PING AN OF CHINA(02318)2025-03-19 09:55Financial Performance - The company reported audited financial results for the year ending December 31, 2024, in compliance with the Hong Kong Stock Exchange listing rules[2]. - Operating profit attributable to shareholders increased to RMB 121.862 billion in 2024, compared to RMB 111.728 billion in 2023, marking a growth of 9.6%[10]. - Net profit attributable to shareholders rose significantly to RMB 126.607 billion in 2024, up from RMB 85.665 billion in 2023, reflecting a growth of 47.8%[10]. - Total assets grew to RMB 12.958 billion in 2024, an increase from RMB 11.583 billion in 2023, indicating a growth of 11.9%[10]. - The operating return on equity (ROE) improved to 12.7% in 2024, compared to 12.5% in 2023[10]. - Total revenue amounted to CNY 1,141.35 billion, representing a year-on-year increase of 10.6%[43]. - The basic earnings per share for 2024 is RMB 6.89, which is a 9.2% increase compared to the previous year[148]. - The total equity attributable to the parent company's shareholders increased by 9.3% to RMB 1,002,889 million as of December 31, 2024[160]. Customer Growth and Retention - The number of individual customers reached 24.247 million in 2024, up from 23.157 million in 2023, representing a growth of 4.7%[10]. - The number of personal customers increased by 4.7% year-to-date, reaching 242 million[53]. - The number of customers holding four or more contracts increased to 6.218 million in 2024, up from 5.856 million in 2023, a growth of 6.2%[10]. - The customer retention rate for individual customers improved to 90.9%, an increase of 1.6 percentage points year-on-year[97]. - The retention rate for customers with 4 or more contracts is 98.0%, which is 11.5 percentage points higher than those with only one contract[101]. - The average number of contracts per individual customer is 2.92, with an average profit of 446.90 yuan per person[32]. Business Segments and Innovations - The company anticipates significant growth in its core business segments, driven by digital transformation and innovation[9]. - The new business value for 2024 is projected to reach RMB 40.024 billion, representing a growth of 28.8% compared to the previous year[11]. - The net profit from property insurance business increased to RMB 15.021 billion in 2024, compared to RMB 8.958 billion in 2023, a growth of 67.5%[10]. - The health insurance premium income exceeded RMB 140 billion, with over 31 million strategic business paying users in the past 12 months[69]. - The company has implemented AI-driven underwriting processes, achieving instant policy approvals for life insurance[9]. - The company is exploring new market expansions and potential acquisitions to strengthen its competitive position[4]. Strategic Initiatives - The company aims to serve 240 million customers through comprehensive digitalization, enhancing efficiency and cost-effectiveness[9]. - The company plans to invest 100 billion in interest-free funds to support rural revitalization initiatives[9]. - The company is focusing on green development, with insurance products aimed at protecting natural resources[9]. - The company is committed to integrating financial and healthcare services, leveraging technology for better customer experiences[9]. - The company aims to build a comprehensive service system through standardization, centralized procurement, and service supervision[35]. - The company is actively responding to the national "Healthy China" strategy by providing proactive medical health management services[35]. Technology and Efficiency - AI coverage rate for customer service reached 80%, significantly enhancing service efficiency[40]. - The company is leveraging technology to enhance service efficiency, reduce costs, and improve risk management[30]. - In 2024, AI service volume reached approximately 1.84 billion times, covering 80% of total customer service volume, with 93% of life insurance policies underwritten in seconds and 56% of claims processed instantly[72]. - The intelligent claims interception in Ping An Property Insurance reduced losses by 11.94 billion yuan, representing a year-on-year growth of 10.4%[72]. Corporate Governance and Social Responsibility - The company has been recognized for its corporate governance and social responsibility, ranking 53rd in the Fortune Global 500 and 9th among global financial companies[82]. - The company has established a strong online and offline channel network with over 7,000 offline outlets covering 330 cities and a sales service team of over 1.3 million[89]. Future Outlook - The company plans to accelerate the integration of artificial intelligence and big data technologies, with a focus on digital transformation as a key priority for 2025[77]. - Ping An aims to enhance customer management and achieve steady growth in customer acquisition, retention, and migration, focusing on the "Three Numbers" strategy[76]. - The company is committed to increasing investments in strategic emerging industries, advanced manufacturing, and new infrastructure, reflecting a responsible approach to capital allocation[78].