Ping An's performance warmed up last year For the first time, Ping An responded to "stepping on the thunder" Huaxia Happiness: or a provision was made

China Times (www.chinatimes.net.cn) reporter Luo Jinhui yang shi province Reported in Shenzhen

On February 3, Ping An announced its 2020 performance report. According to the data, in 2020, Ping An of China achieved a parent-attributable operating profit of 139.47 billion yuan, an increase of 4.9% year-on-year, and a net profit attributable to the mother of 143.099 billion yuan, down 4.2% year-on-year. The annual dividend paid to shareholders was RMB2.20 per share in cash, representing a year-on-year increase of 7.3%.

In this regard, Xie Yonglin, general manager and co-CEO of Ping An Group, said at the performance conference on February 4: "2020 is indeed an extraordinary year, under the challenge of the macro environment, the company's performance still maintains steady growth, which can be summarized in sixteen words: steady development, deepening reform, scientific and technological innovation, and fulfilling responsibilities." ”

While the performance is growing steadily, Huaxia Happiness of Ping An Investment of China is also deeply involved in the debt crisis. At the performance conference, ping an executives of Ping An of China, in addition to making a brief report on the data of the 2020 annual performance report, also responded to many hot issues of market concern such as the problem of Huaxia Happiness Debt.

Performance Warms Up Life insurance reform has entered a painful period

Ping An-related executives said at the performance conference that in 2020, despite the impact of the epidemic, the operating profit of Ping An's personal business still increased by 0.1% year-on-year to 122.977 billion yuan, reversing the negative growth trend in the first half of 2020, accounting for 88.2% of the group's operating profit attributable to shareholders of the parent company. In 2020, the number of individual customers of the Group exceeded 218 million, an increase of 9.0% over the beginning of the year, and 37.02 million new customers were added in the whole year, of which 36.0% came from the Group's Internet users.

It is worth noting that in 2020, under the influence of the macro environment, the life insurance industry entered a downward cycle. In 2020, the value of new business in Ping An's life and health insurance business was 49.575 billion yuan, down 34.7% year-on-year, and the value ratio of new business was down 14% year-on-year.

In this regard, Chen Xinying, co-CEO and executive director of Ping An Group, said: "In addition to market reasons, the factors of life insurance reform cannot be ignored, this reform is the most extensive, most complex and deepest reform we have done in the past 30 years, and the difficulty is beyond imagination." The whole reform is a long-term process, last year, we spent a whole year to build, this year will be a business department, an agent to promote, is expected to be throughout the year to gradually complete the promotion. In 2021, there should be a positive growth in the value of new business, but if we want to see the real and full effect, we must wait until the completion of the entire reform in 2022, the epidemic eases, and the market picks up. ”

Chen Xinying said that due to the impact of the epidemic, the consumer demand for high-value protection business has temporarily slowed down, and it is difficult for agents to visit customers face-to-face, but for long-term protection product sales, face-to-face links are very important; secondly, the epidemic has promoted consumer demand to shift to short-term consumer health insurance. He revealed that Ping An's agent team has shrunk from 1.167 million at the end of 2019 to 1.02 million last year, and will maintain a team of 1 million agents in the next three years.

Although the life insurance business has been under pressure in the short term due to the impact of the epidemic, Ping An of China is still full of confidence in the future of life insurance reform.

Xie Yonglin revealed at the press conference: "After more than two years of careful thinking and planning, the company has launched the top-level design of life insurance business reform in 2020, and focused on the three directions of channels, products and operations to carry out reforms, and in 2021, it will mainly focus on the implementation and promotion of key projects." ”

For the first time, it responded to the Debt Crisis of Happiness in China

At the press conference, Ping An's management also made the first response to the Huaxia Happiness Debt Crisis.

On February 1, Huaxia Happiness, a real estate company invested by Ping An Life, a subsidiary of Ping An of China, announced that the amount of principal and interest involved in the overdue debt was 5.255 billion yuan, involving bank loans, trust loans and other forms of debt. As the second largest shareholder of Huaxia Happiness, Ping An of China has exceeded 9 billion yuan in the highest investment floating loss of Huaxia Happiness, which has aroused strong concern from all parties.

In this regard, Xie Yonglin also responded at the performance conference: "We invested in Huaxia Happiness at that time, mainly focusing on its business model, it is not a traditional real estate company, but an industrial new city operation company, its basic model is a two-level linkage to develop a place, introduce industries, and support the development of local governments." This business model is in line with the investment attitude of insurance funds. ”

Summarizing the reasons for the problems of Huaxia Happiness, Xie Yonglin said: "In the past one or two years, the regulation of the central Beijing area has been very strict, which has a huge impact on the recovery of Huaxia Happiness; secondly, the epidemic has also had a great impact on it; at the same time, the management of Huaxia Happiness is extensive and expands too quickly, resulting in operational difficulties. ”

Xie Yonglin further said that although Huaxia Happiness has encountered problems in debt, the government is still taking multiple measures at the same time to actively rescue Huaxia Happiness. At present, Huaxia Happiness has set up a debt committee, and Ping An is the co-chairman of the debt committee, and Ping An is clear about any arrangements or other measures related to debts.

In the face of the current dilemma, Xie Yonglin said: "Huaxia Happiness's investment is a small part of Ping An's 8 trillion yuan portfolio, and it will be provisioned according to the process. The risk exposure to Huaxia Happiness totaled 54 billion yuan (equity investment of 18 billion yuan, on-balance sheet debt investment of 36 billion yuan), but it did not represent a loss of 54 billion yuan. Ping An of China has always relied on maintaining a steady and cautious attitude in the risk appetite of portfolio management. ”