 18,957 21,911
Reinsurers’ share of insurance liabilities 17,703 16,671
Policy loans 139,326 111,219
Finance lease receivables 183,957 165,214
Loans and advances to customers 2,240,396 1,929,842
Financial assets at fair value through profit or
961,073 824,939
loss
Financial assets at amortized cost 2,281,225 2,075,151
Debt financial assets at fair value through
458,165 310,901
other comprehensive income
Equity financial assets at fair value through
282,185 222,639
other comprehensive income
Investments in associates and jointly controlled
204,135 154,895
entities
Statutory deposits for insurance operations 12,501 12,446
Investment properties 39,848 38,242
Property and equipment 46,971 49,323
Intangible assets 63,333 58,450
Right-of-use assets 16,553 -
Deferred tax assets 50,301 45,187
Other assets 197,240 156,473
Policyholder account assets in respect of
41,763 32,344
insurance contracts
Policyholder account assets in respect of
4,368 3,964
investment contracts
Total assets 8,222,929 7,142,960

Equity and liabilities

Equity
Share capital 18,280 18,280
Reserves 225,911 203,719
Treasury shares (5,001) -
Retained profits 433,971 334,509
Equity attributable to owners of the
673,161 556,508
parent
Non-controlling interests 179,209 127,135
Total equity 852,370 683,643

Liabilities
Due to banks and other financial
824,025 803,154
institutions
Financial liabilities at fair value through
39,458 16,975
profit or loss
Derivative financial liabilities 24,527 22,247
Assets sold under agreements to repurchase 176,523 189,028
Accounts payable 4,821 4,713
Income tax payable 12,445 31,416
Insurance payables 126,255 120,688
Policyholder dividend payable 59,082 52,591
Customer deposits and payables to
2,431,713 2,114,344
brokerage customers
Bonds payable 699,631 556,875
Insurance contract liabilities 2,612,184 2,211,887
Investment contract liabilities for policyholders 57,489 52,747
Lease liabilities 15,986 -
Deferred tax liabilities 22,282 18,476
Other liabilities 264,138 264,176
Total liabilities 7,370,559 6,459,317
Total equity and liabilities 8,222,929 7,142,960

Copyright Ping An Group 2019

a, Ltd.

Ping An Annuity Ping An Health

December 31, December 31, December 31, December 31,
Change (%) Change (%)
2019 2018 2019 2018
10,423 8,677 20.1 2,251 1,690 33.2
10,423 8,677 20.1 2,251 1,690 33.2
4,219 3,473 21.5 1,064 553 92.4
247.0 249.8 -2.8 pps 211.6 305.5 -93.9 pps
247.0 249.8 -2.8 pps 211.6 305.5 -93.9 pps

argin ratio = actual capital/minimum capital.

hensive solvency margin ratio are 50%, and 100% respectively.
 Ping An Property & Casualty
December 31, December 31,
Change (%)
2019 2018
92,897 77,057 20.6
111,397 85,557 30.2
42,982 38,236 12.4
216.1 201.5 14.6 pps
259.2 223.8 35.4 pps
Ping An Insurance (Group) Company of China, Ltd.
Key Data Summary
2019/ 2018/
(in RMB million) Change (%)
Dec.31, 2019 Dec.31, 2018
EV of Group 1,200,533 1,002,456 19.8
Group operating profit after tax attributable to
132,955 112,573 18.1
shareholders of the parent company
EV of L&H 757,490 613,223 23.5
Operating ROEV of L&H(%) 25.0 30.8 -5.8 pps
Value of one year's new business after cost capital of
75,945 72,294 5.1
L&H (NBV)
L&H operating profit after tax attributable to shareholders
88,054 70,320 25.2
of the parent company
Residual margin of L&H 918,416 786,633 16.8
Ultimate investment return rate(%) 5.0 5.0 -
Risk discount rate(%) 11.0 11.0 -

2.EV Movement Analysis

2.1 Movement analsysis of life and health insurance business(L&H) EV
(in RMB million) 2019 Notes
Opening EV of L&H 613,223 A
EV operating profit 153,375 B = C+D+E+F
Including: Expected return on opening EV 57,757 C
NBV post-risk diversification benefits 90,048 D
Operating assumptions and model changes 1,898 E
         Operating variances and others 3,672 F
Economic assumptions changes -
Market value adjustment 271
Investment return variance 32,142
Non-operating one-off item 8,540
Shareholder dividends -48,536
Employee stock ownership plan -1,525
Closing EV of L&H 757,490
Note: Figures may not match the calculation due to rounding.

2.2 Movement analsysis of Group EV

(in RMB million) 2019 Notes
Opening EV of Group 1,002,456 G
EV operating profit 198,276 H = I+J+K+L+M
Including: Operating profit of other business 44,901 I
Expected return on opening EV of L&H 57,757 J
NBV post-risk diversification benefits 90,048 K
Operating assumptions and model changes 1,898 L
           Operating variances and others 3,672 M
Non-Operating profit 10,387
Economic assumptions changes -
Market value adjustment 244
Investment return variance 32,142
Dividends paid (33,775)
Employee stock ownership plan (4,195)
Shares repurchase (5,001)
Closing EV of Group 1,200,533
Note: Figures may not match the calculation due to rounding.
2.3 Operating return of EV (operating ROEV)
(in RMB million) 2019 2018 Notes
EV operating profit of L&H 153,375 153,109 B
Operating ROEV of L&H 25.0 30.8 N=B/A

3. NBV Relevant Data

3.1 NBV by segment
FYP used to calculate value of new business
(in RMB million)
2019 2018 Change (%)
Retail business 126,352 133,417 (5.3)
Agency 105,043 112,712 (6.8)
Long-term protection 47,662 51,701 (7.8)
Protection &Saving hybrid (long-PPP) 11,845 9,365 26.5
Protection &Saving hybrid (short-PPP) 39,125 44,717 (12.5)
Short-term 6,411 6,929 (7.5)
Tele, internet and others 15,477 16,091 (3.8)
Bancassurance 5,832 4,613 26.4
Group business 34,126 32,030 6.5
Total 160,478 165,446 (3.0)
Notes:
(1) “PPP” stands for Premium Payment Period.
(2) Tele, internet and others include telemarketing, internet marketing and Ping An Health’s retail business.
(3) Long-term protection covers whole-life, term life, critical illness and long term accident insurance. Protection & Saving (lo
insurance with a PPP of ten years or longer. Protection & Saving (short-PPP) covers endowment and annuity insurance
(4) Figures may not match the calculation due to rounding.

3.2 NBV margin by segment

By FYP (%)
2019 2018 Change
Retail business 59.7 53.9 5.8 pps
Agency 64.9 57.1 7.8 pps
Long-term protection 104.9 94.7 10.2 pps
Protection &Saving hybrid (long-PPP) 56.2 55.4 0.8 pps
Protection &Saving hybrid (short-PPP) 22.1 16.9 5.2 pps
Short-term 45.4 38.3 7.1 pps
Tele, internet and others 39.3 41.1 -1.8 pps
Bancassurance 20.4 18.7 1.7 pps
Group business 1.3 1.3 -
Total 47.3 43.7 3.6 pps
Note: ANP (Annualised new premium) is calculated as the sum of 100 per cent of annualised first year premiums and 10 pe

Copyright Ping An Group 2019

 New Business Value
2019 2018 Change (%)
75,486 71,874 5.0
68,209 64,401 5.9
49,998 48,975 2.1
6,661 5,192 28.3
8,640 7,577 14.0
2,909 2,657 9.5
6,087 6,608 (7.9)
1,191 865 37.7
459 420 9.3
75,945 72,294 5.1

e. Protection & Saving (long-PPP) covers endowment and annuity

nt and annuity insurance with a PPP shorter than ten years.

By ANP (%)
2019 2018 Change
62.4 54.7 7.7 pps
68.4 58.5 9.9 pps
104.9 94.6 10.3 pps
55.8 55.2 0.6 pps
25.6 18.0 7.6 pps
45.4 38.5 6.9 pps
37.1 40.5 -3.4 pps
21.8 19.5 2.3 pps
1.8 1.8 -
51.6 46.7 4.9 pps
year premiums and 10 per cent of single premiums.