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Ping An Reports Steady Growth of 21.5% in Operating Profit Attributable to Shareholders of Parent Company in 9M 19

HONG KONG andA SHANGHAI, Oct. 24, 2019 /PRNewswire/ -- Ping An Insurance (Group) of Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEx: 2318; SSE: 601318) today announced its results for the nine months ended 30 September 2019.In the first nine months of 2019, overall performance and various businesses of Ping An maintained steady growth. Ping An achieved an operating profit attributable to shareholders of the parent company of RMB104,061 million, up 21.5% year on year. Net profit attributable to shareholders of the parent company rose 63.2% year on year to RMB129,567 million. Furthermore, customer development yielded strong results. As of 30 September 2019, the Group had over 200 million retail customers, up 9.5% from the beginning of the year, and 594 million internet users, up 10.4% from the beginning of the year. In the first nine months of 2019, the Group acquired 29.72 million new customers, of whom 11.58 million or 39.0% were sourced from internet users within the Group's five ecosystems.The Board of Directors adopted a resolution for Ping An to establish a nationwide technology-powered consumer finance joint venture. The new enterprise is currently involved in relevant regulatory approval procedures.Financial Businesses: Life and health insurance NBV margin rose 5.3 pps year on year, Property & Casualty operating profit grew 75.5% year on year, and Ping An Bank furthered its retail transformationIn the first nine months of 2019, the Group upheld the philosophy that "insurance should be protection-oriented". The Group optimized the product portfolio and prioritized sales of high-value, high-protection products. Operating profit of the life and health insurance business reached RMB69,104 million, up 30.5% year on year. New business value ("NBV") grew by 4.5% year on year to RMB58,805 million, mainly due to the increasing contribution of the NBV margin. NBV margin reached 48.1%, up 5.3 pps year on year. As of 30 September 2019, the number of life insurance sales agents had decreased by 12.1% from the beginning of the year to 1.245 million, down by 3.2% from 30 June 2019. New individual life insurance policies per agent in the first nine months of 2019 increased to 1.39 per month, up 9.4% year on year.
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