2013 Interim Results - Ping An Insurancedownload.pingan.com.cn/ir/2013yingwen.pdf · 162.7%...
Transcript of 2013 Interim Results - Ping An Insurancedownload.pingan.com.cn/ir/2013yingwen.pdf · 162.7%...
2013 Interim Results
August, 2013
Cautionary Statements Regarding Forward-Looking
StatementsTo the extent any statements made in this presentation containing information that is not historical are
essentially forward-looking. These forward-looking statements include but not limited to
projections, targets, estimates and business plans that the Company expects or anticipates will or may occur
in the future. These forward-looking statements are subject to known and unknown risks and uncertainties
that may be general or specific. Certain statements, such as those include the words or phrases
"potential", "estimates", "expects", "anticipates", "objective", "intends", "plans", "believes", "will", "may", "s
hould", and similar expressions or variations on such expressions may be considered forward-looking
statements.
Reader should be cautioned that a variety of factors, many of which may be 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. These and other factors should be considered
carefully and readers should not place undue reliance on the Company's forward-looking statements. In
addition, the Company undertakes no obligation to publicly update or revise any forward-looking statement
that is contained in this presentation as a result of new information, future events or otherwise. None of the
Company, or any of its employees or affiliates is responsible for, or is making, any representations
concerning the future performance of the Company.
2
Topic Speaker Position
Overview
Operating Highlights
Insurance Business
Investment Business
Banking Business
Financial Analysis and
Embedded Value
Peter Ma
Alex Ren Group President
Group CFO
Timothy Chan Group Chief Investment
Officer
Ping Shao President of Ping An Bank
Jason Yao
Group Chairman & CEO
Yuansiong Lee Group Chief Insurance
Business Officer
Agenda
Overview
4
In the first half of 2013, key developed economies around the world underwent a
cyclical recovery while growth of emerging economies slowed. China's domestic
economy underwent a steady recovery while the reforms in the financial
market picked up pace.
Amidst the complex economic and market environment, we managed our
business steadily and maintained healthy growth, while further promoting
our integrated financial strategy. The integrated financial model of “one
customer, multiple products, and one-stop services” gained popularity in the
market and among customers. The service pledge of “expertise makes life
simple” also increasingly won recognition from customers. Ping An's
“financial supermarket” and customer migration model continued to
demonstrate the strength of our competitive advantages, as well as positive
results.
We will continue to implement the integrated financial strategy, enhance our
customer experience, as well as strengthen the Company's core competitiveness
to achieve as China's leading personal financial services group with the best
customer experience.
Overview
Operating Highlights
6
Written premium of life
insurance as well as property
and casualty insurance
maintained stable growth.
First-year written premium of
individual life insurance grew
stably, with increase in
individual sales agents
despite the adverse
condition.
Property & Casualty kept its
sound quality of business.
Core businesses delivered
healthy performance with an
improving business
structure, and profit
contribution to the Group
increased steadily.
The strategic transformation
showed the first sign of
success, with outstanding
performance in special
personal finance business.
Network expansion made
rapid progress.
Insurance Business Banking Business
Businesses Maintained Steady and Healthy Growth
Facing a complex economic situation and market environment, Ping An adhered to its prudent
operational strategy by further promoting the innovation in integrated finance. Our three key pillars of
businesses, namely insurance, banking and investment, achieved healthy growth, and total assets, net
assets and net profit of the Group increased .
Insurance funds continuously
optimized the portfolio
structure, while raising the
proportion of quality debt
schemes investments
Ping An Trust’s private wealth
management business
recorded stable growth with a
business structure superior to
its peers.
Credit bond underwriting
business maintained its
leading position in the market.
Investment Business
7
Technology-Driven FinancePromoting business and enhancing efficiency through E-services
Further Promotion of Mobile Integrated Terminal
Ping An promoted the MIT in 2011, pioneering e-
business in the industry by introducing a paperless
approach to insurance sales. Full-coverage in services
for all insurance lines has been realized.
The newly established “E-Sales Access” pre-sales
platform, based on MIT platform, extends e-services
to frontline sales, which involves precise and
comprehensive analysis of customer needs.
Centralization of Back-office for Integrated
Financial Services Further Deepened
Through the use of new technology, Ping An promoted
innovative service models and made
breakthroughs, including research on intelligent voice
recognition technology, establishment of a company
platform on Baidu Knowledge, and development of a
Mobile Assessment System for the iPad.
0%
40%
80%
120%
MIT Utilization
Health
insurance
over 70%
Life insurance
98%Automobile
insurance
over 50%
Provided financial services for nearly 9
million customers
Contributing over RMB70 billion in
premiums
Saving operation cost by hundreds of
millions each year
Saving nearly 900 tons of paper each year
8
Customer Services Upgraded
2010
2012
2000 2004
………
Ping An Property &Casualty :Settlement within 72 hoursfor claims below RMB10,000 with full
documents
Ping An Life :Let us help you
find reasons for claim
Ping An Property &Casualty :Settlement within 24 hours for claims below RMB10,000 with
full documents
Ping An Life : Settlement
within 72 hours for standard
case with full documents
Ping An Property &Casualty :
Settlement within 72 hours
from reporting to receiving
payment for claims below
RMB10,000
Ping An Life: Settlement
within 48 hours for standard
case with full documents
2009
2013
2011
Fulfillment rate of Ping An Property & Casualty:94.9%
Average processing time: 1.34 days
Fulfillment rate of Ping An Life: 97.1%Average processing time: 1.97days
days8 days 7 days 6 days 5 days 4 days 3 days 2 days one day zero
9
28,473
50,813
17.9%
25.6%
1H2012 1H2013
Trust Scheme Channel Contribution
1,457 1,563
41.6%39.5%
1H2012 1H2013
Premium Income Channel Contribution
7,2648,265
14.9%15.4%
1H2012 1H2013
Premium Income Channel Contribution
Cross-selling Generated Greater Synergy(In RMB Million)
Property and Casualty Business Group Short-term Insurance Business
Trust Business Banking Business
Note: Retail deposits refers to increase of daily average balance.
13.5%15.8%
41.5% 40.0%
1H2012 1H2013Channel Contribution to Retail Deposits
Channel Contribution to Newly Issued Credit Cards
Financial Analysis and
Embedded Value
11
28.3%
159,617 172,7568.2%
Net Profit
1H2012 1H2013
17,527
21,77124.2%
2,844,266
3,172,572
31/12/2012 30/6/2013
11.5%
Total Assets
Net Profit attributable to
Shareholders of the Parent Company
1H2012 1H2013
Equity attributable to
Shareholders of the Parent Company
31/12/2012 30/6/2013
(In RMB million/in RMB)
Financial Highlights
13,959
17,910
EPS1.76
EPS 2.26
12
Trust 981 Trust
939
Securities
1,745 Securities
1,397
Income by Business Segment
163,751180,711
19,830
23,549
2,726
2,336
18.8%10.4% 14.3%
(In RMB million)
Insurance Business
Written PremiumsBanking Business Investment Business
1H2012 1H2013 1H2012 1H2013 1H2012 1H2013
Notes: (1) Written premiums of insurance business refer to all premiums received from the policies underwritten by the Company, which is prior to the significant
insurance risk testing and unbundling of hybrid risk contracts.
(2) The investment business income included incomes from securities and trust, excluding those from other businesses and offset items.
13
1H2012 1H2013
12,8317,400
6,731
1,072
603
9,777
Securities
663
Securities
245
Trust
409
Trust
358Contribution
to the Group
3,467
11.8%
9.9% 43.8%
Property and
Casualty
Insurance
3,492Property and
Casualty
Insurance
2,746
Life
Insurance
9,339
Life
Insurance
7,031
31.2%
Contribution
to the Group
3,877
(In RMB million)
Insurance Business Banking Business Investment Business
1H2012 1H2013 1H2012 1H2013
Notes: (1) Net profit from insurance pillar covers that from life insurance business and property and casualty insurance business.
(2) The investment business profit included profits from securities and trust, excluding those from other businesses and offset items.
Net Profit by Business Segment
14
0.15
0.20
1H2012 1H2013
(In RMB)
Interim Dividend
ProfitabilityBusiness
developmentCapital
requirement
Sustainability of dividend
policy
The Company proposes to distribute 2013 interim
dividend of RMB0.20 per share with a total amount
of RMB1,583 million, up 33.3% compared with the
same period last year.
When proposing dividend distribution, the Company
takes in consideration of profitability, future business
development, capital requirement, sustainability of
dividend policy, to achieve balance between
business development and shareholders’ returns.
15
179.5%
Group (Regulatory requirement >=100%) 162.7%
31/12/2012 30/6/2013
Ping An Property & Casualty(Regulatory requirement >=100%)
Ping An Life(Regulatory requirement >=100%)
176.1%
178.4%
185.6%
190.6%
8.78%Ping An Bank(1)
(Regulatory requirement >=8.5%)11.37%
Note: (1)The capital adequacy ratio as at June 30, 2013 was calculated under the Capital Rules for Commercial Banks (Provisional) enforced by the
CBRC, while the capital adequacy ratio as at December 31, 2012 was calculated under the Rules for Regulating the Capital Adequacy Requirement of
Commercial Banks and relevant regulations enforced by the CBRC.
Healthy Solvency Margin/Capital Adequacy Ratio
Capital Injection Planning
RMB26 billion of convertible bond
has got the approval of the Public
Offering Review Committee of the
CSRC and waits for final green light.
Capital injection plan is under
regulatory approval.
16
Note: (1) The new Rules refer to the Capital Rules for Commercial Banks (Provisional) implemented by the CBRC since Jan.1, 2013.
(2) The Company proposed to issue RMB26 billion of convertible bond. Assumed that the issuance could complete as at Jun.30, 2013, and all of
the amounts could be calculated as supplementary capital, the static simulated solvency margin of the Group would be 181.2%.
Dividend
distributed
Business
developmentSolvency margin as at December
31, 2012
Simulated solvency
margin after
RMB26 billion of
convertible bond issued
185.6%
162.7%Decreased
by 1.7
percentage points
Decreased
by 7.0
percentage points
181.2%
Increased
by 18.5
percentage points
Redemption
of RMB6.5
billion
subordinated
bond of Ping
An Bank
Decreased
by 4.7
percentage points
Decreased
by 9.5
percentage points
Ping An bank
implemented the
new Rules (1)
Movement Analysis of the Group’s Solvency Margin
Solvency
margin as at
June 30, 2013
RMB26 billion
of convertible
bond
calculated as
supplementary
capital
17
Dividend
distributed
CAR as at Dec. 31,2012
according to the old Rules(1)
11.37%
9.90%Decreased
by 0.08
percentage points
Decreased
By 0.62
percentage points
10.64%
Decreased
by 1.12
percentage points
Increased
by 1.86
percentage points
8.78%
Redemption
of RMB6.5
billion
subordinated bond
Decreased
by 0.77
percentage points
Implementation
of the new Rules(2)
Note: (1) The old Rules refer to the Rules for Regulating the Capital Adequacy Requirement of Commercial Banks and relevant regulations
enforced by the CBRC.
(2) The new Rules refer to the Capital Rules for Commercial Banks (Provisional) implemented by the CBRC since Jan. 1, 2013.
(3) Ping An Bank proposed to raise capital of RMB20 billion. Assumed that the capital raising could complete as at Jun. 30,2013, the
static simulated CAR would be 10.64%.
Movement Analysis of Ping An Bank’s CAR
Business
developmentCAR as at Jun.
30, 2013 according to
the old Rules(1)
CAR as at Jun. 30,2013 according to
the new Rules (2)
RMB20 billion of capital
injection
Simulated CAR after RMB26 billion of capital
injection
18
180,015
(7,634)
166,821
(27,350)
311,851
Other Businesses
119,815
Life Insurance 192,037
Other Businesses
119,815
Life Insurance
60,200
Composition of Embedded Value
(in RMB million)
Adjusted value
of net assets
at
Jun.30, 2013
Value of in-force
insurance business
written prior to June
1999
Value of in-force
insurance
business written
since June 1999
Cost of solvency
margin
Embedded
value at Jun.
30, 2013
Notes: (1) Figures may not match totals due to rounding.
(2) Life insurance business includes business conducted through Ping An Life, Ping An Annuity and Ping An Health.
(3) Above risk discount rates for the value of in-force business were earned rate/11.0%.
19
285,874311,851
120,488
165,386
131,837
180,015
9.1%
9.4%
8.8%
31/12/2012 30/6/2013
The value of business in-forceAdjusted net asset value
Growth of Embedded Value
Notes : (1) Figures may not match totals due to rounding.
(2) Above risk discount rates for the value of in-force business were earned rate/11.0%.
(in RMB million)
Embedded Value
31/12/2012 30/6/2013
9.1%
36.11
39.40
EVPS
(in RMB)
20
8,856
10,110
Growth of New Business Value
NBEV in the first half of 2012
+10.8%+3.4%
NBEV in the first half of 2013
14.2%
Growth of
business volume
Improvement in
the product mix
and NBEV
margin
(in RMB million)
21
39.9%
6.1%
6.1%
38.9%
4.6%
6.1%
1.0
1.5
-
26.4% 28.9% 2.5
1H2012 1H2013
Structure Adjustment and NBEV Margin Improved
NBEV margin Change(percentage points)
Individual life insurance
Bancassurance
Group insurance
Life insurance
business
Insurance Business Review
23
Life insurance realized written
premiums of RMB114.77
billion, of which the new
business reached 26.31
billion, up 13.0% year on year.
The number of individual life
insurance sales agents
reached nearly 549
thousand, up 7.0% as
compared to the end of
2012, despite the adverse
condition.
The NBEV margin was
28.9%, up by 2.5 percentage
points compared with the
same period in 2012.
Ping An Property & Casualty
achieved premium income
RMB53.74 billion, up
10.2%, with market share of
16.4%, continuously ranked
second in the industry.
Premium income from cross-
selling and telemarketing was
RMB23.30 billion, increased by
14.0%, with business
contribution of 43.3%.
Quality of its business remained
sound with a combined ratio of
95.5%.
Three major performance
indicators of our corporate
annuity business, namely
annuity payments
received, assets
entrusted, and assets under
investment management, all
maintained leading positions
in the industry.
Insurance Business Overview
Property and Casualty
InsuranceCorporate AnnuityLife Insurance
24
Life Insurance Business(1/5)Written premium increased steadily with rapid growth of telemarketing
Business development
Ping An Life continued to focus on
value creation by upholding the
strategies of “Reaching New Heights”
and “Two-Tier Market
Development”, maintained healthy
and steady growth of written
premiums.
Channel strategies
Ping An Life continued to invest
heavily in telemarketing, as part of its
plan for the balanced development of
existing channels, and achieved a
rapid growth in telemarketing
business.
114,837126,808
78,89890,557
10.4%
Written
premium
14.8%
(In RMB million)
2,98271.3%
1,740
Written Premiums/Premium Income
Written Premiums of Telemarketing
1H20131H2012
Including:
Premium
Income
(In RMB million)
1H2012 1H2013Notes: (1) Written premiums mean all premiums received from the policies underwritten by the Company, which is prior to the significant insurance
risk testing and unbundling of hybrid risk contracts.
(2) Premium income means premiums after the significant insurance risk testing and unbundling of hybrid risk contracts.
(3) Life insurance includes business conducted through Ping An Life, Ping An Annuity and Ping An Health.
25
13 months 25 months
Persistency Ratio
92.8%94.2%
89.7%89.5%
80%
85%
90%
95%
100%
2011 2012 1H2013
90.2%
92.7%
Life Insurance Business (2/5)Customers increased steadily with a satisfactory persistency ratio
Number of Customers
54,562
56,576
31/12/2012
(thousands)
3.7%
30/6/2013
26
Life Insurance Business (3/5)Reinforcing the sales of protection type products
Participating
53.1%
Investment-linked
1.3%
Product Structure in 1H 2013
100% = 126,808
Traditional
life 4.2%
Universal life
31.0%
Accident and
short-term
health 4.3%
Annuity 0.6%
Long term
health 5.5%
Participating
56.4%
Investment-linked
0.1%
Product Structure of New
Business
100% = 35,989
Traditional life
3.7%
Universal life 15.7%
Accident and
short-term health
15.1%
Annuity 0.2%
Long term
health 8.8%
Notes: (1) The above premiums mean written premiums.
(2) Life insurance includes business conducted through Ping An Life, Ping An Annuity and Ping An Health.
(In RMB million)
27
First-year regular premium
First-year single premium & shorm-term premium
Renewal business
1H2012 1H2013
(In RMB million) (in Person )
Number of Life Sales Agents
7.0%
512,937
548,814
Life Insurance Business (4/5)Individual business achieved growth both in premiums and sales force
Individual Life Written Premium
102,367
114,77212.1%
11.9%
79,076
88,460
21,822
24,950
1,469
1,362
14.3%
Note: Life insurance includes business conducted through Ping An Life, Ping An Annuity and Ping An Health.
31/12/2012 30/6/2013
28
1,5542,325
4,717 2,959
1,327
1,404
Renewal businessFirst-year single and short-term premiumsFirst-year regular premiums
1H2012 1H2013
Life Insurance Business (5/5)Regular premiums of bancassurance rose, while group insurance grew
Written Premium of Bancassurance
Written Premium of Group Insurance
9.8%
4,872
5,348
7,598
6,688
49.6%
5.8%
(In RMB million)
(In RMB million)
1H2012 1H2013
Note: Life insurance includes business conducted through Ping An Life, Ping
An Annuity and Ping An Health.
Bancassurance businessThe bancassurance business committed
to its innovation and value
transformation despite unfavorable
market conditions. By continuously
optimizing business structure, the first-
year single premiums decreased while
the regular premiums grew stably.
Group insurance business Group insurance business achieved
stable growth by strengthening the
development of employee benefits
scheme with basic insurance functions.
29
36,66040,884
10,993
11,5891,261
1,430
34.6% 35.3%
58.5% 60.2%
10.2%
Property and Casualty Business(1/2)Premium income maintained stable growth with sound business quality
Premium Income
48,914
53,903
Accident and health insuranceAutomobile insurance Non-automobile insurance
Combined Ratio
93.1%95.5%
(In RMB million)
1H2012 1H2013 1H2012 1H2013
Loss ratio Expense ratio
Note: Property and casualty insurance business includes business conducted through Ping An Property & Casualty and Ping An Hong Kong.
30
13,16915,033
7,264
8,265
Telemarketing Cross-selling
14.0%
Property and Casualty Business (2/2)New channels contributed higher premiums
Premium from Cross-selling
and Telemarketing Contribution Percentage
20,433
23,298
Note: Business above was about Ping An Property & Casualty.
(In RMB million)
1H2012 1H2013
Telemarketing
27.0%
Cross-selling
14.9%
Cross-selling
15.4%
Telemarketing
27.9%
Other
58.1%
Other
56.7%
1H2012
1H2013
31
30/6/2013
Assets Entrusted
58,114
67,984
67,107
75,547
31/12/2012 30/6/2013
Assets under Investment
Management
17.0% 12.6%
Continuous Growth in Corporate Annuity Business
(In RMB million)
31/12/2012
Banking Business Review
33
Banking Business Overview
Ping An Bank’s net
profit RMB7.53
billion, with profit
contribution to the
Group of RMB3.88
billion, up 11.8% year
on year.
Total assets RMB1.83
trillion, up 13.7%.
Total deposits and
total loans amounted
to RMB1.18 trillion and
RMB0.79 trillion, up
15.1% and
9.1%, respectively.
Core Business
Balance of
microfinance
RMB73.21 billion, up
31.1%.
Number of newly
issued cards reached
2.66 million, 40.0% of
which were from the
cross-selling.
Market share of auto
finance gradually
grew, leading in the
industry.
Intermediate income of
investment banking
business grew greatly
to RMB551 million.
Strategic
Business Non-performing
loan ratio
0.97%, slightly up
0.02 percentage
point, still at a low
level.
Provision coverage
ratio 183.54%, up
1.22 percentage
point.
Asset Quality
Capital adequacy
ratio 8.78%
Tier 1 capital
adequacy ratio
7.29%
Core tier 1 capital
adequacy ratio
7.29%
All of these above
met the regulatory
requirement.
Capital
Adequacy
34
Core Business and Profitability Achieved Healthy Growth
Total Assets
31/12/2012 30/6/2013
1,606,537
1,826,99813.7%
Net Profit
1H2012 1H2013
6,870
7,5319.6%
Total Deposits
1,021,108
1,175,36115.1%
Total Loans
9.1%720,780
786,484
(In RMB million)
31/12/2012 30/6/2013 31/12/2012 30/6/2013
Note: The above figures are extracted from the interim report of Ping An Bank.
35
73,207
55,834
31/12/2012 30/6/2013
33,030
21,125
31/12/2012 30/6/2013 1H2012 1H2013
2.66
1.85Cross-
selling
40.0%Cross-
selling
41.5%
44.0%56.4%31.1%
Strategic Businesses Progressed Rapidly
Microfinance Balance Auto Finance Balance Credit Cards Newly Issued
(in RMB million/ million)
36
3,4694,898
17.68%20.91%
1H2012 1H2013
Net Non-interest Income Net Non-interest Income Ratio(In RMB million)
Key Operation Ratios
ROA(annualized) and Cost/income Ratio
CARNet non-interest Income
NIS and NIM
8.59%7.29%
11.37%8.78%
CAR Core CAR
31/12/2012 30/6/2013
2.22%2.42%
2.03% 2.19%
Net Interest Spread Net Interest Margin
1H2012 1H2013
0.91% 0.82%
38.13% 38.87%
ROA Cost/income Ratio
1H2012 1H2013
Note: (1) The above figures are extracted from the interim report of Ping An Bank. (2)The capital adequacy ratio as at June 30, 2013 was calculated under the Capital Rules
for Commercial Banks (Provisional) enforced by the CBRC, while the capital adequacy ratio as at December 31, 2012 was calculated under the Rules for Regulating
the Capital Adequacy Requirement of Commercial Banks and relevant regulations enforced by the CBRC.
37
Assets Quality Maintained Steadily
Non-performing Loan Ratio by RegionNon-performing Loan Ratio
and Provision Coverage Ratio
Except for that in eastern region(mainly Yangtze River delta), non-performing loan ratio for
other regions of Ping An Bank declined compared with the beginning of the year.
0.95%0.97%
31/12/2012 30/6/2013
Non-performing Loan Ratio Provision Coverage Ratio
182.32% 183.54%Regions
Non-performing
ratio
Change(percentage
points)
Headquarter 3.01% -0.88%
East 1.20% +0.14%
South 0.42% -0.05%
West 0.27% -0.08%
North 0.43% -0.10%
Investment Business Review
39
Asset management
business expanded the
channel for the deployment
of insurance funds and
increased the high-interest
fixed income investments
steadily, achieving the
highest net investment yield
in three years.
Total investment income of
insurance fund reached
RMB26,437 million, with
total investment yield of
4.9%.
Ping An Trust’s private wealth
management business
recorded stable growth, with
the number of high net worth
customers exceeding 20,000.
Assets held in trust reached
RMB228.3 billion, in which the
paid-in capital of collective
trust products mainly for
individual customers exceeded
RMB120 billion, maintaining its
leading position in the industry.
Ping An Securities
successfully sponsored 26
bond issuance projects as
lead underwriter, ranking
third in terms of the number
of credit bonds issued.
Investment Business Overview
Asset Management Trust Business Securities Business
40
31/12/2012 30/6/2013
Fixed maturity investments(2) 81.4% 83.6%
Term deposits 22.5% 20.7%
Bond investments 52.1% 53.3%
Debt schemes investment 3.5% 6.1%
Other fixed maturity
investments3.3% 3.5%
Equity investments (2) 9.5% 9.4%
Infrastructure investments 0.8% 0.8%
Investment properties 1.5% 1.5%
Cash, cash equivalents and
others6.8% 4.7%
Total 100.0% 100.0%
Total investments 1,074,188 1,150,442
Total investment
income 13,902
Net investment
income25,965
20,944
26,437
1H2012 1H2013
Investment Portfolio and Investment Yield
Investment Portfolio
Net investment income
NII yield
TII yield
Investment Income
(7,042)
472
Net realized
&unrealized
losses and
impairment
losses
4.5% 4.8%
3.7% 4.9%
Total investment income
(In RMB million)
Notes: (1) The above investment portfolio is about insurance fund investment.
(2) The data exclude items that are classified as cash and cash equivalents.
(In RMB million)
41
Trust Business Maintained Stable Growth, with
Business Structure Superior to its Peers
Trust Income
1H2012 1H2013
981 939
Investment income and others 297
Net fees and commission income 684
Investment income and others 121
Net fees and commission income 818
4.3%
Securities market11.7%
Financial institutions
9.1%
Other4.6%
Assets Held in Trust
100%=228,322
19.6%
Business Development
Ping An trust continued to promote the private
wealth management business with fees and
commission income increased stably.
Risk Management
Ping An Trust strictly control the risks through
establishing the overall risk management
system. In the first half of 2013, all of the
products on maturity has been paid fully, of
which the cumulative payment of real estates
trust schemes exceeded RMB10 billion.
(In RMB million)
Trust Business Structure
Other
40.0%
Collective
trust products
60.0%
Infrastructure
22.3%Commercial
and industry
24.7%
Real estates
27.6%
42
Securities Business: Total Income Decreased
Total Income
1H2012
1,397
1,745
Net underwriting
commission
income
593
Investment
income and
others
637
Net underwriting
commission income
362
Investment
income and
others
877
19.9%
Net brokerage fees
income 398
Net brokerage fees
income 275
Income from our securities business decreased due to the suspension of IPOs and reduced
gains from equity investments.
Assets under Management
11,774
39,686
31/12/2012 30/6/2013
237.1%
44.7%
(In RMB million)
1H2013
43
Expertise Creates Value
Fortune
Ranked No.181 in “Fortune
500”, maintained top
ranking among mainland
Chinese enterprises in the
non-SOE category
The Asset
“The Most Potential
Chinese Enterprise in
2012”
Corporate Governance
“Corporate Governance Asia Award”
Forbes(US)
Ranked No.83 in
“Forbes Global 2000”
Economic Observer
“Most Respected
Company”, received this
prestigious award 12 years in a row since it was launched
China News Service and
China News Weekly
“Most Responsible
Enterprise”
Shanghai Security News
and cnstock.com
“Best Insurance Brand in 2012 Award”
Millward Brown, WPP
Ranked No.84 in “BrandZ Top 100 Global Brands”
Q & A