PING AN OF CHINA(601318)2025-03-19 14:10Financial Performance - The company reported a total revenue of RMB 29,334,380,031.90 for the year, with a proposed final dividend of RMB 1.62 per share[13]. - The operating profit attributable to shareholders reached RMB 121.86 billion, a year-on-year increase of 9.1%, while net profit increased by 47.8% to RMB 126.61 billion[47]. - The total revenue for 2024 reached RMB 1,028.925 billion, reflecting a year-on-year growth of 12.6%[65]. - The net profit attributable to shareholders for 2024 reached RMB 126.607 billion, a 47.8% increase from RMB 85.665 billion in 2023[87]. - The basic earnings per share for 2024 increased to RMB 7.16, up 47.9% from RMB 4.84 in 2023[84]. - The company reported a net cash flow from operating activities of RMB 382.474 billion in 2024, a 6.1% increase from RMB 360.403 billion in 2023[87]. - The operating profit attributable to the parent company's shareholders for 2024 was RMB 121.862 billion, compared to RMB 111.728 billion in 2023, marking a growth of 9.6%[88]. - The company reported a 67.7% increase in operating profit from property insurance business, reaching RMB 14.95 billion[161]. - The net profit increased by 25.5% to RMB 92,097 million in 2024 compared to RMB 73,391 million in 2023[200]. Customer Base and Retention - The company serves over 240 million individual customers and more than 4 million corporate clients globally[17]. - The total number of personal customers reached 242 million, with an average of 2.92 contracts per customer and an average profit of 446.90 CNY per person[35]. - The customer retention rate for those holding four or more contracts within the group is 98.0%, with 72.2% of customers having been served for over five years[57]. - The customer retention rate for personal clients was 90.9%, an increase of 1.6 percentage points year-on-year, with long-term customers (5 years and above) having a retention rate of 94.7%[103][104]. - The number of individual customers reached 242 million, with 25.6% holding four or more contracts, and a retention rate of 98.0%[68]. - Ping An's personal customer base reached 242 million by the end of 2024, growing by 4.7% year-on-year, with 32.07 million new customers added, a 9.8% increase compared to the previous year[109]. Dividends and Share Capital - The company has a total share capital of 18,210,234,607 shares, with 102,592,612 shares held in a repurchase account not participating in the dividend distribution[13]. - The company has proposed a mid-year cash dividend of RMB 0.93 per share, totaling RMB 16,840,107,055.35[13]. - The cash dividend per share for the year is RMB 2.55, reflecting a year-on-year growth of 5% and a cash dividend ratio based on operating profit of 37.9%[48]. Risk Management and Compliance - The company has implemented various measures to effectively manage and control risks, including insurance, credit, market, and operational risks[13]. - The company’s financial report has been audited by Ernst & Young Hua Ming, receiving a standard unqualified opinion[11]. - The company’s board of directors has confirmed the accuracy and completeness of the annual report, ensuring no significant omissions or misleading statements[10]. Strategic Focus and Innovation - The company has a comprehensive strategy focusing on integrated financial services and healthcare, aiming to leverage market opportunities[17]. - The company emphasizes a "one-stop service" model, integrating financial, medical, and elderly care services to enhance customer experience[35]. - The company is focused on digital innovation and differentiated services to address the growing consumer demand in the financial, medical, and elderly care sectors[25]. - The company aims to deepen the integration of medical and elderly care services, enhancing the synergy between insurance and healthcare sectors[136]. - The company plans to enhance customer acquisition and retention, aiming for steady growth in key metrics[76]. Health and Elderly Care Services - The company aims to achieve a total scale of 16 trillion CNY in the health service industry by 2030[31]. - The aging population in China is projected to exceed 20% of the total population by 2035, with the silver economy expected to reach 30 trillion CNY[29]. - The company has established a comprehensive service system covering over 70% of customers enjoying rights in the health and elderly care ecosystem[59]. - The health insurance premium income exceeded RMB 140 billion in 2024, with over 31 million strategic business paying users[71]. - The medical and elderly care ecosystem has been developed over 10 years, with nearly 63% of personal customers benefiting from its services by the end of 2024[117]. - The company signed contracts with over 150 home care service suppliers, covering 75 cities, and more than 160,000 clients qualified for home care services, an increase of over 70,000 since the beginning of the year[134]. Investment and Financial Empowerment - The company has supported the real economy with cumulative investments of nearly RMB 10.14 trillion, including green investments of RMB 124.71 billion[61]. - The company has achieved a comprehensive investment return rate of 5.8%, up by 2.2 percentage points year-on-year, with a 10-year average net investment return rate of 5.0%[53]. - The investment portfolio achieved a comprehensive investment return rate of 5.8%, an increase of 2.2 percentage points year-on-year[65]. - The financial empowerment business reported a loss reduction of 42.6%, with losses decreasing to RMB 11.90 billion[161]. Market Expansion and Product Development - The company plans to launch high-quality elderly care community projects in five cities, with the first projects expected to open in the second half of 2025[71]. - The company is actively expanding its product offerings in the areas of health, retirement, and wealth management to meet diverse customer needs[183][184][185][186]. - The company has established a cooperation network with over 36,000 hospitals and more than 1,300 overseas medical institutions, covering 35 countries globally[140]. - The company has built a high-performance elite team of nearly 24,000 members as of December 31, 2024[182]. Technology and Data Management - The company developed a three-layer large model system and five major medical databases, containing 30 trillion bytes of data, becoming one of the largest financial and medical databases globally[73]. - AI-assisted diagnosis accuracy reached over 95%, with intelligent recommendation accuracy at 99% for over 2,000 diseases[74]. - The company intercepted fraud claims worth RMB 119.4 million, marking a 10.4% year-on-year increase[73]. - Ping An's AI service platform is expected to handle approximately 1.84 billion service requests in 2024, covering 80% of the total customer service volume[96].