Financial Performance - In Q1 2024, the company achieved an operating profit of RMB 38.709 billion, a decrease of 3.0% year-on-year[20]. - The net profit attributable to shareholders was RMB 36.709 billion, down 4.3% compared to the same period last year[18]. - The operating profit for the group in Q1 2024 was RMB 47.068 billion, with significant contributions from various business segments[43]. - The company reported a net profit of RMB 45.050 billion for Q1 2024, with a net profit attributable to the parent company's shareholders of RMB 36.709 billion[43]. - For the three months ending March 31, 2024, the net profit was RMB 45,050 million, a decrease of 2.4% compared to RMB 46,165 million in the same period of 2023[173]. - The company’s basic earnings per share for the three months ending March 31, 2024, was RMB 2.07, compared to RMB 2.17 in the same period of 2023, indicating a decrease of 4.6%[153]. - The company recorded a total comprehensive income of RMB 14,198 million, a significant decrease from RMB 47,996 million in the previous year[173]. Insurance and Revenue - The insurance service revenue from property insurance reached RMB 80.627 billion, reflecting a year-on-year growth of 5.7%[16]. - The new business value of life and health insurance was RMB 12.890 billion, representing a significant increase of 20.7% year-on-year[18]. - The new business value for life and health insurance reached RMB 12,890 million, representing a year-on-year growth of 20.7%[66]. - The total premium income for the same period was RMB 238,146 million, reflecting a growth of 1.6% from RMB 234,333 million in 2023[163]. - The first-year premium used to calculate new business value decreased by 13.6% to RMB 56,628 million from RMB 65,514 million[80]. - The new business value rate for life and health insurance was 22.8%, reflecting a year-on-year increase of 6.5 percentage points on a comparable basis[46]. Customer Metrics - The number of individual customers reached approximately 233.78 million, a growth of 1.0% from the beginning of the year[25]. - The number of individual customers reached 23,378,000, a 1.0% increase from 23,157,000[125]. - The number of retail customers reached 125.84 million, with a 2.1% increase since the beginning of the year[57]. - Over 63% of the 234 million individual customers used services from the medical and elderly care ecosystem, with an average of 3.37 contracts per customer[97]. - The cumulative number of health management services provided reached over 10 million customers by Q1 2024[51]. Investment and Financial Position - As of March 31, 2024, the investment scale of debt plans and debt-type financial products was RMB 404.767 billion, accounting for 8.2% of total investment assets[23]. - The annualized comprehensive investment return rate for the insurance fund investment portfolio was 3.1%, with a net investment return rate of 3.0%[53]. - The insurance fund investment portfolio exceeded RMB 4.93 trillion, growing by 4.4% since the beginning of the year[85]. - The total assets as of March 31, 2024, amounted to RMB 11,982,296 million, an increase from RMB 11,583,417 million as of December 31, 2023[174]. - The total liabilities rose to RMB 10,740,156 million as of March 31, 2024, up from RMB 10,354,453 million as of December 31, 2023, indicating an increase of 3.73%[175]. - The total equity attributable to shareholders increased to RMB 904,970 million as of March 31, 2024, compared to RMB 899,011 million as of December 31, 2023, reflecting a growth of 0.22%[175]. Operational Efficiency - The comprehensive cost ratio for property insurance rose to 99.6%, an increase of 0.9 percentage points year-on-year, primarily due to adverse weather conditions[16]. - The average number of contracts per individual customer was 2.94, slightly down by 0.3% year-on-year[18]. - The number of individual life insurance sales agents decreased by 4.0% to 333,000 as of the end of Q1 2024[46]. - The company continues to enhance its operational management and aims for steady recovery and growth in performance[131]. Strategic Focus - The company continues to focus on a "comprehensive finance + healthcare" dual-wheel strategy, emphasizing high-quality development and customer demand[40]. - The company aims to enhance its insurance protection functions while addressing challenges such as insufficient effective demand and industry overcapacity[40]. - The company aims to maintain strategic focus and deepen its "comprehensive finance + healthcare and elderly care" dual-wheel strategy, emphasizing technology-driven growth despite economic challenges[131]. Cash Flow and Financing - The company’s cash flow from operating activities for the three months ending March 31, 2024, was RMB 74,958 million, compared to RMB 209,986 million in the same period of 2023[156]. - The net cash inflow from financing activities was RMB (12,022) million, significantly improved from RMB (99,090) million in the previous year[173]. - The total cash flow used in investing activities was RMB (27,575) million for the period ending March 31, 2024[178].

Investment Rating - The report maintains a "BUY" rating for the company with a new target price of HK$52.00, implying a 57.6% upside from the current price of HK$33.00 [21][24]. Core Insights - The company reported a decline in OPAT by 19.7% to RMB 118.0 billion, primarily due to a net loss of RMB 20.7 billion from asset management. Despite this, the company sustained dividend per share (DPS) growth to RMB 2.43, reflecting a 37.3% payout on shareholders' OPAT [21][24]. - The life and health (L&H) value of new business (VNB) amounted to RMB 39.3 billion, representing a 36.2% year-on-year increase, driven by stable VNB margins [21][24]. - Economic assumptions were adjusted, lowering the long-term investment return from 5.0% to 4.5% and the risk discount rate from 11% to 9.5%, which resulted in a significant impact on the embedded value (EV) and VNB [21][24]. Financial Summary - For FY23, net profit attributable to shareholders was RMB 85.7 billion, down 22.8% from the previous year, with a reported EPS of RMB 4.84 [29][30]. - The company’s total assets are projected to grow from RMB 11,583.4 billion in FY23 to RMB 13,760.7 billion by FY26, indicating a steady increase in asset base [11]. - The return on equity (ROE) is expected to improve from 9.7% in FY23 to 14.3% by FY26, reflecting enhanced profitability [30]. Valuation Metrics - The stock is currently trading at 0.45x FY24E P/EV, with a target valuation of 1.0x FY24E P/EV and 0.9x FY24E P/B [24][28]. - The company’s dividend yield is projected to increase from 6.9% in FY23 to 8.7% by FY26, indicating a strong return to shareholders [3][30]. Embedded Value and Sensitivity Analysis - The Group's embedded value is estimated at RMB 1,390.1 billion for FY23, reflecting a decrease of 6.7% due to the revised economic assumptions [21][25]. - The sensitivity analysis indicates that a 50 basis point decrease in long-term investment return could lead to a 7.6% decline in Group EV [8][21].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted from HKD 64 to HKD 51, indicating a potential upside of 52.5% from the current closing price of HKD 33.45 [1][3][22]. Core Views - The report anticipates an improvement in key performance indicators for 2024, driven by stable contributions from the company's core businesses in life insurance, health insurance, property insurance, and banking [1][3][35]. - Concerns regarding the decline in the core solvency ratio are noted, but the company is expected to maintain its dividend capacity in the medium term [1][35]. - The investment logic in the industry has shifted from growth to stable profitability based on high dividends, with the company positioned favorably in the "comprehensive finance + technology" sector [3][54]. Summary by Sections Financial Performance - The company expects a 3.5% revenue growth in 2024, with projected revenues of RMB 946,114 million [6]. - Net profit is forecasted to increase by 13.2% in 2024, reaching RMB 96,994 million, following a decline of 22.5% in 2023 [6][55]. - The operating profit after tax (OPAT) is expected to rebound by 11% in 2024, primarily due to growth in property insurance profits and a reduction in asset management losses [7][20]. Business Segments - Life and health insurance OPAT is projected to remain stable in 2024, while property insurance is expected to see a significant recovery in underwriting profits [20][27]. - The asset management segment is anticipated to narrow its losses in 2024, with improvements expected as capital markets stabilize [12][20]. - The report highlights that the company has successfully eliminated the drag from financing guarantee insurance, leading to an expected improvement in the combined ratio for property insurance to 99.2% in 2024, down from 100.7% in 2023 [15][21]. Valuation Metrics - The company’s current valuation reflects an attractive investment opportunity, with a price-to-earnings ratio (P/E) of 5.8 for 2024 and a price-to-embedded value (P/EV) of 0.39 [6][54]. - The dividend per share is projected to increase to RMB 2.51 in 2024, with a dividend payout ratio based on OPAT of 35% [55]. Market Position - The company is recognized for its competitive advantage in the comprehensive financial services sector, leveraging technology to enhance its offerings [3][54]. - The report emphasizes the company's ability to withstand interest rate risks due to a balanced product structure and robust investment performance [53].

Financial Performance - Ping An reported a total revenue of 1.2 trillion RMB for the fiscal year ending December 31, 2023, representing a year-on-year increase of 10%[19]. - The operating profit attributable to shareholders for 2023 is RMB 117,989 million, a decrease of 19.6% from RMB 146,895 million in 2022[24]. - The net profit attributable to shareholders for 2023 is RMB 85,665 million, down 22.8% from RMB 111,008 million in 2022[24]. - The company anticipates a growth rate of 8-10% in total revenue for the upcoming fiscal year, driven by its comprehensive financial services model[19]. - The net profit for 2023 was RMB 89.58 billion, down 11.4% from RMB 101.12 billion in 2022[76]. - The comprehensive cost ratio rose to 100.7% in 2023, compared to 99.6% in 2022, indicating increased operational costs[76]. Customer Base and Services - The company served 232 million individual customers, providing a diverse range of products and convenient services[19]. - The number of individual customers reached 23,157,000 in 2023, an increase from 22,664,000 in 2022, representing a growth of 2.2%[24]. - The average number of contracts per individual customer was 2.95, with over 88.01 million individual customers holding multiple contracts across subsidiaries[84]. - The active user count for the "Ping An Good Car Owner" app surpassed 40.49 million in December 2023, with total registered users exceeding 200 million[58]. - The company achieved a self-service renewal amount of RMB 300.3 billion in 2023, representing a year-on-year growth of 13%[87]. Insurance Segment - Ping An's insurance segment achieved a premium income of 800 billion RMB, up 12% compared to the previous year[19]. - The total insurance service income for 2023 was RMB 223.600 billion, compared to RMB 232.194 billion in 2022, reflecting a decrease of approximately 3.0%[54]. - The new business value for 2023 is RMB 31,080 million, an increase of 7.8% compared to RMB 28,820 million in 2022[24]. - The new business profit margin for life insurance was 10.1%, down from 11.1% the previous year[42]. - The new business value from the bancassurance channel grew by 77.7% in 2023, indicating significant improvement in channel contribution[60]. Investment and Financial Strategy - The company is committed to sustainable finance, emphasizing green finance initiatives and support for the real economy[19]. - The total investment income increased by 23.0% to RMB 12.316 billion from RMB 10.014 billion in the previous year[76]. - The company's investment portfolio generated a return of 6.5%, contributing significantly to its overall financial performance[19]. - The company actively increased investments in high-quality alternative assets to diversify asset sources and income streams[122]. - The company has strengthened its investment research and product innovation capabilities, covering the entire investment management process[142]. Digital Transformation and Innovation - The company is focusing on digital transformation, aiming to enhance operational efficiency and customer experience through technology[19]. - The company is focusing on innovation in auto insurance products, including autonomous driving and mileage insurance[106]. - The company aims to leverage its comprehensive financial strategy to enhance customer value and operational efficiency, focusing on lower customer acquisition costs and improved service costs[87]. - The company has established a "Three Savings" value evaluation system to enhance product and service offerings, aiming to provide customers with a seamless financial experience[74]. Healthcare and Elderly Care Services - Ping An plans to expand its healthcare and elderly care services, aligning with national strategies for "Digital China" and "Healthy China"[19]. - The company expanded its home care services, covering 54 cities and serving over 80,000 customers by the end of 2023[46]. - The Ping An high-end elderly care project has been launched in four cities, with new projects like Shanghai Yinian City officially announced in February 2023[62]. Risk Management and Operational Efficiency - The company emphasizes risk management and has a robust risk preference system in place, focusing on cost-benefit matching[162]. - The company reported a decline in the average profit per customer due to macroeconomic challenges, with a focus on enhancing the comprehensive financial strategy to tap into existing customer value[89]. - The non-performing loan ratio increased to 1.06% from 1.05% year-over-year[150]. Market Position and Growth Strategy - The company has set a target to increase its market share in the insurance sector by 5% over the next three years[19]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and diversify its service offerings[19]. - The company aims to strengthen its comprehensive financial services and enhance customer-oriented strategies for high-quality development[33].

Core Viewpoint - China Ping An announced the appointment of Mr. Guo Shibang as Assistant General Manager, pending approval from the National Financial Regulatory Administration for his qualification [1] Group 1 - The board of directors of China Ping An made the decision to appoint Mr. Guo Shibang [1] - Mr. Guo Shibang will officially assume the role of Assistant General Manager after obtaining the necessary qualifications [1]

(4) 因四捨五入，直接計算未必相等。 七、擔保情況 報告期內對外擔保發生額合計 – 公司及其子公司對子公司的擔保情況 | --- | --- | |-----------------------------------------------------------------------------------------------|---------| | 報告期內對子公司擔保發生額 (2) 合計 | (5,337) | | 報告期末對子公司擔保餘額合計 | 8,899 | | 公司擔保總額情況（包括對子公司的擔保） | | | 擔保總額 | 8,899 | | 擔保總額佔公司淨資產的比例 (%) | 1.0 | | 其中：直接或間接為資產負債率超過 70% （於 2023 年 9 月 30 日）的被擔保對象 提供的擔保金額 | 8,133 | | 公司及其子公司擔保總額超過公司 淨資產 50% 部分的金額 | – | （四）合併現金流量表 截至2023年9月30日止9個月期間 | --- | --- | --- | |----------------------------------------- ...

Premium Income and Business Growth - In the first half of 2023, the premium income from Ping An Health Insurance through life insurance agents increased by 13.6% year-on-year[1]. - As of June 30, 2023, Ping An Property Insurance reported a premium income of RMB 19,648 million, accounting for 12.7% of total income, while Ping An Health Insurance accounted for RMB 5,763 million, representing 69.0%[1]. - The total insurance premium income for the group reached CNY 459.848 billion, representing a year-on-year growth of 7.2%[15]. - The new business value of life and health insurance for the first half of 2023 increased by 32.6% year-on-year, with a comparable increase of 45.0%[31]. - The new business value for the life and health insurance segment reached RMB 25,387 million, with a year-on-year growth of 45.0% on a comparable basis[127]. - The first-year premium income for the same period was RMB 113.90 billion, up 49.6% compared to the previous year[104]. - The new business value from the bancassurance channel was RMB 2.83 billion, showing a significant year-on-year growth of 174.7%[105]. - The new business premium from the agent channel was RMB 101,072 million, up from RMB 59,363 million in 2022, indicating a growth of 70.4%[169]. Customer Base and Retention - As of June 30, 2023, Ping An has over 229 million individual customers, with an average of 2.99 contracts per customer, reflecting a 0.7% increase since the beginning of the year[10]. - The group has a high customer retention rate, with 66.7% of customers having been with the company for over five years, totaling approximately 153 million[17]. - The number of personal customers increased to 22.926 million, a year-on-year growth of 1.2%[78]. - The persistency rate for existing customers improved by 5.7 percentage points year-on-year, demonstrating enhanced customer retention[157]. - Over 64% of Ping An's individual customers, totaling more than 229 million, utilized services from the medical health ecosystem, with an average of 3.43 contracts per customer and an average AUM of RMB 55,800[4]. Financial Performance - The operating profit attributable to shareholders for the first half of 2023 reached CNY 81.957 billion, with an annualized return on equity (ROE) of 18.2%[15]. - The operating profit for the first half of 2023 was RMB 58.59 billion, slightly down by 1.7% from the previous year[104]. - The net profit for the same period was RMB 46.34 billion, an increase of 4.5% year-on-year[104]. - The total net profit for the group was RMB 83,426 million, with the net profit attributable to the parent company's shareholders at RMB 69,841 million[121]. - The annualized return on equity (ROE) dropped by 3.0 percentage points year-on-year to 18.2%[78]. Insurance and Healthcare Ecosystem - The company has established a medical health ecosystem with nearly 4,000 in-house doctors and over 50,000 contracted external doctors, achieving 100% cooperation coverage with top hospitals in China[4]. - The "Ping An Health" online flagship platform has served over 16 million Ping An Life Insurance customers, with nearly 70% of new contract customers using health services[7]. - The health management services of Ping An Life Insurance served over 16 million customers in the first half of 2023, achieving a service satisfaction rate of 99%[40]. - The company has served over 200,000 customers through its "health insurance + service" products, combining insurance with high-end medical services[64]. - The company completed the acquisition of Peking University Medical Group, integrating six top-tier hospitals and specialty medical institutions into its healthcare ecosystem[92]. Investment and Asset Management - Ping An has invested over CNY 8.27 trillion to support the real economy, with green investment in insurance funds amounting to CNY 140.929 billion[12]. - The company's insurance fund investment portfolio reached approximately RMB 4.62 trillion, growing by 6.5% since the beginning of the year[184]. - The annualized comprehensive investment return rate for the insurance fund investment portfolio was 4.1%, an increase of 0.7 percentage points year-on-year[189]. - The total investment income for the same period was RMB 8,044 million, representing a significant increase of 33.2% from RMB 6,040 million in the previous year[198]. - The company continues to enhance its investment research, product innovation, and post-investment management capabilities to maximize the value of its investment assets[187]. Product Development and Innovation - The company is enhancing its insurance product system by gradually introducing "insurance + service" products to address changing customer needs and market competition[57]. - The company has introduced new insurance products to meet the growing demand for wealth management and retirement planning, including flexible pension products[133]. - The company launched 51 key products under the "Three Savings" value evaluation system in the first half of 2023, covering various financial and lifestyle scenarios[39]. - The average number of contracts held by high-net-worth customers reached 21.44, significantly higher than that of affluent customers, indicating a strong cross-selling strategy[47]. Technology and Digital Transformation - The digital marketing platform helped agents reach over 110 million customers in the first half of 2023, with AI service handling 81% of total customer service volume[69]. - The company aims to enhance customer value by providing a one-stop financial solution, with 39.6% of total customers holding multiple contracts[69]. - The company has expanded its overseas cooperation network to cover over 1,000 medical institutions across 16 countries[63]. - The company has launched 550 home care services and increased the number of cooperating pharmacies to 226,000, achieving a national coverage rate of over 36%[63].

[0 -> 2] 各位媒體朋友大家上午好 [2 -> 4] 感謝各位出席中國平安 [4 -> 7] 2023年中期業績發佈會 [7 -> 9] 我是集團董事會秘書盛宇森 [9 -> 11] 今天的發佈會將由 [11 -> 14] 我和香港會場的集團 [14 -> 16] 國際公關和ESG主管 [16 -> 18] 艾爾斯先生共同主持 [18 -> 20] 本次發佈會我們採用 [20 -> 22] 現場會議視頻直播的方式 [22 -> 24] 同步進行 [24 -> 27] 相信很多跟蹤平安很多年的 [27 -> 28] 老的媒體朋友 [28 -> 31] 當然大家都非常熟悉平安的 [31 -> 33] 一個兩地連線的 [33 -> 35] 那種發佈會的模式 [35 -> 38] 首先請允許我們先介紹一下 [38 -> 40] 香港上海兩地的管理層 [40 -> 42] 有請艾爾斯介紹 [42 -> 44] 香港方面的管理層 [62 -> 63] 謝謝 [63 -> 65] 今天出席香港會場的管理層有 [65 -> 67] 董事長馬明哲先生 [67 -> 70] 聯席首席執行官陳欣盈女士 [70 -> 73] ...

品牌價值持續深化。2023年公司名列 《財富》世界500強第33位，蟬聯全球保 險企業第1位，排名全球金融企業第5 位 ；名列《財富》中國500強第9位 ；名 列《福布斯》全球上市公司2000強第16 位 ；連續七年蟬聯Brand Finance全球 保險品牌價值100強榜單第1位。 董事長致辭 2022年以來，中國平安攜手安徽省阜南縣新村鎮，共同打造「蘆蒿產業示範基 地」，構建「上有衛星、下有物聯網、中有數字村」的數字農業體系，幫助農戶 實現蘆蒿種植提產、降本、增效，助力鄉村振興。 「綜合金融+醫療健康」戰略持續深化。發展綜合金融，是用 誠信和專業，努力讓天下沒有難做的金融 ；發展醫療健康養 老，是幫助客戶少為求醫無門、問藥無路、養老無助而煩惱 焦慮。今年以來，公司積極探索「保險+居家養老」、「保險+ 高端養老」、「保險+醫療健康」的服務模式，滿足居民高品質 生活的需要。通過綜合金融與醫療生態圈的協同配合，平安 壽險、平安銀行等公司受益於集團醫療生態圈提供的服務權 益，平安健康和新北大醫療集團也能夠賦能金融端的企業和 個人客戶。目前在平安超2.29億的個人客戶中，有超64%的客 戶同時使用了醫療健康生態圈提 ...

Customer Base and Growth - As of March 31, 2023, the number of individual customers reached approximately 229 million, with an average of 2.98 contracts per customer, reflecting a 0.3% increase since the beginning of the year[3] - The number of paid individual customers in the health sector exceeded 42 million, with health insurance premium income reaching RMB 40 billion in Q1 2023[18] - The number of cooperative pharmacies reached 226,000, an increase of nearly 2,000 since the beginning of the year, covering over 38% of pharmacies nationwide[20] - The number of individual customers reached 22.86 million, a 0.9% increase from the end of 2022, with an average of 2.98 contracts per customer[42] - Over 64% of the company's nearly 229 million individual customers utilized services from the healthcare ecosystem as of March 31, 2023[43] Financial Performance - The operating profit attributable to the parent company shareholders for Q1 2023 was RMB 41.385 billion, with a net profit of RMB 38.352 billion, marking a year-on-year increase of 48.9%[10] - In Q1 2023, the company achieved a net profit attributable to shareholders of RMB 38.35 billion, a year-on-year increase of 48.9%[33] - The operating profit for Q1 2023 was RMB 45.44 billion, a 45.9% increase from RMB 31.15 billion in Q1 2022[25] - The net profit for the three months ending March 31, 2023, was RMB 46,165 million, compared to RMB 32,395 million in the same period of 2022, indicating significant growth[118] - Total revenue for the three months ending March 31, 2023, was RMB 281,600 million, compared to RMB 220,248 million in 2022, indicating significant growth[146] Insurance and Investment - In Q1 2023, the insurance service revenue from property insurance was RMB 76.312 billion, representing a year-on-year growth of 7.1%[4] - The original insurance premium income for the three months ended March 31, 2023, was RMB 76,958 million, representing a 5.4% increase from RMB 73,018 million in 2022[109] - The original insurance premium income from auto insurance for the three months ended March 31, 2023, was RMB 50,025 million, up 6.2% from RMB 47,083 million in 2022[109] - The annualized net investment return rate for the insurance investment portfolio was 3.1% as of March 31, 2023, with a total investment portfolio size exceeding CNY 4.49 trillion, reflecting a 3.1% growth since the beginning of the year[51] - Investment income for the period was RMB 29,715 million, a recovery from a loss of RMB 26,148 million in the previous year[146] Cost and Profitability Metrics - The comprehensive cost ratio for property insurance in Q1 2023 was 98.7%, an increase of 2.0 percentage points compared to the same period last year[25] - The comprehensive cost ratio for Ping An Property & Casualty Insurance increased by 2.0 percentage points to 98.7%[33] - The comprehensive cost ratio based on original insurance contract standards was 99.8% in Q1 2023, up 3.0 percentage points year-on-year[50] - The annualized operating ROE reached 18.8% in Q1 2023[28] Technology and Innovation - As of March 31, 2023, the company had filed 47,229 technology patents, an increase of 1,152 from the beginning of the year, maintaining a leading position among international financial institutions[31] - AI-driven product sales accounted for 49% of total sales in Q1 2023, with AI service volume exceeding 530 million, representing 81% of total customer service interactions[94] Banking Performance - Ping An Bank reported a net profit of RMB 14.60 billion in Q1 2023, up 13.6% year-on-year, with a non-performing loan ratio of 1.05%[30] - The corporate customer base for Ping An Bank increased by 4.3% to 642,300 as of March 31, 2023[56] - The bank's capital adequacy ratios improved, with the core Tier 1 capital adequacy ratio rising by 0.27 percentage points to 8.91% as of March 31, 2023[90] Asset Management and Liabilities - The asset management scale exceeded CNY 6 trillion as of March 31, 2023, with net profit from asset management business at CNY 1.61 billion in Q1 2023[61] - The total liabilities increased to RMB 10,054,215 million as of March 31, 2023, from RMB 9,823,944 million at the end of 2022, reflecting a growth of approximately 2.4%[167] - Total equity attributable to shareholders increased to RMB 914,332 million as of March 31, 2023, compared to RMB 869,191 million at the end of 2022, an increase of approximately 5.2%[150] Compliance and Regulatory - The core solvency adequacy ratio for Ping An Life Insurance as of March 31, 2023, was 120.4%, exceeding the minimum regulatory requirement of 50%[110] - The core solvency adequacy ratio and comprehensive solvency adequacy ratio data were reported in accordance with the regulatory requirements[137] - The company plans to implement changes in accounting policies related to insurance contracts starting from January 1, 2023, in compliance with the new international financial reporting standards[140]