中国平安：2023年投资者开放日报告：走进平安集团综合金融

2023.11.06

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汇率变动、市场份额、同业竞争、环境风险、法律、财政和监管变化、国际经济和金融市场条件及其他非本公司可控制的风险和因素。本

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Cautionary Statements Regarding Forward-Looking Statements

To the extent any statements made in this Report contain information that is not historical, these statements are essentiallyforward-looking. These

forward-looking statements include but are not limited to projections, targets, estimates and business plans that the Company expects or anticipates

may or may not occur in the future. Words such as “potential”, “estimates”, “expects”, “anticipates”, “objective”, “intends”,“plans”, “believes”, “will”,

“may”, “should”, variations of these words and similar expressions are intended to identify forward-looking statements.

These forward-looking statements are subject to known and unknown risks and uncertainties that may be general or specific. Readers should be

cautioned that a variety of factors, many of which are beyond the Company’s control, affect the performance, operations and results of the Company,

and could cause actual results to differ materially from the expectations expressed in any of the Company’s forward-looking statements. These factors

include, but are not limited to, exchange rate fluctuations, market shares, competition, environmental risks, changes in legal, financial and regulatory

frameworks, international economic and financial market conditions and other risks and factors beyond our control. The forward-looking statements

herein do not constitute a material commitment by the Company to investors, and investors and related persons should maintainanadequate

understanding of the risks and should understand the differences between commitments and forward-looking statements such as plans and forecasts.

These and other factors should be considered carefully; readers should not place undue reliance on the Company’s forward-lookingstatements, and

should pay attention to investment risks. In addition, the Company undertakes no obligation to publicly update or revise any forward-looking statement

that is contained in this Report as a result of new information, future events or otherwise. Neither the Company nor any of its employees or affiliates is

responsible for, or is making, any representations concerning the future performance of the Company.

14:00 -15:00集团综合金融战略介绍Presentation

15:00 -15:15茶歇Tea break

15:15 -16:00

问答环节Q&A

Group President and Co-CEO

集团总经理兼联席首席执行官

Yonglin Xie

谢永林

Deputy Director and Secretary General of

Group Retail Integrated Finance Committee

集团个人客户综合金融管理委员会副主任兼秘书长

Frank Cai

蔡新发

目录

Outlook

未来展望

What is integrated

finance?

什么是

综合金融？

Why integrated

finance?

为什么

要做综合金融？

Why does PA’s Integrated

Finance Model Work？

为什么

平安综合金融可以成功？

Providing one-stop integrated financial solutions to meet diversified

customer financial needs and maximize the value of customers and Ping An

平安通过一站式综合金融解决方案，满足客户多元化金融需求，实现客户与公司的价值最大化

Chapter I：What isIntegrated Finance?

第一章什么是综合金融？

历经三十年，综合金融始终是贯穿平安发展、实现未来愿景的核心战略

Throughout the past three decades, integrated finance has always been a core strategy

that runs through PA's development and underpins its future vision

World-leading

integrated finance and healthcare + eldercare services provider

国际领先的综合金融、医疗+养老服务集团

Technological Empowerment 科技赋能

Integrated Finance 综合金融

Healthcare + Eldercare医疗+养老

one customer, one account, multiple products, one -stop services

一个客户、一个账户、多种产品、一站式服务

Family doctors and eldercare concierges

家庭医生、养老管家

One vision

一个愿景

Business model

商业模式

Technology driven

科技驱动

Empowering financial services with technologies, empowering financial services

with ecosystems, and advancing development with technologies

科技赋能金融、生态赋能金融、科技促进发展

Professional and convenient one-stop integrated finance solutions, centered around customer needs to maximize value

平安专业、便捷的一站式综合金融解决方案，围绕客户需求，实现价值最大化

Customer’s financial needs

客户金融需求

One-stop integrated financial solutions

一站式综合金融解决方案

Deliver Customer Value

客户价值实现

one customer

一个客户

one account

一个账户

multiple products

多种产品

one-stop services

一站式服务

买保险投资

买车储蓄

买房

信用卡

医疗

健康养老

…

…

Full coverage of all daily

financial scenarios

日常金融场景全覆盖

?Worry-free,simple, comprehensive

?Time-saving, clear and convenient

?Money-saving, lower cost, higher

efficiency

?省心、简单、周全

?省时、清晰、便捷

?省钱、节支、增效

Insurance

Investment

Deposit

Credit card

HealthcareMedicalcareEldercare

House

Car

综合金融案例：组合产品一站式满足客户复杂需求

Examples: Product portfolio addresses complex demands with one-stop services

?Providing combo products and 72 auto owner benefits,

serving89mn+PA car owner customers (32%of China’s

private car owners)

?

提供双边产品及

项车生活综合权益，服务

0.89

亿平安车主客

户（占全国私家车主

32%

）

+

?Auto insurance

?Auto owner credit card

?Auto owner benefits platform (gas

discount, parking coupon, chauffeur

voucher,etc.)

?Auto purchase and maintenance

?Gas, parking, chauffeur

?Annual inspection & insurance

?Daily consumption needs

…

?购车养车

?加油、停车、代驾

?年检、保险办理

?生活消费

…

?车险

?车生活主题信用卡

?车生活权益平台（加油折扣、停车抵

扣券、免费代驾券等）

综合金融案例：统一营销服务平台提供一站式客户体验

Examples: Integrated marketing and service platform creates one-stop user experience

?Fortune God Festival

108财神节

?Health Festival

99健康节

?Car owner campaign

车主节

?Fund festival

基金节

…

?Attracted over 230mn+ monthly visits with

seamless navigation through apps

?Iconic PA sales campaign provide best offer for

customers, achieving RMB 5 trillion+ average

annual transaction volume

?月度聚合流量规模2.3+亿，实现跨APP的无缝体验

?打造平安标志性产品节，为客户提供最大化营销优

惠，创造年均5万亿+交易额

?Wide product offering covering multiple

scenarios

?Information aggregation empowers one

channel serving all demands

?Attractively priced products and services

…

?选择多样，涵盖场景下全部产品需求

?信息聚合，一个渠道解决所有需求

?价格优惠，产品服务价格更低

?…

?Smart mini program “Ren Yi Men”(cross-app navigation tool) putting

together essential features (account management, financial product

market) and connecting 13 apps (e.g. Bank, Life, P&C, Securities,

PA Health)

?Synergized multi-themed band marketing across 15+ companies

?统一智能小程序“任意门”，集中展示客户最需要的信息（如账户

管家、金融超市），连接13家公司APP（如银行、寿险、产险、证

券、平安健康）

?集团统一、节奏轮动的“波段营销”体系，协同15+公司多主题营销

Integrated Finance is the natural choice of PA’s development, the core driver of PA’s value growth

综合金融是平安发展的必然选择，是平安价值增长的核心驱动力

Chapter II：Why Integrated Finance?

第二章为什么要做综合金融？

While multiple groups have pursued the integrated finance model, there have been few successes globally given challenges

综合金融是国际金融业模式的重要选项，但复杂度极高、难度巨大，鲜见成功案例

?A world's leading multinational banking group

?The world's largest financial services group

?An established global cross-selling financial

institution

?…

?全球领先的跨国银行集团

?全球规模最大的金融服务集团

?全球老牌交叉销售金融机构

?…

International financial group attempted to layout integrated finance

国际金融集团尝试布局综合金融

Challenges

面临挑战与困难

?Incomplete financial licenses

?Culture clashes between different business units/ industries

?Elevated policy/ regulation risks from pursuing integrated finance

model across multiple different countries

?Economic cycle/ market risks

?Insufficient core technology capabilities (i.e. point of sale systems,

not financial cloud enabled)

?Weak centralization of back office resources

?Weak management controls and incentivation systems

?…

?金融牌照不完备

?异业融合文化差距大

?跨国经营提升政策监管风险

?经济周期市场风险

?核心科技能力不足（销售触点技

术、金融云等）

?后台资源集中程度低

?管控和激励制度薄弱

?…

虽然综合金融很难，但从国家、客户、股东的需求出发，平安坚定地选择了综合金融的道路

Despite the challenges, PA steadfastly pursued integrated finance to meet the demands of country, customers and shareholders

?Comprehensive asset

allocation

?One-stop services

?Worry-free,time-saving,

and money-saving

Diversity and

convenience

Customer needs

满足客户需求

?More nimble and efficient

operations

?More stable financial

performance

?Higher shareholder returns

Great returns

Shareholder needs

符合股东需求

?Serve individuals

underserved financial needsto help improve their well-being

?Support real economy

Prosperous

country and

people

National needs

支持国家需求

国富民强丰富便捷丰厚回报

?金融为民，提升幸福感

?支持实体经济，高效精确

专业

?完善的资产配置

?一站式服务

?省心、省时、省钱

?更敏捷的运营效率

?更稳定的财务表现

?更好的股东回报

平安完美契合了中国客户对综合金融的期待

PA integrated finance model meets the demanding needs of Chinese customers

Data source: Pingan’s customer internal research数据来源：平安内部调研

Unique

business

model

独特的

商业模式

一个客户

一个账户

多种产品

一站式服务

Customer-

centric value

客户为中心

的价值主张

省心

省时

省钱

Worry-free

Time-saving

Money-saving

One customer

One account

Multiple products

One-stop service

PA Integrated Finance

平安综合金融

?实力雄厚，信赖可靠

?产品简单，规则清晰

?人员专业，服务专业

?快速解决需求

?任何问题一站解决

?智能科技，流程简单

?高性价比的产品服务

?有竞争力的投资收益回报

?更多会员优惠福利

?Strong brand, reliable choice

?Simple products, clear terms

?Professional staff and services

Expertise and quality

assurance

专业性与品质保障

Service efficiency and

responsiveness

服务效率及响应速度

Lower fees, more benefits and

better offers

费用、优惠福利及折扣

Integrated finance

needs to meet

Chinese

customers

demands

中国客户对

综合金融产品的

核心诉求

?Fast solutions

?One-stop for all queries

?Smart tech and simple processes

?Good value-for-money products and

services

?Competitive investment return

?More membership offers and benefits

事实证明，综合金融惠及股东，是平安实现超市场高速发展的正确选择

Integrated finance has driven superior and more stable profit growth for our shareholders

Note: China‘s GDP from the National Bureau of Statistics; Industry net profit takes the arithmetic average net profit data from the WIND industry sector. All indicators are from 1992 to 2022 except for the insurance industry, which is from 2007 to 2022.

注：中国GDP为国家统计局数据；行业净利润为WIND行业板块算术平均净利润数据，除保险业为2007-2022年外，其余指标均为1992-2022年数据

+27%

+14%

+17%

+21%

+5%

Vs.

19.5%

18.9%

17.9%

14.6%

11.7%

9.0%

11.4%

11.7%

11.4%

202020212022

PA’s net profit growth significantly outperformed the market

净利润稳健增长，增速远超市场

Maintain high ROE, smooth out

cyclical fluctuations

ROE保持高位，平滑行业周期波动

Financial industry net profit

金融业净利润

China’s GDP

中国GDP

Banking industry net profit

银行业净利润

Insurance industry net profit

保险业净利润

Macro indicators CAGR over the same period

同期宏观指标复合增速

PA’s Net profit CAGR

平安净利润复合增速

Note: All data is for China market; industry ROE calculated based on WIND data注：均为中国市场数据，行业ROE基于WIND数据测算

Ping An 平安

Listed banks

上市银行

Listed Insurers上市保险公司

Retail OPAT, RMB 100million

个人业务营运利润，亿元

Profit per customer,

RMB

客均利润，元

Contracts per

customer

客均合同，个

Retail customers

million

客户数，百万人

个人

1228

1230

1300

1326

+4.2x

+4.2倍

个人

综合金融持续推动三大客户经营指标“三数”高质量增长

Integrated finance success is driven by our ability to grow the “three numbers”

+1.5x

+1.5倍

+2.1x

+2.1倍

个人

2.03

2.22

2.35

2.54

2.67

2.81

2.91

个人

2.97

+2.0x

+2.0倍

2015VS.2022

2015VS.2022

2015-2022

综合金融对各类业务业绩作出了非常显著的贡献

Integrated finance model has made a significant contribution to individual business unit performance

Note: Data as of Sep. 2023; Annuity ranks No.3 in the market, Health insurance ranks No.2 in the market, P&C ranks No.2 in the market, Bank retail AUM balance ranks No.13 in the market注：数据截至2023年9月；养老险市场排名第3，健康险市场排名第2，产险市场排名第2，银行零售AUM市场排名第13

7499

10584

Unit:RMB单位: 元

9M2323年1-9月

HigherLife agent income

助力寿险代理人收入提升

Enable businesses to outperform market

助力各类业务超越市场

RMB6.4bnpremiums from

integrated finance =#4in the market

综金贡献保费64亿

相当于市场第4

Annuity

养老险

Health Ins.

健康险

P&C

产险

Insurance Trust

>RMB100bn in 3 years

No.1in the market

保险金信托三年超千亿

规模市场第1

Life

寿险

RMB 1479.7bnretail AUM balance

from integrated finance

=#15in the market

综金贡献零售AUM余额14797亿

相当于市场第15

Bank

银行

RMB8.3bnpremiums from

integrated finance =#3in the market

综金贡献保费83亿

相当于市场第3

RMB 29.6bnpremiums from

integrated finance = #8in the market

综金贡献保费296亿

相当于市场第8

Contributed to >1/4 of monthly avg. agent income

and 22%of yoy growth

超1/4的代理人月均收入来自于综合金融

代理人收入22%的增量贡献来自于综合金融

综合金融带来了更高的经营效率

Integrated finance improves operational efficiency

Customer acquisition cost via internal channels is just a

portion of that via external channels

内部渠道仅为外部渠道的

Lower customer acquisition cost

获客：更低的获客成本

Higher customer retention

黏客：更高的客户留存

Higher profits per customer

价值提升：更高的客均利润

Note: Data as of June, 2023注：数据截至2023年6月Note: Data as of Sep, 2023注：数据截至2023年9月

PA Bank

银行

73%

PA Health Insurance

健康险

55%

PA Securities

证券

53%

…

Retention rate留存率

4+

87.9%

85.4%

82.5%

75.7%

97.0%+

Lower customer acquisition cost thanks to its faster reach, less friction

获客链路更短、摩擦成本更低，综合获客成本更低

Customer

tenure客户年资

2345+1

Proportionof customer

客户占比

66.7%

Profit percustomer

客均利润

1yr vs. 5yr+ customer

+1.7x

% of 5yr+ customer as

of overall PA Vs.peers

+1.6x

11.7%6.6%6.9%8.2%

5+年占比超同业

+1.6倍

1年内Vs.5+年

+1.7倍

From 2018 to 2022, the more contracts per customer,

the higher retention rate2018-2022年间，客户合同持有越多，留存率越高

PA has been committed to integrated finance for the past three decades,

and has gained a strong competitive advantage that cannot be replicated

平安三十年来坚定布局综合金融，构建了不可复制的强大竞争优势

Chapter III：Why does PA’s Integrated Finance Model Work？

第三章为什么平安综合金融可以成功？

With China's reform and opening-up, PA has seized historical opportunities at various stages,

established integrated finance advantages and enjoyed rapid growth

伴随中国改革开放，平安抓住各阶段历史机遇，成功打造综合金融优势，实现快速成长

Early stage of China’s opening-up (1992-1997)

中国对外开放初期（1992-1997年）

China’s expanded opening-up (1998-2007)

中国扩大开放时期（1998-2007年）

China’s comprehensive development (2008 to present)

中国全面发展时期（2008年至今）

?Shaped integrated finance vision, explored cross-selling

integrated finance model?制定综合金融战略愿景，探索交叉销售的综合金融模式

?Launched three financial businesses (i.e. insurance, banking

and asset management), developed integrated financemodel of cross-selling+service?布局保险、银行、资管三大金融板块，开拓交叉销售+服务的综合

金融模式

?Seized market opportunities and shape integrated finance

model driven by tech+ ecosystem?抓住市场红利，打造科技+生态赋能的综合金融模式

?Developed the foundational base of integrated finance

?初步形成综合金融长期发展的基础

?Underpinned integrated finance with full insurance

licenses and three phases of back officecentralization;?完成保险全牌照，三次大规模后援集中，为综合金融奠定

坚实基础

?Achieved full licenses, enhance tech empowerment,

accelerate ecosystem development and build integrated

finance moat with differentiated competitiveness?实现全牌照、提升科技赋能、加速生态探索，构筑综合金融差

异化竞争的护城河

Start-up 初创阶段Growth 成长阶段Acceleration 加速阶段

?The number of customers exceeded 50 million in 2009, 100

million in 2015, and 230 million in 2022?2009年客户数突破5千万，2015年突破1亿，2022年达到2.3亿

?In 2007, number of customers exceeded 30 million?2007年客户数超过3千万

Acquired financial licenses

获取金融牌照

Developed technology capabilities

搭建科技能力

Undertook Institutional reforms

推动制度改革

Start-up (1992-1997) : Piloted cross-selling and shaped integrated finance vision to underpin long-term development

初创阶段（1992-1997）：初试交叉销售，制定综合金融战略愿景，形成长期发展的基础

?1995, establishedPing An Securitieswhich was a

breakthrough in non-insurance business

?1996,acquired ICBC Pearl River Delta Financial Trust

Joint Company and renamed Ping An Trust & Investment

Company

?1996,establishedPing An Futures

?1995年，成立平安证券，实现保险以外的金融业务突破

?1996年，收购中国工商银行珠江三洲金融信托联合公司，并

更名为“平安信托投资公司”

?1996年，成立平安期货

?In 1990s, becamefirst within domestic financial

institutions to built a nationwide intranet for management,

automation, cost control and capital utilization

?In 1997, IT capability has been leading the industry, and IT

development strategy has been planned

?20世纪90年代，建立联通全国机构的互联网络，服务业务

管理、办公自动化、成本控制及资金运用等，在国内金融机

构尚属首次

?1997年，年IT水平已处于同业领先地位，规划IT发展战略

?1992, launched the employee equity incentive

?1995, established a financial holding structure

?1995,reformed marketing & sales system reform

?1997,established internal control mechanism

?1992年，首创员工股权激励

?1995年，启动建立金控架构计划

?1995年，全面推行营销体制改革

?1997年，建立健全内控制度

成长阶段（1998-2007）：完成保险全牌照，三次大规模后援集中，为综合金融奠定坚实基础

Growth (1998-2007) : Underpinned integrated finance with full insurance licenses and three phases of back office centralization

Expanded financial licenses

扩充金融牌照

Enhanced technological operation capabilities

提升科技运营能力

Formed a synergistic and inclusive corporate culture

形成协同包容的企业文化

?2000-2003: centralized insurance underwriting, claims and

database

?2004-2006: developed nationwide insurance footprint

?2007-2009: centralised Non-insurance business back offices

?2000-2003年，集中核保、理赔并整合数据库

?2004-2006年，保险业务全国集中

?2007-2009年，非保险业务后台集中、共享

?Established Ping An Annuity in 2004 and Ping An Health

Insurance in 2005

?Acquired Fujian Asia Bankin 2003 and Shenzhen Commercial Bank

in 2006

?Established Ping An Asset Management in 2005

?2004年成立平安养老险、2005年成立平安健康险

?2003、2006年收购福建亚洲银行、深圳市商业银行

?2005年成立平安资管

?Reached consensus on establishing synergistic “One Ping An”

culture

?Synergistic cooperation to maximize the company’s value

?Set up mechanism to facilitate a cooperative and win-win

synergistic culture

?凝聚思想，达成“一个平安”共识

?围绕公司价值最大化，实现求同存异、协同作战

?促进合作，营造良好协同氛围

加速阶段（2008至今）：“金融+科技+生态”，构筑综合金融差异化竞争的护城河

Acceleration (2008 till now) : Created a differentiated moat for integrated finance with “Finance+ Tech+ Ecosystem”

Achieved full suite of licenses

获取金融全牌照

Ecosystems + Fintech

搭建生态+科技能力

Highly synergized corporate culture

巩固高度协同的企业文化

?2011: Ping An Fund established

?2012: Ping An Bank was formed after merging with

Shenzhen Development Bank

?2013/15: Ping An Leasing and Ping An Puhui established

?2020: acquired a consumer finance license

?2011年成立平安基金

?2012年合并深发展成立新平安银行

?2013/15年成立平安租赁、平安普惠

?2020年获批平安消费金融牌照

?PA has built a leading Chinese “integrated finance + healthcare &

eldercare" ecosystem?PA has offered well-received"finance + auto ecosystem" services

covering scenarios of “selecting cars, buying cars, using cars and

changing cars“?Years ahead of peers, PA back in 2013 began to migrate core systems

to the newly established PA Cloud?Launched “Ren Yi Men” (cross-app navigation tool) in 2014, providing an

all-in-one integrated finance service gateway

?经历保险、医疗服务、医疗生态3个阶段，打造“金融+医疗养老”

生态圈

?“看、买、用、换”全覆盖，建立“金融+车生态”生态圈

?2013年建立平安云，将各类系统迁入云服务，遥遥领先同业

?2014年建立任意门，为客户提供统一的综合金融线上门户

?Unified company slogan “expertise? creates value”

?Unified strategy, culture, operation and management

?Efficient and collaborative teams with diverse

backgrounds, which make progress together

?Unified goal to enhance customer value together

?统一公司品牌标识“专业?价值”

?一致的战略、文化、经营、管理

?团队背景多元，并存共进、高效协同

?统一目标，共同提升客户价值

铸剑三十年，综合金融为平安构筑起强大而独特的竞争优势，是平安成功的关键

Over the past three decades, integrated finance has built strong and unique

competitive advantages for PA, which is the key to PA's success

Fullsuite of financial

licenses

国内金融全牌照

Chinese markets

and core financial

business

中国市场和金融主业

Nationwidechannel

network

渠道网络覆盖全国

Complete and

leadinghealthcare

ecosystem

医疗生态完备领先

Advancedfintech

金融科技领军

Highly synergized

culture

文化统一，高度协同

Full suite of licenses

牌照齐全

Ecosystem service

生态服务

Focus on core business

主业聚焦

Tech platform

科技平台

Corporate culture

组织文化

Channel network

渠道网络

拥有金融全牌照的综合金融集团

An integrated financial group with a full suite of financial service licenses

保险业务Insurance licenses银行业务Banking licenses资管业务Asset management licenses

Ping An Life

Ping An Property & Casualty

Ping An Health Insurance

Ping An Annuity

Ping An Securities

Ping An Trust

Ping An Fund

Ping An Asset Management

Ping An Overseas Holdings

Ping An Financial Leasing

Ping An Futures

Ping An Bank

Ping An Wealth Management

Fulllicenses牌照齐全

Focus oncore biz主业聚焦

Channelnetwork渠道网络

Ecosystemservice生态服务

Techplatform科技平台

Corporateculture组织文化

聚焦中国市场和金融主业，建立了领先的行业地位

PA is focused on the high growth potential Chinese financial industry

Source: Rankings among companies are from the FortuneGlobal 500 in 2023. Rankings in the industry are based on the 1H23 results disclosures of A-share listed companies.资料来源：企业排名来自2023年度《财富》世界500强排行榜。行业排名数据基于A股上市公司2023年上半年财报披露

Position in the industry

行业地位

PA serves 230 million Chinese customers, or 1in every 6Chinese is PA’s customer

Main business revenue and profit are from China

Business source

业务来源

深耕中国2.3亿客户，即每6个中国人中有1位平安客户

主营业务收入及利润均来源于中国境内

全球金融企业第五位

连续5年蝉联全球保险企业第一位

No.5 among the global financial companies

No.1 among the global insurers for five consecutive years

PA Life: No.1in the industry by net profit

PA P&C: No.2in the industry by net profit

PA Bank: No.2in the industry by the transaction volume of credit cards

平安寿险：净利润行业第一位

平安产险：净利润行业第二位

平安银行：信用卡交易额行业第二位

Fulllicenses

牌照齐全

Focus on

core biz

主业聚焦

Channel

network渠道网络

Ecosystem

service生态服务

Techplatform

科技平台

Corporate

culture

组织文化

拥有超130万覆盖全国的线下销售触点

Nationwide coverage with >1.3mn offline distribution points

Over 7,000 branches, covering all provinces and major cities in China

网点超7000个，覆盖全国所有省市

?PA Life平安寿险

?PA P&C平安产险

?PA Bank平安银行

?PA Securities平安证券

2900+

2900+

1200+

90+

A large sales and service team with over 1.3 million specialists

销售服务队伍130+万，规模庞大

Fulllicenses牌照齐全

Focus oncore biz主业聚焦

Channelnetwork渠道网络

Ecosystemservice生态服务

Techplatform科技平台

Corporate

culture组织文化

?PAL agents 寿险个险渠道

?P&C agents (incl. part-time agents)

产险销售渠道（含兼职代理人）

?Lufax Holding sales specialists

陆金所控股销售渠道

~360k 36万

~1 million 100万

~20k 2万

强大的线上网络带来超7亿的销售触点

Strong online channel brings >700mn points of sales

平安金管家（寿险）

注册用户2.8+亿

月活2490+万

平安口袋银行

注册用户1.6+亿

月活4900+万

平安好车主（产险）

注册用户1.9+亿

月活3590+万

汽车之家

下载量5+亿

月活5300+万

平安健康

年付费用户4400+万

月活970+万

壹钱包

月活1600+万

Note: Data as of Sep. 2023注：数据统计截至2023年9月

Ping An Jin

Guan Jia (PAL)

280+ millionregistered

users

24.9+ million monthly

active users

Ping An BankDigital Pocket

160+ millionregistered

users

49+ million monthly active

users

Ping An GoodCar Owner(P&C)190+ millionregistered

users

35.9+ million monthly

active users

Ping An Health

44+ millionannual

paying users

9.70+ million monthly

active users

Autohome

500+ million downloads

53+ million monthly

active users

Ping AnE-wallet

16+ million monthly

active users

Fulllicenses牌照齐全

Focus oncore biz

主业聚焦

Channelnetwork渠道网络

Ecosystemservice生态服务

Techplatform科技平台

Corporateculture组织文化

广覆盖、全闭环的医疗养老生态圈，赋能金融主业获客及价值提升（1/2）

?The Group’s healthcare and eldercare ecosystem covers

nearly 64%of retail customers

?>44 million paying users over the last 12 months

?Covered 100%of top 100 hospitals and 3A hospitals, and acquired PKU

Medical Group

?40k+doctors, 100k+health management institutions, and 200k+cooperative

pharmacies

?69specific services covering every stage of healthcare

Providers 供应方Payors支付方

Healthcare andeldercare ecosystem

医疗养老

生态圈

?百强医院、三甲医院全覆盖，收购北大医疗

?4万+医生，10万+健康管理机构，20万+合作药店

?69项具体服务，涵盖医疗健康全阶段

?近64%个人客户为集团医疗养老生态圈客户

?过去12个月付费用户数超4,400万

Fulllicenses牌照齐全

Focus on

core biz

主业聚焦

Channel

network

渠道网络

Ecosystem

service

生态服务

Techplatform

科技平台

Corporate

culture

组织文化

Note: Data as of Sep. 2023注：数据统计截至2023年9月

Comprehensive closed-loop healthcare and eldercare ecosystem enables core

financial businesses to acquire customers and enhance customer value

Fulllicenses牌照齐全

Focus on

core biz

主业聚焦

Channel

network

渠道网络

Ecosystem

service生态服务

Techplatform科技平台

Corporate

culture组织文化

Better customer acquisition

显著的获客贡献

More contracts per customer

更多的客均合同

Higher AUM per customer (RMB)

更高的客均AUM（元）

Healthcare and eldercare ecosystem drives

医疗养老生态圈带来

2.19

3.42

未使用使用

1.6倍

16,688

56,093

未使用使用

3.4x

Note: Data as of September 2023注：数据截至2023年9月

70%

30%

New customers 新增客户数

Non-user

User

Non-user

User

1.6x

3.4倍

广覆盖、全闭环的医疗养老生态圈，赋能金融主业获客及价值提升（2/2）

Comprehensive closed-loop healthcare and eldercare ecosystem enables core

financial businesses to acquire customers and enhance customer value

Ecosystem users使用集团医疗养老生态圈

Non-ecosystemusers未使用集团医疗养老生态圈

High-quality service

experience

高质量的服务体验

Unified smart service system

一体化、智能化的服务体系

World-class technology empowered back office which is the largest in Asia

国际领先、亚洲最大的后援服务平台

Shared back office for 12

financial companies

50k+ service seats

12家金融公司集中的后援中心

拥有5万+后援坐席

P&C, Life, Bank, HealthSecurities, Annuity, Lufax Holdings…

产险、寿险、银行、健康险、

证券、养老险、陆控……

HR人事集中Finance财务集中

Risk control风控集中Customer service客服集中

Serviceprediction服务预测

Customerresponse analysis客户声音分析

Informationdesensitization脱敏信息

Centralized back office

后台集中

Rule control

规则管控

Tool empowerment

工具赋能

?Standardized. Unified professional procedure and practice?Less disruption. Smart control over frequency and time?Smarter. Embedded strategy combined with data optimization?规范化，流程、动作统一专业?免扰客，频次、时段智能管控?更聪明，策略内置、数据调优

AIassistant

AI助手

Fulllicenses牌照齐全

Focus oncore biz主业聚焦

Channelnetwork

渠道网络

Ecosystem

service

生态服务

Techplatform

科技平台

Corporate

culture

组织文化

95%+ issues resolved after 1

st

customer service call

95%+ cases resolved via text AI

86% services covered by voice AI

NPS90%+

一次问题解决率95%+

文本AI自助解决率95%+

语音AI覆盖率86%

NPS 90%+

Note: Data as of September 2023注：数据截至2023年9月

Integrated finance customer insights and operation strategies backed

by leading label system

行业领先的标签体系，支撑综合金融客户洞察及经营策略

Smart

engine

智能引擎

?Understand customer demand?Suitable portfolio service?Suitable service scenario?Suitable service timing?Better at risk pricing?洞见客户需求?合适的产品服务?合适的触客场景?合适的触客时机?更强大的风险定价

Advanced customer label system provides insights

集团内客户标签体系

Operation strategy model

经营策略模型

Factual labels

事实标签

Prediction labels

预测标签

Domestic focused system comprises 1,500+ labels encompassing >10,000 business operation profile factors

聚焦中国市场，各公司业务积淀1,500+动静态标签、1万+画像因子

Basic info

基本信息

Behavioral info行为信息

Wealth info财富信息

…

?Age, location, occupation…?人生阶段、所属地区、职业…

?Activeness on APP, location, customer

service conversation?APP活跃、所在位置、客服对话…?Product usage, asset level, risk grade…

?持有产品、资产等级、风险等级…

…

…

Interest兴趣预测Demand需求预测

Tactics策略预测

?Pet keeper? Fan of a certain sport?...?是否养宠、关注哪类体育活动…?Potential product combination, next product…?可能需要的产品组合、下一个产品…?Willingness to products, key service timing…?分产品意愿度、关键服务时机…

…

Fulllicenses牌照齐全

Focus oncore biz

主业聚焦

Channelnetwork渠道网络

Ecosystem

service生态服务

Techplatform科技平台

Corporateculture组织文化

Risk forecasting风险预测

?Achieving risk protection in risk prevention, blacklisting, etc?在风险防范、黑名单等方面实现风险保障…

Strict compliance: encompassing customer authorization, desensitized personal data, secure storage, prohibit sharingof personal data between business lines全流程合规体系：基于场景获取客户授权+ 个人数据全脱敏+ 安全存储并禁止公司间共享个人数据

Leading FinTech: Data stored on self-built cloud which facilitates big data privacy computing andapplication of machine learning models领先的金融科技：自建云存储数据+ 大数据隐私计算+ 机器学习建模型

以价值最大化为核心的“一个平安”文化

“One Ping An” culture with value maximization at its core

Synergy culture

协同文化

Value maximization

价值最大化原则

Diverse team

多元化团队

?Sole criterion for testing all work

?Guiding principle for all initiatives

?Cornerstoneof all systems and processes

?Diverse background: insurance, commercial banking

investment banking, internet, health, FMCG, etc.?International: 5 non-China integrated finance

management members received the Chinese

Government’sFriendshipAward?Talent mobility: Encouraging rotation and transfer within

the Group

?Operation synergy: Executives of each company take turns

leading major cross-company collaboration projects?Innovation & communication: Group-level communication

platform for innovation and learning

?Capability co-building: Mid-platform and back office

capabilities jointly built and shared by member companies,

e.g. centralized back office

Fulllicenses

牌照齐全

Focus oncore biz主业聚焦

Channelnetwork渠道网络

Ecosystemservice生态服务

Techplatform

科技平台

Corporateculture组织文化

?检验一切工作的唯一标准

?一切工作的行动纲领

?一切制度的基石

?多行业背景：保险、金融、互联网、快消等

?国际化：先后5位外籍高管获得中国政府友谊奖，均

为综合金融核心管理层

?人才流动：集团内鼓励不同业务条线的学习与轮岗调动

?经营协同：重大跨公司协作项目由各公司高管轮流牵头

?创新交流：集团层面的创新、学习、研讨交流平台

?能力共建：成员公司共建共享中后台能力，例如后援集中平台

PA’s integrated finance model has significant advantages which will ensure future growth success

平安综合金融能力优势和模式优势明显，未来增长潜力巨大

Chapter IV: Outlook

第四章展望未来

随着经济发展和财富的积累，中国个人客户市场发展空间仍然巨大

VS.

4.9%

12.2%

243571

VS.1,107550

20222032E

VS.

6.6%

3.9%

CAGR +9%

Global average

全球平均

China

中国

Data source: UBS&Credit Suisse Global Wealth Report 2023数据来源：瑞银&瑞信《2023全球财富报告》

Data source: McKinsey White Paper on the Finance Industry, Mar. 2023数据来源：麦肯锡《金融业白皮书》，2023年3月

Wealth per capita CAGR from 2000 to 2022

2000-2022年人均财富复合增长率

Individual financial assets from 2022 to 2032

2022-2032年个人金融资产

Growth potential

增长潜力

Growth path

增长路径

Growth target

增长目标

Data source: 2023 China Insurance Industry Development Report数据来源：《2023中国保险发展报告》

2022 Insurance density (per capita premium)

2022年保险密度（人均保费额）

Global average

全球平均

China

中国

2022 insurance penetration

2022年保险深度

Global average

全球平均

China

中国

Unit: trillion RMB单位：万亿人民币

Currency: USD

单位：美元

Strong growth in wealth per capita and WM market

人均财富及财富管理市场增速强劲

China’s underserved retail financial customer segment has huge growth

potential driven by economic development and wealth accumulation

Domestic insurance market offers huge growth potential

保险市场潜力巨大

3636

存量高价值客户潜力巨大，待深入挖掘价值

Vast internal migration opportunity, tens of millions of high-value customers to be leveraged

内部迁徙动能强大，可持续撬动千万级高价值客户

Notes: Existing high-value customer number is as of end-1H23; future mature customer: mature financial investors with a certain level of investment expertise and morethan RMB 500k investible asset based on China market wealth growth forecast and high-value customer demand survey; data shows the number of contracts under eachproduct category within their ideal product combination注：存量高价值客户为23H1数据；未来成熟客户：结合中国市场财富增长预测及高价值客户需求调研，预估具有一定投资专业知识经验且可投资产50万以上的成熟金融投资人

的理想金融产品配置。数据为产品类别下持有合同个数

Existing high-value customers offer unrealized high growth potential

Huge room for product portfolio improvement with growing customer financial demand

随着客户金融需求增长，产品配置完善空间巨大

Number of new customerscross-migrated from Group to

member companies

各成员公司从集团交叉迁徙

新增获客

Number of new cross-selling

contract within the Group集团交叉销售新增合同数

Number of non-Life high valuecustomers migratable to Life

非寿可迁寿高价值客户

25 million

2,500万

Notes: Cross-migration customer and cross-selling contract numbers are as of end-22Q4

High-value customer number is a rounded number of customers with an investable asset of >Rmb500k per PA investible asset model.

注：交叉迁徙客户及交叉销售合同数据截至22年全年；

高价值客户定义是基于平安内部可投资产模型中可投资产在50万以上客户，数量级为取整约数。

Life protection

人身保障

Investment & WM

投资理财

Wealth protection

财产保障

Loan & financing

贷款融资

Existing high-value

customers存量高价值客户

Future mature

customers

未来成熟客户

3.01

1.89

0.88

0.52

Growth potential

增长潜力

Growth path

增长路径

Growth target

增长目标

Number of non-Life customers

集团非寿客户

170 million

1.7 亿

27 million

2,711万人次

67 million

6,695万单

客均合同数Contracts per customer

Maximizing customer value by adopting a demand-driven approach

to enhance the business, operational and profit major models

需求驱动，强化三大模式，实现客户价值最大化

Full-suite of

licenses金融全牌照

Focus on core

business主业聚焦

Channelnetwork渠道网络

Tech platform

科技平台

Organizational

culture组织文化

Ecosystem

service生态服务

Valueelevation

价值跃升

Starting with

demand

需求切入

All-round model

enhancement

全面强化模式

Leveraging unique

advantages

发挥独特优势

Top-notch services beyond expectations, allowing customers to enjoy the benefits of integrated finance

超预期的极致服务，让客户切实体验到综合金融的好处

Enhancebusiness model强化业务模式

Enhanceoperation model强化运营模式

Enhanceprofit model强化盈利模式

Growth potential

增长潜力

Growth path

增长路径

Growth target

增长目标

Growth potential

增长潜力

Growth path

增长路径

Growth target

增长目标

强化业务模式：基于客群需求，精准匹配产品，在经营链路中实现客群价值跃升

?Hook products: strong brand, easy to acquire,

fast decision making?钩子产品：简单易获取、有口碑

Lift retail customer numbers

提升客户数

Lift contracts per customer

提升客均合同

Lift profit per customer

提升客均利润

Segment value

elevation客群整体

价值跃升

Driven bysegment-specific

demand分客群

需求驱动

?Retention products: high frequency & inelastic

demand, high stickiness, ecosystem base?黏客产品：高频刚需、粘性高、生态化

?High value products: professional, exclusive,

premium service?价值产品：专业、独家、尊享

Credit card信用卡

Auto insurance

车险

Health insurance

健康险

Installmentcard payment

卡分期

WM理财

Medicalinsurance

医疗险

Mortgage按揭贷款

Insurance fund

trust保险金信托

Whole life终身寿

Current deposit

活期存款

Accidentinsurance意外险

…

Securities

证券

Public equity

公募

…

Private equity

私募

Endowment两全保险

…

Full licenses牌照齐全

Focused主业聚焦

Channels渠道网络

Leverage core advantages:

撬动核心优势：

Eco. service生态服务

Tech platform科技平台

Corp. culture组织文化

Enhance business model:Unlock customer value via accurate product matching

based on customer demand

分资产等级、人生阶段、职业三个维度划分客群，洞察需求

Examples of demand of customers from different asset levels and life stages

Growth potential

增长潜力

Growth path

增长路径

Growth target

增长目标

Example 1: Elderly

HNWI示例1：高净值老年

客群

Notes: Investible asset in this example, is analytical predicted by PA internal big data model, which would be better to identify the potential of customers注：本示例中所述的可投资产，是根据平安内部的大数据模型，分析形成的预测值。以此作为客群划分维度，有利于更好地找到潜力客户

HNWI

高净值

Affluent

富裕

Middle

class

中产

Well-off

小康

Investible asset

> RMB 6mn可投资产>600万

Investible asset

RMB 2-6mn可投资产200万-600万

Investible assetRMB 500k-2mn

可投资产

50万-200万

Investible asset

< RMB 500k可投资产<50万

Middle-aged 中年Elderly 老年Young 青年

Auto insurance, installment payment, consumption loan, current deposit

车险、信用卡分期、消费贷、活期存款

Auto insurance, installment payment, consumption loan, current deposit

车险、信用卡分期、消费贷、活期存款

Fund, futures, margin trading and short selling, consumption loan

基金、期货、两融、消费贷

Installment credit card payment, current WM, securities, consumption

信用卡分期、活期理财、证券、消费贷

Preference for aggressive investment and personalized services

偏好进取投资及个性化服务

Demand for large -sum consumption, incl.house, car, and credit loan

有大额消费需求，关注买房买车及信贷

Certain level of consumption capability, incl. buying cars and

instant gratification有一定消费能力，考虑买车及提前享受

Mainly daily spending and flexible WM

日常消费和灵活理财为主

Auto insurance, installment payment, family/protection insurance

车险、信用卡分期、家庭保障保险

Family protection insurance, accident insurance, pharmacy voucher

家庭保障保险、意外险、药诊权益

Fund, trust, whole-life insurance, annuity, checkup, golf benefits

基金、信托、终寿、年金、体检权益、高球权益

High-end credit card, investment & WM, pension, checkup

高端信用卡、投资理财、养老金、体检权益

Looking for customized WM, preparing for elderly life

希望得到定制财富管理，着手养老规划

Diverse allocation, asset appreciation, well-rounded protection

多元配置，让财富增值及全面保障

Family expenditure, family protection and prudential WM

全家开销增多，偏好家庭保障与稳健理财

Mainly basic protection and high-leverage protection

基础保障和高杠杆保障为主

Large denomination CD, precious metal service, health insurance, annuity

大额存单、贵金属、健康险、年金

Current WM, accident insurance, health insurance

活期理财、意外险、健康险

Whole-life insurance, annuity, trust, term deposit, eldercare services…

终寿、年金、信托、定存、体检权益、康养服务

High-end medical care, quality eldercare, wealth inheritance

关注高端医疗、品质养老及财富传承

Worry-free healthcare and eldercare and WM services

希望获得省心的康养服务及资产管理

Steady asset appreciation, elderly life quality improvement

稳健增值，提高颐年生活质量

Pension reserve to cover daily demand, flexible WM

保障日常生活的养老储备及灵活理财

Whole-life insurance, annuity, fund, checkup, reservation with famous doctors

终寿、年金、基金、体检权益、名医权益

Occupational dimension:

entrepreneur职业维度示例：企业主

Separate business andfamily assets to protect

family wealth家企隔离，家业长青

Corporate financing, cash

flow mgmt., comprehensive

protection企业融资，现金流管理，

全面保障

Financing for small and

micro enterprises,flexible WM, protection

products for bothbusiness and family

小微融资，灵活财富管理，兼顾企业和家庭的

保障产品

Example2: small andmicro enterprises

owners示例2：小微企业主客

群

示例1-高净值老年客群：聚焦财富传承、品质康养的关键需求，价值跃升空间巨大

Elderly HNWI: Focus on key demands such as wealth inheritance ,

quality healthcare and eldercare, identifying huge potential for value elevation

PortfolioStructural upgrade

高价值产品

结构进阶

Identify

key demands

识别关键需求

Qualityhealthcare &

eldercare品质康养

Wealthinheritance财富传承

Top-notch healthcare

and eldercare顶级康养享受

Annuity,private equity,

trust年金、私募

信托…

Attracted by Life

products寿险产品吸引

Diverse investment

services多元投资服务

High-end healthcare andeldercare 高端康养服务

Next level healthcare

and eldercare

services康养体验进阶

Attracted by product

yield产品收益吸引

Currentdepositand WM活存、活期

理财…

Trustworthyprofessionalinvestment advisor

信赖专业投顾

Private investment planning

私行投资规划服务

Stimulate WM and personal protection demand激发财富管理与人生保障需求

Term WM,public &private equity定期理财、公募私募…

Medical care benefits

医疗康养权益

Investment advisor service

trial 体验投顾服务

Term lifeinsurance,medicalinsurance定期寿险、医疗险…

Whole-lifeinsurance,endowment

终身寿、两全…

CI,endowment

重疾、两全

…

11k+

11万+

10+

RMB 38k+

38,000元+

Note: Customer number potential refers to number of potential customers identified as meeting the standard for the specific segment per PA’s internal customer analysis; contracts per customer potential and profit per customer potential are calculated byPAbased on analysis of mature customers currentlywithin that range with China market wealth growth forecast of and high-value customer demand survey taken into consideration.注：客户数潜力，是基于平安内部大数据模型预测的可投资产，综合考虑国内整体客户潜力，测算出的可挖掘或提升价值的客户规模；客均合同潜力、客均利润潜力，是基于对应可投资产范围内的成熟客户在平安的实际情况，结合中国市场财富增长预测及客户需求调研，综合测算出的增长潜力

Growth potential

增长潜力

Growth path

增长路径

Growth target

增长目标

Eco. service: Self owned healthcare & eldercare生态服务：自建医疗+养老体系

Classic pathway example 1

典型链路示例1

Full licenses: Life, Bank, Securities, Fund, Trust…

牌照齐全：寿/银/证/基/信托…

Corp. culture: Synergy of Finance and eco. servers组织文化：金融与生态服务公司高度协同

Leverage core advantages:

撬动核心优势：

retail customer no. potential：

客户数潜力：

contracts per customer potential：

客均合同潜力：

profit per customer potential：

客均利润潜力：

示例2-小微企业主客群：聚焦财富、保障、融资的关键需求，价值跃升空间巨大

Small and micro enterprises owners: Focus on key demands such as wealth management,

protection and financing, identifying huge potential for value elevation

Growth potential

增长潜力

Growth path

增长路径

Growth target

增长目标

Note: Customer number potential refers to number of potential customers identified as meeting the standard for the specific segment per PA’s internal customer analysis; contracts per customer potential and profit per customer potential are calculated byPAbased on analysis of mature customers currentlywithin that range with China market wealth growth forecast of and high-value customer demand survey taken into consideration.注：客户数潜力，是基于平安内部大数据模型预测的可投资产，综合考虑国内整体客户潜力，测算出的可挖掘或提升价值的客户规模；客均合同潜力、客均利润潜力，是基于对应可投资产范围内的成熟客户在平安的实际情况，结合中国市场财富增长预测及客户需求调研，综合测算出的增长潜力

Financing

融资

WM andprotection财富与保障

PortfolioStructural upgrade

高价值产品

结构进阶Large-sum business

financing大额企业融资

Annuity,endowment, CI…

年金、两全、

重疾…

Daily consumption

demand日常消费需求

Comprehensivefamily assets

allocation家庭综合资产配置

Convenient large-sum

loan service便捷的大额贷款服务Short-term financing

demand短期融资需求

Business operation

risk protection

经营风险保障

Personal protection

and WM个人保障与理财

FamilyHealth Day activities

家庭健康日活动

Identify WM, financing and protection demands识别财富、融资和保障需求

Medicalinsurance,Current WM,医疗险、活期理财…

Car owner benefits

车主权益

Health checkup andconsultation benefits

体检问诊权益

Installmentcard payment,reserve fund卡分期、备用金…

Home collateral loan,

operation loan

房抵贷、经营贷…

Credit card,

Autoinsurance

信用卡、

车贷…

Accident ins. forEmployees,Employer liability ins.

小微团意险、

雇主责任险…

Identify

key demands

识别关键需求

Channels: Nationwide online & offline network

渠道网络：线上线下全国覆盖

Full licenses: Bank, P&C, Health Ins., Life…牌照齐全：银/产/健/寿…

Tech platform: Personalized customer insights (KYC)

科技平台：KYC客户洞察+大数据风控

Leverage core advantages:

撬动核心优势：

Classic pathway example 2

典型链路示例2

13mn+

1,300万+

4+

RMB 1,900+

1,900元+

retail customer no. potential：

客户数潜力：

contracts per customer potential：

客均合同潜力：

profit per customer potential：

客均利润潜力：

Enhance operation model: Fully enable demand-driven unified smart operation

强化运营模式：全面实现需求驱动的一体化智慧经营

Customer value

maximization

客户价值

最大化

Driven by

segment-specific

demand

分客群

需求驱动

Convenient portfolio allocation便捷配置产品

AI financial advisor

AI金融顾问

“three saving”products & services

三省产品服务

Online

线上

Offline线下

Hotline95511

Professional financial advisor专业金融顾问

House, car, and insurance policy

买房买车买保险

Investment, deposit, credit card

投资储蓄信用卡

Health, medical care, eldercare

健康医疗加养老

Unified service portal统一服务入口

Finance sub account

金融子账户Health sub account

健康子账户Lifestyle sub account

生活子账户

…

Intelligent integrated account

智能综合账户

In-depth understanding of

demand深入洞悉需求Smart matching智能匹配服务Targeted productrecommendation精准推荐产品

Dynamic, intelligent,

panorama insight

动态、智能、全景洞察

Retail customer number,contract per customer, profit

per customer

客户数、客均合同、客均利润

Growth potential

增长潜力

Growth path

增长路径

Growth target

增长目标

Note: “Three saving” refers to time-saving, worry-free and money-saving注：“三省”指省时、省心、省钱

Enhanceprofit model: Reshape valuation rationale, focus on retail business

value growth driven by three major customer operation indicators

强化盈利模式：重塑估值逻辑，聚焦以三大客户经营指标“三数”驱动的个人业务价值增长

Profit per customer

客均利润

Retail OPAT

个人业务营运利润

Contracts per customer

客均合同

Profit per product

件均利润

Retail customers

客户数

Customer acquisition

新客获取

Customer retention

存客保有

Customer acquisition product

获客型

Customer retention product

黏客型

Value product

价值型

Customer acquisition via ecosystem

生态圈获客

Customer acquisition via

offline/other channels

线下/其他渠道获客

Growth potential

增长潜力

Growth path

增长路径

Growth target

增长目标

x

x

+

+

+

未来展望

Retail customer number 个人客户数

Sustained retail customer number growth 个人客户数持续增长

Contracts per customer 客均合同数

Steady contracts per customer increase 客均合同数稳定增加

Profit per customer 客均利润

Stable product profitability 稳健的产品盈利能力

Retail business OPAT 个人业务营运利润

“Three numbers” drive sustained growth “三数”驱动持续增长

227mn

2.27 亿

2.97

RMB 585

585 元

RMB 132.6bn

1,326 亿元

109mn

1.09 亿

2.03

RMB 289

289元

RMB31.3bn

313 亿元

400mn

4亿

5+

RMB 800+

800+元

Double-digit retail OPAT growth

个人营运利润双位数增长

Note: Based on 2022 data (covering a complete financial year)注：采用2022年数据（覆盖一个完整的财报年度）

2015

2022

Operation target

经营目标

Outlook

Retail business profit: stable and sustainable growth

个人业务利润：实现平稳可持续增长

Retail customer number: slower increase

个人客户数：客户规模增长放缓

Contracts per customer: lifting value per

customer via existing customer management

客均合同数：存量经营提升客均价值

Growth potential

增长潜力

Growth path

增长路径

Growth target

增长目标

Recap: Key messages

回顾：关键点

?Despite the challenges, over the past 30 years PA has successfully built a domestically

focused integrated financial services group that has delivered tangible benefits to

shareholders and customers alike

?PA’s successful execution in underpinned by its unswerving commitment, full-suite of

licenses, focus on core business, domestic rather than global focus, distribution

network, online ecosystems, advanced technologies(incl. early movement into own

cloud and back office centralisation), and a highly synergized corporate culture

?Our model has significant advantages which has enabled our profit growth and ROE to

significantly outperform the market as well as smooth out cyclical profit fluctuations

experienced by individual business lines

?过去三十载，平安不畏挑战，成功打造了专注于国内的综合金融服务集团，为股东和客户带

来实实在在的价值

?平安能做成综合金融，得益于坚定布局综合金融，并形成牌照齐全、主业聚焦、渠道网络、

生态服务、科技平台(率先搭建自有云端、集中后台）和高度协同的文化六大独特优势

?平安综合金融优势显著，驱动利润增长和ROE超越市场，平滑单个业务因周期导致的波动

Recap: Key messages

回顾：关键点

?Specific model advantages include:

?Integrated finance contributed to over 1/4 of monthly average agent income

?Significant revenue contribution with integrated finance channel sourced revenue equivalent

to #4 Annuity player, #3 health insurance player, #8 P&C player, sourced retail AUM

equivalent to #15 bank and insurance trust of integrated finance products ranked #1

?Integrated finance distribution costs is lower than external channel costs at PA Bank (73%),

PA Health Insurance (55%) and PA Securities (53%)

?Steady growth of customer retention rate and profit per customer. Integrated finance

enhances customer retention. The retention rate of customers with>4 contracts is above

97%, and 5-year customers have 1.7x higher profit per customer than1-year customers

?Enhanced distribution power with PA Group collectively having >1.3mn offline and >700mn

online distribution points

?Garner greater customer insights through a compliant label system which encompasses

>1,500 labels and >10,000 factors

?细数综金模式的独特优势：

?综合金融稳定贡献代理人月均收入的1/4以上

?综金渠道对业务收入贡献巨大，为养老险贡献的体量相当于行业第4的公司，为健康险贡

献的体量相当于行业第3的公司，为产险贡献的体量相当于行业第8的公司，为银行零售

AUM贡献的体量相当于行业第15的公司，综金产品保险金信托规模达市场第1

?综金获客成本更低，平安银行内部渠道获客成本仅为外部渠道的73%，平安健康险仅

55%，平安证券仅53%

?客户留存率、客均利润稳步提升。综合金融带来更高的客户留存，拥有4张以上合同的客

户留存率>97%。而年资在5年以上客户的客均利润，是年资1年客户的1.7倍

?集团受益于共计130余万线下销售触点及超过7亿线上销售触点，拥有强大的销售能力

?通过合规的标签系统获取更多的客户洞察，系统包含超过1500个标签和超10000个因子

Recap: Key messages

回顾：关键点

?Our future success is driven by our ability to grow the “three numbers”.

?We are focused on delivering long term double digit retail OPAT growthdriven by

?Growing “retail customer” number from 227mn to >400mn

?Growing “contracts per customer” from 2.97 to >5

?Growing “Retail OPAT per customer” from RMB585 to >RMB800

?未来的成功将由客户数、客均合同数、客均利润数的“三数”增长推动

?我们聚焦长期双位数营运利润增长，主要驱动因素包括：

?将“个人客户”数从2.27亿提升至4亿以上；

?将“客均合同数”从2.97提升至5以上

?将“客均利润”从585元提升至800元以上