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2025 First Quarter Results April 2025 —Advancing with Stability through Cycles
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Cautionary Statements Regarding Forward-Looking Statements To the extent any statements made in this Report contain information that is not historical, these statements are essentially forward-looking. These forward-looking statements include but are not limited to projections, targets, estimates and business plans that the Company expects or anticipates may or may not occur in the future. Words such as “potential”, “estimates”, “expects”, “anticipates”, “objective”, “intends”, “plans”, “believes”, “will”, “may”, “should”, variations of these words and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may be general or specific. Readers should be cautioned that a variety of factors, many of which are 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. The forward-looking statements herein do not constitute a material commitment by the Company to investors, and investors and related persons should maintain an adequate understanding of the risks and should understand the differences between commitments and forward-looking statements such as plans and forecasts. These and other factors should be considered carefully; readers should not place undue reliance on the Company’s forward-looking statements, and should pay attention to investment risks. In addition, the Company undertakes no obligation to publicly update or revise any forward-looking statement that is contained in this Report as a result of new information, future events or otherwise. Neither the Company nor any of its employees or affiliates is responsible for, or is making, any representations concerning the future performance of the Company. 2
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Stay Focused: Integrated Finance + Health and Senior Care Strategy 3 SolvencyCore Businesses Integrated Finance Group Strategies Performance Overview
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4 SolvencyCore Businesses Integrated Finance Group Strategies Performance Overview 1Q 2025: Key Metrics RMB37.9 billion +2.4% OPAT(1) RMB939.7 billion +1.2% Shareholders’ equity 1.3% +0.2 pps Comprehensive investment yield(2) (unannualized) RMB27.0 billion -26.4% Net profit RMB12.9 billion +34.9% NBV(3) 245 million +1.0% Retail customers 32.0% +10.4 pps NBV margin(3) (ANP basis) 96.6% Improved by 3.0 pps P&C COR Notes: (1) The computation of operating profit for the current period and the same period last year is based on the end-2024 long-run investment return assumption (4.0%). (2) The computation of the unannualized comprehensive investment yield excludes changes in fair values of debt investments at fair value through other comprehensive income backing Life & Health business. (3) The computation of Life & Health NBV is based on a 4.0% long-run investment return assumption and an 8.5%/7.5% risk discount rate. (4) Operating profit, net profit and shareholders’ equity refer to the operating profit, net profit and shareholders’ equity attributable to shareholders of the parent company respectively.
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Steady overall business • OPAT grew 2.4% YoY to RMB37.9 bn • L&H OPAT rose 5.0% YoY to RMB26.9 bn • Basic operating EPS rose 3.3% YoY to RMB2.16 The Group Steady operations and stable asset quality • Net profit was RMB14.1 bn; NPL ratio was 1.06%, indicating adequate risk provisions Bank Enhanced multi-channel capabilities and high quality • NBV rose 34.9% YoY to RMB12.9 bn • Agent channel NBV grew 11.5% YoY • Bancassurance channel NBV soared 170.8% YoY • Community finance channel NBV surged 171.3% YoY L&H Growing insurance business growth with high quality • Overall COR improved by 3.0 pps YoY to 96.6% P&C Continuously advanced integrated finance model • Retail customers increased 1.0% YTD to nearly 245 mn • Retention rate of retail customers holding 4 or more contracts within the Group was 98.0% Continuously implemented health and senior care strategy • 190K+ customers were entitled to home-based senior care services, which covered 75 cities nationwide. Unveiled premium health and senior care communities in 5 cities Strategy development SolvencyCore Businesses Integrated Finance Group Strategies Performance Overview 1Q 2025: Key Business Highlights 5
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6 SolvencyCore Businesses Integrated Finance Group Strategies Performance Overview Group OPAT Grew 2.4% YoY Notes: (1) The computation of OPAT is based on the end-2024 long-run investment return assumption (4.0%). (2) The Group’s net profit declined 26.4% YoY to RMB27,016 mn. The difference between the Group’s OPAT and net profit comprises the short-term investment variance (RMB-7,532 mn) and the impact of one-off material non-operating items and others (RMB-3,409 mn). (3) Figures may not match the calculation due to rounding. 1Q 2025 L&H(1) 26,864 70.9 5.0% P&C 3,237 8.5 (16.4%) Bank 8,170 21.6 (5.6%) Asset management 1,085 2.9 19.2% Finance enablement 547 1.4 N/A Others & elimination (1,996) (5.3) N/A The Group’s OPAT 37,907 100.0 2.4% Proportion (%) YoY change(in RMB million)
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2.92 2.93 2024年12月31日 2025年3月31日 2024年12月31日 2025年3月31日 7 Integrated Finance: Customers Increased and Contracts per Customer Edged Up Notes: (1) High-value customers refer to customers with investable assets > RMB500K. (2) High-potential customers refer to customers aged 30-45. (3) Figures may not match the calculation due to rounding. +1.0% Retail customers （in million) Expanding acquisition channels Increasing customers （Contract） Contracts per customer edged up Contracts per customer High-value customers(1) High-potential customers(2) 40 mn Number of customers 120 mn Number of customers +2% YTD +1% YTD +0.3% SolvencyCore Businesses Integrated Finance Group Strategies Performance Overview Dec 31, 2024 Mar 31, 2025 Dec 31, 2024 Mar 31, 2025 242 245
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21.6% 32.0% 2024年1-3月 2025年1-3月 9,555 12,891 2024年1-3月 2025年1-3月 Notes: (1) The computation of Life & Health NBV is based on a 4.0% long-run investment return assumption and an 8.5%/7.5% risk discount rate. (2) ANP (annualized new premium) is calculated as the sum of 100% of annualized FYP (first-year premium) and 10% of single premiums. (in RMB million) +34.9% +10.4 pps NBV NBV margin (ANP basis) 28.3%16.9%FYP basis 8 SolvencyCore Businesses Integrated Finance Group Strategies Performance Overview L&H: Solid Business Growth 1Q 2024 1Q 2025 1Q 2024 1Q 2025
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• NBV grew 11.5% YoY • NBV per agent rose 14.0% YoY Higher Agent Productivity • Bancassurance channel: NBV surged 170.8% YoY as productivity rose • Community finance channel: NBV soared 171.3% YoY as customer operations continued to improve Enhanced Multi- Channel Capabilities • Health care: Served nearly 10 mn customers in 1Q 2025 • Home-based senior care: 190K+ customers were entitled to home-based senior care services, which covered 75 cities nationwide • High-end senior care: Unveiled premium communities in 5 cities; communities in Shanghai and Shenzhen will open for business in 2H 2025 Expanded Health and Senior Care Services 9 L&H: High-Quality Channel Development SolvencyCore Businesses Integrated Finance Group Strategies Performance Overview
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10 P&C: Growing Insurance Business Growth with High Quality SolvencyCore Businesses Integrated Finance Group Strategies Performance Overview Notes: (1) Premium income refers to premiums computed based on written premium after the significant insurance risk testing and separation of hybrid contracts in accordance with the Circular on the Insurance Industry’s Implementation of the No.2 Interpretation of Accounting Standards for Business Enterprises and the Circular on Issuing the Regulations regarding the Accounting Treatment of Insurance Contracts. (2) COR = (insurance service expenses + (allocation of reinsurance premiums paid – amount recovered from reinsurer) + (net insurance finance expenses for insurance contracts issued – net reinsurance finance income for reinsurance contracts held) + changes in insurance premium reserves) / insurance revenue. 99.6% 96.6% 2024年1-3月 2025年1-3月 Improved by 3.0 pps COR (in RMB million) 80,627 81,153 2024年1-3月 2025年1-3月 +0.7% Insurance revenue 27,278 31,403 51,798 53,735 2024年1-3月 2025年1-3月 +7.7% Non-auto Auto 79,076 +3.7% +15.1% 85,138 Premium income (in RMB million) 1Q 2024 1Q 2024 1Q 20241Q 2025 1Q 2025 1Q 2025
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14,932 14,096 2024年1-3月 2025年1-3月 1.06% 1.06% 2024年12月31日 2025年3月31日 9.12% 9.41% 2024年12月31日 2025年3月31日 2.30% 1.84% 2024年1-3月 2025年1-3月 11 Bank: Steady Operations and Adequate Risk Provisions NPL ratio -5.6% (in RMB million) Net profit SolvencyCore Businesses Integrated Finance Group Strategies Performance Overview 1Q 2024 1Q 2025 Dec 31, 2024 Mar 31, 2025 +0.29 pps Core tier 1 CAR Dec 31, 2024 Mar 31, 2025 Improved by 0.46 pps Cost of liabilities (%) 1Q 2024 1Q 2025
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188.7% 163.7% 169.7% 平安集团 平安寿险 平安产险 225.0% 227.9% 206.0% 平安集团 平安寿险 平安产险 Note: Data as of March 31, 2025. Solvency ratios of Ping An Life and Ping An P&C are computed in accordance with C-ROSS Phase II rules and the transition period policy. Min regulatory requirement ≥ 50% Core solvency ratio Min regulatory requirement ≥ 100% Comprehensive solvency ratio 12 SolvencyCore Businesses Integrated Finance Group Strategies Performance Overview Solvency Ratios Well above Regulatory Requirements Ping An Group Ping An Life Ping An P&C Ping An Group Ping An Life Ping An P&C
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Expertise Makes Life Easier 13