Ping An of China (601318) Annual Report 2018 Review: Leading Comprehensive Financial Services Group’s Steady Growth in Value
I. Event Overview Ping An of China achieved operating income of 9768 trillion in 2018, +9 per year.
6%, net profit attributable to mother 10.07 million yuan, +20 for ten years.
6%, basic profit income 6.
02 yuan, the expected average ROE is 20.
Second, analysis and judgment strengthen the customer base and enhance customer value. “Finance + Technology” promotes the comprehensive financial development group to achieve 20% growth in net profit, which is slightly better than estimated. The growth mainly comes from insurance and banks.63%, 7%.
The Group implemented a comprehensive financial services strategy for individual customers, and continued to lay a strong customer base online and offline: Group personal customer scale1.
8.3 billion, + 11% from the beginning of the year, with insurance customers accounting for 58%.
Among them, more than 30% of individual customers have obtained comprehensive services.
36% of new customers came from the Internet.
The number of APP users reached 4.
700 million people, + 28% from the beginning of the year.
The number of active Internet users reached 2.
500 million people.
The rapid growth of health insurance boosted the value rate, and the rapid growth of new business value in the second half of the year relied on the intersection of customer resources and channels. Life insurance achieved a premium income of USD 465.6 billion, +21 per year.
1%, revenue accounted for 48%, of which renewal premium growth rate was 32.
Operating profit was 7.13 million yuan, +35 for ten years.
1%, operating ROE is 40.
Although the growth rate of new orders dropped by 2.
4%, but due to the continuous optimization of products and structure, especially long-term health insurance of at least + 36%, accounting for 15%.
8% increased by 1.
8 shares per share, driving the new business value rate to increase by +4.
Among them, the new business value in the second half of the year is +16.
9%, promote the gradual realization of new business value of 72.3 billion, ten years +7.
3%, the group’s overall embedded value exceeded 1 trillion for the first time, +21 per year.
5%, steady value growth.
R & D expansion continues to intensify, and outstanding R & D personnel in the moat emerging fields in financial technology and medical technology.
90,000 people, with an annual expenditure of 1% of income to continue to increase research and development investment, forming a fintech moat.
The market value of the fintech and medical technology sectors 南宁桑拿 continued to grow. Lufax registered 40.35 million users, an earlier + 19%, managed assets of 3694 trillion, a loan balance of 3750 trillion, completed a Series C financing, and a post-investment valuation of $ 39.4 billion.
Ping An Good Doctor gradually serves users super 2.
6.5 billion, listed in Hong Kong in May, until March 12 with a market value of about 6.6 billion US dollars.
At the same time, A round of financing of Financial One Account is estimated to be US $ 7.5 billion, Ping An Medical Insurance Technology is estimated to be approximately US $ 8.8 billion, and the total sector is estimated to be over US $ 60 billion.
Third, investment advice The company’s NBA growth rate has improved significantly in the second half of the year, and sales of guaranteed products continue to advance, which will continue to boost the company’s NBV.
Property insurance business procedure costs are expected to decrease, and profitability is expected to continue to improve.
On the investment side, the total investment yield has improved, and the net investment yield has remained stable. In the context of a stable and rebounding capital market, the investment yield will help stabilize and rise.In terms of financial technology, its subsidiaries have formed significant technological advantages at the first level, with a moat effect.
It is expected that the revenue in 2019 will be 11,547 trillion, and the net profit attributable to the mother will be 1,231 trillion, maintaining the recommended level.
Fourth, risk warning: the growth rate of new orders continues.