2023.11.06
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有关前瞻性陈述之提示声明
除历史事实陈述外，本报告中包括了某些“前瞻性陈述”。所有本公司预计或期待未来可能发生的（包括但不限于）预测、目标、估
计及经营计划都属于前瞻性陈述。某些字词，例如“潜在”、“估计”、“预期”、“预计”、“目的”、“有意”、“计划”、“相
信”、“将”、“可能”、“应该”，以及这些字词的其他组合及类似措辞，均显示相关文字为前瞻性陈述。
前瞻性陈述涉及一些通常或特别的已知和未知的风险与不明朗因素。读者务请注意这些因素，其大部分不受本公司控制，影响着公司
的表现、运作及实际业绩。受上述因素的影响，本公司未来的实际结果可能会与这些前瞻性陈述出现重大差异。这些因素包括但不限于：
汇率变动、市场份额、同业竞争、环境风险、法律、财政和监管变化、国际经济和金融市场条件及其他非本公司可控制的风险和因素。本
报告中的前瞻性描述不构成本公司对投资者的实质性承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测
等前瞻性描述与承诺之间的差异。任何人需审慎考虑上述及其他因素，并不可完全依赖本公司的“前瞻性陈述”，且应注意投资风险。此
外，本公司声明，本公司没有义务因新讯息、未来事件或其他原因而对本报告中的任何前瞻性陈述公开地进行更新或修改。本公司及其任
何员工或联系人，并未就本公司的未来表现作出任何保证声明，及不为任何该等声明负上责任。
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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.
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14:00 - 15:00 集团综合金融战略介绍 Presentation
15:00 - 15:15 茶歇 Tea break
15:15 - 16:00 问答环节 Q&A
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Yonglin Xie Frank Cai
谢永林 蔡新发
Deputy Director and Secretary General of
Group President and Co-CEO
Group Retail Integrated Finance Committee
集团总经理兼联席首席执行官
集团个人客户综合金融管理委员会副主任兼秘书长
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目录
01 02 03 04
What is integrated Why integrated Why does PA’s Integrated Outlook
finance? finance? Finance Model Work？ 未来展望
什么是 为什么 为什么
综合金融？ 要做综合金融？ 平安综合金融可以成功？
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Chapter I： What is Integrated Finance?
第一章 什么是综合金融？
Providing one-stop integrated financial solutions to meet diversified
customer financial needs and maximize the value of customers and Ping An
平安通过一站式综合金融解决方案，满足客户多元化金融需求，实现客户与公司的价值最大化
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Throughout the past three decades, integrated finance has always been a core strategy
that runs through PA's development and underpins its future vision
历经三十年，综合金融始终是贯穿平安发展、实现未来愿景的核心战略
One vision World-leading
一个愿景 integrated finance and healthcare + eldercare services provider
国际领先的综合金融、医疗+养老服务集团
Integrated Finance 综合金融 Healthcare + Eldercare医疗+养老
Business model
商业模式 one customer, one account, multiple products, one - stop services Family doctors and eldercare concierges
一个客户、一个账户、多种产品、一站式服务 家庭医生、养老管家
Technology driven Technological Empowerment 科技赋能
科技驱动 Empowering financial services with technologies, empowering financial services
with ecosystems, and advancing development with technologies
科技赋能金融、生态赋能金融、科技促进发展
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Professional and convenient one-stop integrated finance solutions, centered around customer needs to maximize value
平安专业、便捷的一站式综合金融解决方案，围绕客户需求，实现价值最大化
Customer’s financial needs One-stop integrated financial solutions Deliver Customer Value
客户金融需求 一站式综合金融解决方案 客户价值实现
Insurance Investment
… 买保险 投资
Worry-free, simple, comprehensive
Car Deposit Time-saving, clear and convenient
买车 储蓄
one customer one account multiple products one-stop services
一个客户 一个账户 多种产品 一站式服务 Money-saving, lower cost, higher
Full coverage of all daily efficiency
financial scenarios Credit card
House
日常金融场景全覆盖 信用卡
省心、简单、周全
买房
省时、清晰、便捷
Eldercare Healthcare
养老 Medicalcare 健康 省钱、节支、增效
…
医疗
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Examples: Product portfolio addresses complex demands with one-stop services
综合金融案例：组合产品一站式满足客户复杂需求
+
Auto purchase and maintenance
Gas, parking, chauffeur
Auto insurance Providing combo products and 72 auto owner benefits,
Annual inspection & insurance
Auto owner credit card serving 89mn+ PA car owner customers (32% of China’s
Daily consumption needs
Auto owner benefits platform (gas private car owners)
…
discount, parking coupon, chauffeur
购车养车 voucher,etc.) 提供双边产品及72项车生活综合权益，服务0.89亿平安车主客
加油、停车、代驾 车险 户（占全国私家车主32%）
年检、保险办理 车生活主题信用卡
生活消费 车生活权益平台（加油折扣、停车抵
… 扣券、免费代驾券等）
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Examples: Integrated marketing and service platform creates one-stop user experience
综合金融案例：统一营销服务平台提供一站式客户体验
Wide product offering covering multiple Smart mini program “Ren Yi Men”(cross-app navigation tool) putting
scenarios together essential features (account management, financial product Attracted over 230mn+ monthly visits with
Information aggregation empowers one market) and connecting 13 apps (e.g. Bank, Life, P&C, Securities, seamless navigation through apps
channel serving all demands PA Health) Iconic PA sales campaign provide best offer for
Attractively priced products and services Synergized multi-themed band marketing across 15+ companies customers, achieving RMB 5 trillion+ average
… 统一智能小程序“任意门”，集中展示客户最需要的信息（如账户 annual transaction volume
管家、金融超市），连接13家公司APP（如银行、寿险、产险、证
选择多样，涵盖场景下全部产品需求 券、平安健康） 月度聚合流量规模2.3+亿，实现跨APP的无缝体验
信息聚合，一个渠道解决所有需求 集团统一、节奏轮动的“波段营销”体系，协同15+公司多主题营销 打造平安标志性产品节，为客户提供最大化营销优
价格优惠，产品服务价格更低 Fortune God Festival Health Festival Car owner campaign Fund festival 惠，创造年均5万亿+交易额
108财神节 99健康节 车主节 基金节 …
…
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Chapter II： Why Integrated Finance?
第二章 为什么要做综合金融？
Integrated Finance is the natural choice of PA’s development, the core driver of PA’s value growth
综合金融是平安发展的必然选择，是平安价值增长的核心驱动力
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While multiple groups have pursued the integrated finance model, there have been few successes globally given challenges
综合金融是国际金融业模式的重要选项，但复杂度极高、难度巨大，鲜见成功案例
International financial group attempted to layout integrated finance Challenges
国际金融集团尝试布局综合金融 面临挑战与困难
A world's leading multinational banking group 全球领先的跨国银行集团 Incomplete financial licenses 金融牌照不完备
Culture clashes between different business units/ industries 异业融合文化差距大
The world's largest financial services group 全球规模最大的金融服务集团
Elevated policy/ regulation risks from pursuing integrated finance 跨国经营提升政策监管风险
An established global cross-selling financial 全球老牌交叉销售金融机构 model across multiple different countries 经济周期市场风险
institution … Economic cycle/ market risks 核心科技能力不足（销售触点技
… Insufficient core technology capabilities (i.e. point of sale systems, 术、金融云等）
not financial cloud enabled) 后台资源集中程度低
Weak centralization of back office resources 管控和激励制度薄弱
Weak management controls and incentivation systems …
…
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Despite the challenges, PA steadfastly pursued integrated finance to meet the demands of country, customers and shareholders
虽然综合金融很难，但从国家、客户、股东的需求出发，平安坚定地选择了综合金融的道路
National needs Customer needs Shareholder needs
支持国家需求 满足客户需求 符合股东需求
Prosperous Serve individuals Diversity and Comprehensive asset Great returns More nimble and efficient
country and underserved financial needs convenience allocation operations
people
to help improve their well- One-stop services More stable financial
being Worry-free, time-saving, performance
Support real economy and money-saving Higher shareholder returns
国富民强 金融为民，提升幸福感 丰富便捷 完善的资产配置 丰厚回报 更敏捷的运营效率
支持实体经济，高效精确 一站式服务 更稳定的财务表现
专业 省心、省时、省钱 更好的股东回报
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PA integrated finance model meets the demanding needs of Chinese customers
平安完美契合了中国客户对综合金融的期待
PA Integrated Finance
平安综合金融
Expertise and quality Service efficiency and Lower fees, more benefits and
Integrated finance assurance responsiveness better offers 一个客户
Unique One customer
needs to meet 专业性与品质保障 服务效率及响应速度 费用、优惠福利及折扣 business
Good value-for-money products and One account 一个账户
Chinese Strong brand, reliable choice Fast solutions model
services Multiple products 多种产品
customers Simple products, clear terms One-stop for all queries 独特的
Competitive investment return
demands Professional staff and services Smart tech and simple processes 商业模式 One-stop service 一站式服务
More membership offers and benefits
中国客户对 实力雄厚，信赖可靠 快速解决需求 高性价比的产品服务 Customer- Worry-free 省心
综合金融产品的 产品简单，规则清晰 任何问题一站解决 有竞争力的投资收益回报 centric value
省时
Time-saving
核心诉求 人员专业，服务专业 智能科技，流程简单 更多会员优惠福利 客户为中心
的价值主张 Money-saving 省钱
Data source: Pingan’s customer internal research 14
数据来源：平安内部调研
Integrated finance has driven superior and more stable profit growth for our shareholders
事实证明，综合金融惠及股东，是平安实现超市场高速发展的正确选择
PA’s net profit growth significantly outperformed the market Maintain high ROE, smooth out
净利润稳健增长，增速远超市场 cyclical fluctuations
Macro indicators CAGR over the same period PA’s Net profit CAGR ROE保持高位，平滑行业周期波动
同期宏观指标复合增速
Vs. 平安净利润复合增速
+27% Ping An 平安
19.5% 18.9%
China’s GDP 17.9%
中国GDP +14%
14.6% Listed banks
Financial industry net profit +17% 11.4% 11.7% 11.4% 上市银行
金融业净利润 11.7%
Banking industry net profit +21% 9.0%
Listed Insurers
银行业净利润 上市保险公司
Insurance industry net profit +5%
保险业净利润
2020 2021 2022
Note: China‘s GDP from the National Bureau of Statistics; Industry net profit takes the arithmetic average net profit data from the WIND industry sector. All indicators are from 1992 to 2022 except for the insurance industry, which is from 2007 to 2022.
Note: All data is for China market; industry ROE calculated based on WIND data 15
注：中国GDP为国家统计局数据；行业净利润为WIND行业板块算术平均净利润数据，除保险业为2007-2022年外，其余指标均为1992-2022年数据 注：均为中国市场数据，行业ROE基于WIND数据测算
Integrated finance success is driven by our ability to grow the “three numbers”
综合金融持续推动三大客户经营指标“三数”高质量增长
2015 VS. 2022
586 585
2015 VS. 2022 542 个人 619 576
Profit per customer, 310 355
+2.0x
289
+4.2x RMB +2.0倍
+4.2倍 客均利润，元
个人
1230 1300 1326
1228
977 2.91 2.97
Retail OPAT, RMB 100million 个人
2.67 2.81
Contracts per 2.22 2.35 2.54 +1.5x
个人业务营运利润，亿元 590 customer 2.03
+1.5倍
313 408 客均合同，个
2015-2022
Retail customers 180 个人
198 213 222 227 +2.1x
132 162
million 109 +2.1倍
客户数，百万人
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Integrated finance model has made a significant contribution to individual business unit performance
综合金融对各类业务业绩作出了非常显著的贡献
Higher Life agent income Enable businesses to outperform market
助力寿险代理人收入提升 助力各类业务超越市场
Contributed to >1/4 of monthly avg. agent income
and 22% of yoy growth RMB6.4bn premiums from RMB8.3bn premiums from RMB 29.6bn premiums from
Annuity integrated finance = #4 in the market Health Ins.integrated finance = #3 in the market P&C integrated finance = #8 in the market
超1/4的代理人月均收入来自于综合金融
养老险 综金贡献保费64亿 健康险 综金贡献保费83亿 产险 综金贡献保费296亿
代理人收入22%的增量贡献来自于综合金融
相当于市场第4 相当于市场第3 相当于市场第8
10584
Cross selling 7499 2268 Insurance Trust RMB 1479.7bn retail AUM balance
交叉销售 1604 Unit:RMB >RMB100bn in 3 years from integrated finance
单位: 元 Life Bank = #15 in the market
PAL revenue No.1 in the market 银行
寿险 综金贡献零售AUM余额14797亿
寿险收入 保险金信托三年超千亿
9M22 9M23
规模市场第1 相当于市场第15
22年1-9月 23年1-9月
Note: Data as of Sep. 2023; Annuity ranks No.3 in the market, Health insurance ranks No.2 in the market, P&C ranks No.2 in the market, Bank retail AUM balance ranks No.13 in the market 17
注：数据截至2023年9月；养老险市场排名第3，健康险市场排名第2，产险市场排名第2，银行零售AUM市场排名第13
Integrated finance improves operational efficiency
综合金融带来了更高的经营效率
Lower customer acquisition cost Higher customer retention Higher profits per customer
获客：更低的获客成本 黏客：更高的客户留存 价值提升：更高的客均利润
From 2018 to 2022, the more contracts per customer, 1yr vs. 5yr+ customer
Lower customer acquisition cost thanks to its faster reach, less friction
获客链路更短、摩擦成本更低，综合获客成本更低 the higher retention rate Profit per +1.7x
2018-2022年间，客户合同持有越多，留存率越高 customer 1年内 Vs. 5+年
Customer acquisition cost via internal channels is just a 客均利润 +1.7倍
Retention rate 97.0%+
portion of that via external channels 留存率
内部渠道仅为外部渠道的 87.9% Customer % of 5yr+ customer as
FY19
PA Bank PA Health Insurance PA Securities 85.4% tenure
of overall PA Vs. peers
银行 健康险 证券 82.5% FY20 客户年资 1 2 3 4 5+
Contracts per customer +1.6x
… 75.7% 客均合同数 FY21 Proportion 5+年占比超同业
73% 55% 53% of customer 11.7% 6.6% 6.9% 8.2% 66.7%
1 2 3 4+ FY22
客户占比
+1.6倍
Note: Data as of Sep, 2023 Note: Data as of June, 2023
注：数据截至2023年9月 注：数据截至2023年6月 18
Chapter III：Why does PA’s Integrated Finance Model Work？
第三章 为什么平安综合金融可以成功？
PA has been committed to integrated finance for the past three decades,
and has gained a strong competitive advantage that cannot be replicated
平安三十年来坚定布局综合金融，构建了不可复制的强大竞争优势
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With China's reform and opening-up, PA has seized historical opportunities at various stages,
established integrated finance advantages and enjoyed rapid growth
伴随中国改革开放，平安抓住各阶段历史机遇，成功打造综合金融优势，实现快速成长
Early stage of China’s opening-up (1992-1997) China’s expanded opening-up (1998-2007) China’s comprehensive development (2008 to present)
中国对外开放初期（1992-1997年） 中国扩大开放时期（1998-2007年） 中国全面发展时期（2008年至今）
Start-up 初创阶段 Growth 成长阶段 Acceleration 加速阶段
Shaped integrated finance vision, explored cross-selling Launched three financial businesses (i.e. insurance, banking Seized market opportunities and shape integrated finance
integrated finance model and asset management), developed integrated finance model driven by tech+ ecosystem
制定综合金融战略愿景，探索交叉销售的综合金融模式 model of cross-selling+service 抓住市场红利，打造科技+生态赋能的综合金融模式
布局保险、银行、资管三大金融板块，开拓交叉销售+服务的综合
金融模式
Developed the foundational base of integrated finance Underpinned integrated finance with full insurance Achieved full licenses, enhance tech empowerment,
初步形成综合金融长期发展的基础 licenses and three phases of back office accelerate ecosystem development and build integrated
centralization; finance moat with differentiated competitiveness
完成保险全牌照，三次大规模后援集中，为综合金融奠定 实现全牌照、提升科技赋能、加速生态探索，构筑综合金融差
坚实基础 异化竞争的护城河
In 2007, number of customers exceeded 30 million The number of customers exceeded 50 million in 2009, 100
2007年客户数超过3千万 million in 2015, and 230 million in 2022
2009年客户数突破5千万，2015年突破1亿，2022年达到2.3亿 20
Start-up (1992-1997) : Piloted cross-selling and shaped integrated finance vision to underpin long-term development
初创阶段（1992-1997）：初试交叉销售，制定综合金融战略愿景，形成长期发展的基础
Acquired financial licenses Developed technology capabilities Undertook Institutional reforms
获取金融牌照 搭建科技能力 推动制度改革
1995, established Ping An Securities which was a In 1990s, became first within domestic financial 1992, launched the employee equity incentive
breakthrough in non-insurance business institutions to built a nationwide intranet for management, 1995, established a financial holding structure
1996, acquired ICBC Pearl River Delta Financial Trust automation, cost control and capital utilization 1995, reformed marketing & sales system reform
Joint Company and renamed Ping An Trust & Investment In 1997, IT capability has been leading the industry, and IT 1997, established internal control mechanism
Company development strategy has been planned
1996, established Ping An Futures 1992年，首创员工股权激励
20世纪90年代，建立联通全国机构的互联网络，服务业务 1995年，启动建立金控架构计划
1995年，成立平安证券，实现保险以外的金融业务突破 管理、办公自动化、成本控制及资金运用等，在国内金融机 1995年，全面推行营销体制改革
1996年，收购中国工商银行珠江三洲金融信托联合公司，并 构尚属首次 1997年，建立健全内控制度
更名为“平安信托投资公司” 1997年，年 IT水平已处于同业领先地位，规划IT发展战略
1996年，成立平安期货
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Growth (1998-2007) : Underpinned integrated finance with full insurance licenses and three phases of back office centralization
成长阶段（1998-2007）：完成保险全牌照，三次大规模后援集中，为综合金融奠定坚实基础
Expanded financial licenses Enhanced technological operation capabilities Formed a synergistic and inclusive corporate culture
扩充金融牌照 提升科技运营能力 形成协同包容的企业文化
Established Ping An Annuity in 2004 and Ping An Health 2000-2003: centralized insurance underwriting, claims and Reached consensus on establishing synergistic “One Ping An”
Insurance in 2005 database culture
Acquired Fujian Asia Bank in 2003 and Shenzhen Commercial Bank 2004-2006: developed nationwide insurance footprint Synergistic cooperation to maximize the company’s value
in 2006 2007-2009: centralised Non-insurance business back offices Set up mechanism to facilitate a cooperative and win-win
Established Ping An Asset Management in 2005 synergistic culture
2000-2003年，集中核保、理赔并整合数据库
2004年成立平安养老险、2005年成立平安健康险
2004-2006年，保险业务全国集中 凝聚思想，达成“一个平安”共识
2003、2006年收购福建亚洲银行、深圳市商业银行
2007-2009年，非保险业务后台集中、共享 围绕公司价值最大化，实现求同存异、协同作战
2005年成立平安资管
促进合作，营造良好协同氛围
22
Acceleration (2008 till now) : Created a differentiated moat for integrated finance with “Finance+ Tech+ Ecosystem”
加速阶段（2008至今）：“金融+科技+生态”，构筑综合金融差异化竞争的护城河
Achieved full suite of licenses Ecosystems + Fintech Highly synergized corporate culture
获取金融全牌照 搭建生态+科技能力 巩固高度协同的企业文化
2011: Ping An Fund established PA has built a leading Chinese “integrated finance + healthcare &
2012: Ping An Bank was formed after merging with eldercare" ecosystem Unified company slogan “expertise creates value”
Shenzhen Development Bank PA has offered well-received "finance + auto ecosystem" services Unified strategy, culture, operation and management
covering scenarios of “selecting cars, buying cars, using cars and Efficient and collaborative teams with diverse
2013/15: Ping An Leasing and Ping An Puhui established changing cars“
2020: acquired a consumer finance license backgrounds, which make progress together
Years ahead of peers, PA back in 2013 began to migrate core systems
to the newly established PA Cloud Unified goal to enhance customer value together
Launched “Ren Yi Men” (cross-app navigation tool) in 2014, providing an
2011年成立平安基金 all-in-one integrated finance service gateway
2012年合并深发展成立新平安银行 经历保险、医疗服务、医疗生态3个阶段，打造 “金融+医疗养老” 统一公司品牌标识“专业价值”
2013/15年成立平安租赁、平安普惠 生态圈 一致的战略、文化、经营、管理
2020年获批平安消费金融牌照 “看、买、用、换”全覆盖，建立 “金融+车生态”生态圈 团队背景多元，并存共进、高效协同
2013年建立平安云，将各类系统迁入云服务，遥遥领先同业 统一目标，共同提升客户价值
2014年建立任意门，为客户提供统一的综合金融线上门户 23
Over the past three decades, integrated finance has built strong and unique
competitive advantages for PA, which is the key to PA's success
铸剑三十年，综合金融为平安构筑起强大而独特的竞争优势，是平安成功的关键
Full suite of licenses Focus on core business Channel network Ecosystem service Tech platform Corporate culture
牌照齐全 主业聚焦 渠道网络 生态服务 科技平台 组织文化
Full suite of financial Chinese markets Nationwide channel Complete and Advanced fintech Highly synergized
licenses and core financial network leading healthcare culture
business ecosystem
国内金融全牌照 中国市场和金融主业 渠道网络覆盖全国 医疗生态完备领先 金融科技领军 文化统一，高度协同
24
Full Focus on Channel Ecosystem Tech Corporate
licenses core biz network service platform culture
牌照齐全 主业聚焦 渠道网络 生态服务 科技平台 组织文化
An integrated financial group with a full suite of financial service licenses
拥有金融全牌照的综合金融集团
保险业务 Insurance licenses 银行业务 Banking licenses 资管业务 Asset management licenses
Ping An Life Ping An Bank Ping An Securities Ping An Overseas Holdings
Ping An Property & Casualty Ping An Wealth Management Ping An Trust Ping An Financial Leasing
Ping An Health Insurance Ping An Fund Ping An Futures
Ping An Annuity Ping An Asset Management
25
Full Focus on Channel Ecosystem Tech Corporate
licenses core biz network service platform culture
牌照齐全 主业聚焦 渠道网络 生态服务 科技平台 组织文化
PA is focused on the high growth potential Chinese financial industry
聚焦中国市场和金融主业，建立了领先的行业地位
Business source PA serves 230 million Chinese customers, or 1 in every 6 Chinese is PA’s customer 深耕中国2.3亿客户，即每6个中国人中有1位平安客户
业务来源 Main business revenue and profit are from China 主营业务收入及利润均来源于中国境内
No.5 among the global financial companies 全球金融企业第五位
Position in the industry No.1 among the global insurers for five consecutive years 连续5年蝉联全球保险企业第一位
行业地位 PA Life: No.1 in the industry by net profit 平安寿险：净利润行业第一位
PA P&C: No.2 in the industry by net profit 平安产险：净利润行业第二位
PA Bank: No.2 in the industry by the transaction volume of credit cards 平安银行：信用卡交易额行业第二位
Source: Rankings among companies are from the Fortune Global 500 in 2023. Rankings in the industry are based on the 1H23 results disclosures of A-share listed companies.
资料来源：企业排名来自2023年度《财富》世界500强排行榜。行业排名数据基于A股上市公司2023年上半年财报披露 26
Full Focus on Channel Ecosystem Tech Corporate
licenses core biz network service platform culture
牌照齐全 主业聚焦 渠道网络 生态服务 科技平台 组织文化
Nationwide coverage with >1.3mn offline distribution points
拥有超130万覆盖全国的线下销售触点
Over 7,000 branches, covering all provinces and major cities in China A large sales and service team with over 1.3 million specialists
网点超7000个，覆盖全国所有省市 销售服务队伍130+万，规模庞大
PA Life平安寿险 2900+
PAL agents 寿险个险渠道 ~360k 36万
PA P&C平安产险 2900+
P&C agents (incl. part-time agents)
产险销售渠道（含兼职代理人） ~1 million 100万
PA Bank平安银行 1200+
Lufax Holding sales specialists ~20k 2万
陆金所控股销售渠道
PA Securities平安证券 90+
27
Full Focus on Channel Ecosystem Tech Corporate
licenses core biz network service platform culture
牌照齐全 主业聚焦 渠道网络 生态服务 科技平台 组织文化
Strong online channel brings >700mn points of sales
强大的线上网络带来超7亿的销售触点
Ping An Jin Ping An Bank Ping An Good
Guan Jia (PAL) 平安金管家（寿险） Digital Pocket 平安口袋银行 Car Owner(P&C) 平安好车主（产险）
190+ million registered 注册用户1.9+亿
280+ million registered 注册用户2.8+亿 160+ million registered 注册用户1.6+亿
users users
24.9+ million monthly 月活2490+万 users 月活4900+万 35.9+ million monthly 月活3590+万
49+ million monthly active
active users active users
users
Ping An Health
平安健康 Autohome 汽车之家 Ping An E-wallet
44+ million annual 壹钱包
paying users 年付费用户4400+万 500+ million downloads 下载量5+亿 16+ million monthly
9.70+ million monthly 月活970+万 active users 月活1600+万
active users
53+ million monthly
月活5300+万
active users
Note: Data as of Sep. 2023 28
注：数据统计截至2023年9月
Full Focus on Channel Ecosystem Tech Corporate
Comprehensive closed-loop healthcare and eldercare ecosystem enables core licenses core biz network service platform culture
牌照齐全 主业聚焦 渠道网络 生态服务 科技平台 组织文化
financial businesses to acquire customers and enhance customer value
广覆盖、全闭环的医疗养老生态圈，赋能金融主业获客及价值提升（1/2）
Providers 供应方 Payors支付方
Covered 100% of top 100 hospitals and 3A hospitals, and acquired PKU
Medical Group The Group’s healthcare and eldercare ecosystem covers
40k+ doctors, 100k+ health management institutions, and 200k+ cooperative nearly 64% of retail customers
pharmacies Healthcare and >44 million paying users over the last 12 months
69 specific services covering every stage of healthcare eldercare ecosystem
医疗养老
百强医院、三甲医院全覆盖，收购北大医疗 生态圈 近64%个人客户为集团医疗养老生态圈客户
4万+医生，10万+健康管理机构，20万+合作药店 过去12个月付费用户数超4,400万
69项具体服务，涵盖医疗健康全阶段
Note: Data as of Sep. 2023
注：数据统计截至2023年9月
29
Full Focus on Channel Ecosystem Tech Corporate
Comprehensive closed-loop healthcare and eldercare ecosystem enables core licenses core biz network service platform culture
牌照齐全 主业聚焦 渠道网络 生态服务 科技平台 组织文化
financial businesses to acquire customers and enhance customer value
广覆盖、全闭环的医疗养老生态圈，赋能金融主业获客及价值提升（2/2）
Healthcare and eldercare ecosystem drives
医疗养老生态圈带来
Better customer acquisition More contracts per customer Higher AUM per customer (RMB)
显著的获客贡献 更多的客均合同 更高的客均AUM（元）
New customers 新增客户数
1.6x 3.4x
Ecosystem users 3.42 56,093
使用集团医疗养 1.6倍 3.4倍
老生态圈 30% 2.19
16,688
70%
Non-ecosystem
users未使用集团
医疗养老生态圈 未使用 使用 未使用 使用
Non-user User Non-user User
Note: Data as of September 2023 30
注：数据截至2023年9月
Full Focus on Channel Ecosystem Tech Corporate
licenses core biz network service platform culture
牌照齐全 主业聚焦 渠道网络 生态服务 科技平台 组织文化
World-class technology empowered back office which is the largest in Asia
国际领先、亚洲最大的后援服务平台
High-quality service
Unified smart service system experience
一体化、智能化的服务体系 高质量的服务体验
Centralized back office Finance Customer service Risk control HR
后台集中 财务集中 客服集中 风控集中 人事集中 95%+ issues resolved after 1st customer service call
Shared back office for 12 95%+ cases resolved via text AI
financial companies Standardized. Unified professional procedure and practice
50k+ service seats
86% services covered by voice AI
Less disruption. Smart control over frequency and time
12家金融公司集中的后援中心 Rule control Smarter. Embedded strategy combined with data optimization NPS 90%+
规则管控 规范化，流程、动作统一专业
拥有5万+后援坐席 免扰客，频次、时段智能管控
更聪明，策略内置、数据调优 一次问题解决率95%+
P&C, Life, Bank, Health
Securities, Annuity, Lufax Holdings… 文本AI自助解决率95%+
产险、寿险、银行、健康险、 Tool empowerment Service Information AI Customer
证券、养老险、陆控…… prediction desensitization assistant response analysis 语音AI覆盖率86%
工具赋能
服务预测 脱敏信息 AI助手 客户声音分析 NPS 90%+
Note: Data as of September 2023 31
注：数据截至2023年9月
Full Focus on Channel Ecosystem Tech Corporate
Integrated finance customer insights and operation strategies backed licenses core biz network service platform culture
牌照齐全 主业聚焦 渠道网络 生态服务 科技平台 组织文化
by leading label system
行业领先的标签体系，支撑综合金融客户洞察及经营策略
Advanced customer label system provides insights Operation strategy model
集团内客户标签体系 经营策略模型
Understand customer demand
Domestic focused system comprises 1,500+ labels encompassing >10,000 business operation profile factors Suitable portfolio service
聚焦中国市场，各公司业务积淀1,500+动静态标签、1万+画像因子 Suitable service scenario
Basic info Age, location, occupation… Interest Pet keeper? Fan of a certain sport?... Suitable service timing
基本信息 人生阶段、所属地区、职业… 兴趣预测 是否养宠、关注哪类体育活动…
Demand Potential product combination, next product…
Smart Better at risk pricing
Activeness on APP, location, customer 需求预测 可能需要的产品组合、下一个产品… 洞见客户需求
Behavioral info
行为信息 service conversation Tactics Willingness to products, key service timing…
engine 合适的产品服务
智能引擎
APP活跃、所在位置、客服对话… 策略预测 分产品意愿度、关键服务时机…
Wealth info Product usage, asset level, risk grade… 合适的触客场景
Factual labels Prediction labels Risk forecasting Achieving risk protection in risk prevention, blacklisting, etc
财富信息 持有产品、资产等级、风险等级… 风险预测 在风险防范、黑名单等方面实现风险保障… 合适的触客时机
事实标签 预测标签
… … … … 更强大的风险定价
Strict compliance: encompassing customer authorization, desensitized personal data, secure storage, prohibit sharing Leading FinTech: Data stored on self-built cloud which facilitates big data privacy computing and
of personal data between business lines application of machine learning models
全流程合规体系：基于场景获取客户授权 + 个人数据全脱敏 + 安全存储并禁止公司间共享个人数据 领先的金融科技：自建云存储数据 + 大数据隐私计算 + 机器学习建模型
32
Full Focus on Channel Ecosystem Tech Corporate
licenses core biz network service platform culture
“One Ping An” culture with value maximization at its core 牌照齐全 主业聚焦 渠道网络 生态服务 科技平台 组织文化
以价值最大化为核心的“一个平安”文化
Value maximization Diverse team Synergy culture
价值最大化原则 多元化团队 协同文化
Sole criterion for testing all work Diverse background: insurance, commercial banking Operation synergy: Executives of each company take turns
Guiding principle for all initiatives investment banking, internet, health, FMCG, etc. leading major cross-company collaboration projects
International: 5 non-China integrated finance Innovation & communication: Group-level communication
Cornerstone of all systems and processes management members received the Chinese platform for innovation and learning
Government’s Friendship Award Capability co-building: Mid-platform and back office
检验一切工作的唯一标准 Talent mobility: Encouraging rotation and transfer within capabilities jointly built and shared by member companies,
一切工作的行动纲领 the Group e.g. centralized back office
一切制度的基石 多行业背景：保险、金融、互联网、快消等 经营协同：重大跨公司协作项目由各公司高管轮流牵头
国际化：先后5位外籍高管获得中国政府友谊奖，均 创新交流：集团层面的创新、学习、研讨交流平台
为综合金融核心管理层 能力共建：成员公司共建共享中后台能力，例如后援集中平台
人才流动：集团内鼓励不同业务条线的学习与轮岗调动
33
Chapter IV: Outlook
第四章 展望未来
PA’s integrated finance model has significant advantages which will ensure future growth success
平安综合金融能力优势和模式优势明显，未来增长潜力巨大
34
Growth potential Growth path Growth target
China’s underserved retail financial customer segment has huge growth 增长潜力 增长路径 增长目标
potential driven by economic development and wealth accumulation
随着经济发展和财富的积累，中国个人客户市场发展空间仍然巨大
Strong growth in wealth per capita and WM market Domestic insurance market offers huge growth potential
人均财富及财富管理市场增速强劲 保险市场潜力巨大
Unit: trillion RMB Currency: USD
单位：万亿人民币 单位：美元
4.9 % VS . 12.2 % 243 571 1,107 VS . 550 6.6% VS . 3.9%
CAGR +9%
Global average China Global average China Global average China
全球平均 中国 2022 2032E 全球平均 中国 全球平均 中国
Wealth per capita CAGR from 2000 to 2022 Individual financial assets from 2022 to 2032 2022 Insurance density (per capita premium) 2022 insurance penetration
2000-2022年人均财富复合增长率 2022-2032年个人金融资产 2022年保险密度（人均保费额） 2022年保险深度
Data source: UBS&Credit Suisse Global Wealth Report 2023 Data source: McKinsey White Paper on the Finance Industry, Mar. 2023 Data source: 2023 China Insurance Industry Development Report
数据来源：瑞银&瑞信《2023全球财富报告》 数据来源：麦肯锡《金融业白皮书》，2023年3月 数据来源：《2023中国保险发展报告》
35
Growth potential Growth path Growth target
增长潜力 增长路径 增长目标
Existing high-value customers offer unrealized high growth potential
存量高价值客户潜力巨大，待深入挖掘价值
Vast internal migration opportunity, tens of millions of high-value customers to be leveraged Huge room for product portfolio improvement with growing customer financial demand
内部迁徙动能强大，可持续撬动千万级高价值客户 随着客户金融需求增长，产品配置完善空间巨大
Number of new customers Life protection Investment & WM Wealth protection Loan & financing
cross-migrated from Group to 人身保障 投资理财 财产保障 贷款融资
member companies
27 million Number of non-Life customers 170 million 客均合同数
各成员公司从集团交叉迁徙 2,711万人次 集团非寿客户 1.7 亿 Existing high-value Contracts per customer
新增获客 customers 3.01 1.89 0.88 0.52
存量高价值客户
Number of new cross-selling Number of non-Life high value Future mature
contract within the Group
67 million 25 million 6 10 4 4
customers migratable to Life customers
集团交叉销售新增合同数 6,695万单 非寿可迁寿高价值客户 2,500 万 未来成熟客户
Notes: Cross-migration customer and cross-selling contract numbers are as of end-22Q4 Notes: Existing high-value customer number is as of end-1H23; future mature customer: mature financial investors with a certain level of investment expertise and more
High-value customer number is a rounded number of customers with an investable asset of >Rmb500k per PA investible asset model. than RMB 500k investible asset based on China market wealth growth forecast and high-value customer demand survey; data shows the number of contracts under each
注：交叉迁徙客户及交叉销售合同数据截至22年全年； product category within their ideal product combination
高价值客户定义是基于平安内部可投资产模型中可投资产在50万以上客户，数量级为取整约数。 注：存量高价值客户为23H1数据；未来成熟客户：结合中国市场财富增长预测及高价值客户需求调研，预估具有一定投资专业知识经验且可投资产50万以上的成熟金融投资人36
的理想金融产品配置。数据为产品类别下持有合同个数
Maximizing customer value by adopting a demand-driven approach Growth potential Growth path Growth target
增长潜力 增长路径 增长目标
to enhance the business, operational and profit major models
需求驱动，强化三大模式，实现客户价值最大化
Top-notch services beyond expectations, allowing customers to enjoy the benefits of integrated finance
超预期的极致服务，让客户切实体验到综合金融的好处
All-round model Starting with
Value
enhancement elevation
demand
Enhance Enhance Enhance
全面强化模式 需求切入 价值跃升
business model operation model profit model
强化业务模式 强化运营模式 强化盈利模式
Leveraging unique Full-suite of Focus on core Channel Ecosystem Organizational
advantages Tech platform
licenses business network service culture
科技平台
发挥独特优势 金融全牌照 主业聚焦 渠道网络 生态服务 组织文化
37
Enhance business model: Unlock customer value via accurate product matching Growth potential Growth path Growth target
增长潜力 增长路径 增长目标
based on customer demand
Leverage core advantages:
撬动核心优势：
强化业务模式：基于客群需求，精准匹配产品，在经营链路中实现客群价值跃升
Full licenses Eco. service
牌照齐全 生态服务
Focused Tech platform
主业聚焦 科技平台
Corp. culture
Lift retail customer numbers Lift contracts per customer Lift profit per customer
Channels
渠道网络 组织文化 提升客户数 提升客均合同 提升客均利润
Hook products: strong brand, easy to acquire, Retention products: high frequency & inelastic High value products: professional, exclusive,
Driven by fast decision making demand, high stickiness, ecosystem base premium service
segment-specific 钩子产品：简单易获取、有口碑 黏客产品：高频刚需、粘性高、生态化 价值产品：专业、独家、尊享 Segment value
demand elevation
Installment Medical Insurance fund
分客群 Credit card Auto insurance Health insurance
card payment
WM
insurance
Mortgage
trust
Whole life 客群整体
信用卡 车险 健康险 理财 按揭贷款 终身寿
需求驱动 卡分期 医疗险 保险金信托 价值跃升
Accident
Current deposit Securities Public equity Private equity Endowment
活期存款
insurance … 证券 公募 … 私募 两全保险 …
意外险
38
Growth potential Growth path Growth target
增长潜力 增长路径 增长目标
Examples of demand of customers from different asset levels and life stages
分资产等级、人生阶段、职业三个维度划分客群，洞察需求
Occupational dimension:
Young 青年 Middle-aged 中年 entrepreneur Elderly 老年
职业维度示例：企业主
Investible asset Preference for aggressive investment and personalized services Looking for customized WM, preparing for elderly life Separate business and High-end medical care, quality eldercare, wealth inheritance Example 1: Elderly
HNWI > RMB 6mn 偏好进取投资及个性化服务 希望得到定制财富管理，着手养老规划 family assets to protect 关注高端医疗、品质养老及财富传承 HNWI
高净值 可投资产 Fund, futures, margin trading and short selling, consumption loan Fund, trust, whole-life insurance, annuity, checkup, golf benefits family wealth Whole-life insurance, annuity, trust, term deposit, eldercare services…
示例1：高净值老年
客群
>600万 基金、期货、两融、消费贷 基金、信托、终寿、年金、体检权益、高球权益 家企隔离，家业长青 终寿、年金、信托、定存、体检权益、康养服务
Investible asset Diverse allocation, asset appreciation, well-rounded protection
Corporate financing, cash
Demand for large - sum consumption, incl.house, car, and credit loan Worry-free healthcare and eldercare and WM services
Affluent RMB 2-6mn 有大额消费需求，关注买房买车及信贷 多元配置，让财富增值及全面保障
flow mgmt., comprehensive
protection 希望获得省心的康养服务及资产管理
富裕 可投资产 Installment credit card payment, current WM, securities, consumption High-end credit card, investment & WM, pension, checkup 企业融资，现金流管理， Whole-life insurance, annuity, fund, checkup, reservation with famous doctors
200万-600万 信用卡分期、活期理财、证券、消费贷 高端信用卡、投资理财、养老金、体检权益 全面保障 终寿、年金、基金、体检权益、名医权益
Investible asset Certain level of consumption capability, incl. buying cars and
Middle instant gratification
Family expenditure, family protection and prudential WM Financing for small and Steady asset appreciation, elderly life quality improvement
RMB 500k-2mn 全家开销增多，偏好家庭保障与稳健理财 稳健增值，提高颐年生活质量
class 有一定消费能力，考虑买车及提前享受 micro enterprises,
可投资产 Auto insurance, installment payment, consumption loan, current deposit Auto insurance, installment payment, family/protection insurance flexible WM, protection Large denomination CD, precious metal service, health insurance, annuity
中产 50万-200万 车险、信用卡分期、消费贷、活期存款 车险、信用卡分期、家庭保障保险 products for both 大额存单、贵金属、健康险、年金
Example2: small and
micro enterprises
business and family owners
Investible asset Mainly daily spending and flexible WM Mainly basic protection and high-leverage protection Pension reserve to cover daily demand, flexible WM 示例2：小微企业主客
Well-off < RMB 500k 小微融资，灵活财富管 群
日常消费和灵活理财为主 基础保障和高杠杆保障为主 保障日常生活的养老储备及灵活理财
小康 可投资产 Auto insurance, installment payment, consumption loan, current deposit Family protection insurance, accident insurance, pharmacy voucher 理，兼顾企业和家庭的 Current WM, accident insurance, health insurance
<50万 车险、信用卡分期、消费贷、活期存款 家庭保障保险、意外险、药诊权益 保障产品 活期理财、意外险、健康险
Notes: Investible asset in this example, is analytical predicted by PA internal big data model, which would be better to identify the potential of customers 39
注：本示例中所述的可投资产，是根据平安内部的大数据模型，分析形成的预测值。以此作为客群划分维度，有利于更好地找到潜力客户
Elderly HNWI: Focus on key demands such as wealth inheritance , Growth potential Growth path Growth target
增长潜力 增长路径 增长目标
quality healthcare and eldercare, identifying huge potential for value elevation
Leverage core advantages: 示例1-高净值老年客群：聚焦财富传承、品质康养的关键需求，价值跃升空间巨大 Classic pathway example 1
撬动核心优势：
Eco. service: Self owned healthcare & eldercare 典型链路示例1
生态服务：自建医疗+养老体系
Full licenses: Life, Bank, Securities, Fund, Trust…
牌照齐全：寿/银/证/基/信托… retail customer no. potential： 11k+ contracts per customer potential： profit per customer potential：RMB 38k+
Corp. culture: Synergy of Finance and eco. servers 客户数潜力：11万+ 客均合同潜力：
10+ 客均利润潜力：38,000元+
组织文化：金融与生态服务公司高度协同
Current Trustworthy Term WM, Private investment planning Annuity,
Wealth Attracted by product deposit Investment advisor service public & Diverse investment private equity,
trial 体验投顾服务
professional 私行投资规划服务
inheritance yield and WM private equity services trust
活存、活期 investment advisor 定期理财、 年金、私募
Identify 财富传承 产品收益吸引 理财… 信赖专业投顾 公募私募… 多元投资服务 信托…
Portfolio
Structural upgrade
key demands
识别关键需求
Stimulate WM and personal protection demand
高价值产品
激发财富管理与人生保障需求
Quality
Term life Next level healthcare Whole-life 结构进阶
Attracted by Life insurance,
Medical care benefits insurance, High-end healthcare and Top-notch healthcare CI,
healthcare & medical and eldercare eldercare 高端康养服务 endowment
products insurance 医疗康养权益 endowment and eldercare 重疾、两全
eldercare services 终身寿、
品质康养 寿险产品吸引 定期寿险、
康养体验进阶 两全… 顶级康养享受 …
医疗险…
Note: Customer number potential refers to number of potential customers identified as meeting the standard for the specific segment per PA’s internal customer analysis; contracts per customer potential and profit per customer potential are calculated by PA based on analysis of mature customers currently
within that range with China market wealth growth forecast of and high-value customer demand survey taken into consideration. 40
注：客户数潜力，是基于平安内部大数据模型预测的可投资产，综合考虑国内整体客户潜力，测算出的可挖掘或提升价值的客户规模；客均合同潜力、客均利润潜力，是基于对应可投资产范围内的成熟客户在平安的实际情况，结合中国市场财富增长预测及客户需求调研，综合测算出的增长潜力
Small and micro enterprises owners: Focus on key demands such as wealth management, Growth potential Growth path Growth target
增长潜力 增长路径 增长目标
protection and financing, identifying huge potential for value elevation
Leverage core advantages:
撬动核心优势：
示例2-小微企业主客群：聚焦财富、保障、融资的关键需求，价值跃升空间巨大 Classic pathway example 2
Channels: Nationwide online & offline network 典型链路示例2
渠道网络：线上线下全国覆盖
Full licenses: Bank, P&C, Health Ins., Life…
牌照齐全：银/产/健/寿… retail customer no. potential：13 mn+ contracts per customer potential： profit per customer potential：RMB 1,900+
Tech platform: Personalized customer insights (KYC) 客户数潜力：1,300万+ 客均合同潜力：
4+ 客均利润潜力：1,900元+
科技平台：KYC客户洞察+大数据风控
Health checkup and Medical Family Comprehensive
Accident ins. for
WM and Business operation Employees, consultation benefits Personal protection insurance, Health Day activities Annuity,
family assets endowment, CI…
protection risk protection Employer liability ins. 体检问诊权益 and WM Current WM, 家庭健康日活动 年金、两全、
小微团意险、 医疗险、活 allocation Portfolio
Identify 财富与保障 经营风险保障 雇主责任险… 个人保障与理财 期理财… 家庭综合资产配置
重疾…
Structural upgrade
key demands
Identify WM, financing and protection demands 高价值产品
识别关键需求 识别财富、融资和保障需求
Convenient large-sum 结构进阶
Credit card, Installment
Daily consumption Auto Car owner benefits Short-term financing card payment,
loan service Large-sum business Home collateral loan,
Financing 便捷的大额贷款服务 operation loan
demand insurance 车主权益 demand reserve fund financing 房抵贷、
融资 信用卡、 卡分期、
日常消费需求 车贷… 短期融资需求 备用金… 大额企业融资 经营贷…
Note: Customer number potential refers to number of potential customers identified as meeting the standard for the specific segment per PA’s internal customer analysis; contracts per customer potential and profit per customer potential are calculated by PA based on analysis of mature customers currently
within that range with China market wealth growth forecast of and high-value customer demand survey taken into consideration. 41
注：客户数潜力，是基于平安内部大数据模型预测的可投资产，综合考虑国内整体客户潜力，测算出的可挖掘或提升价值的客户规模；客均合同潜力、客均利润潜力，是基于对应可投资产范围内的成熟客户在平安的实际情况，结合中国市场财富增长预测及客户需求调研，综合测算出的增长潜力
Growth potential Growth path Growth target
增长潜力 增长路径 增长目标
Enhance operation model: Fully enable demand-driven unified smart operation
强化运营模式：全面实现需求驱动的一体化智慧经营
Unified service portal 统一服务入口 Professional financial advisor 专业金融顾问 Convenient portfolio allocation 便捷配置产品
Intelligent integrated account AI financial advisor Online “three saving”products & services
智能综合账户 AI金融顾问 线上 三省产品服务
Driven by In-depth understanding of
segment-specific Finance sub account House, car, and insurance policy Customer value
demand
金融子账户
demand 深入洞悉需求 Offline 买房 买车 买保险 maximization
分客群 Health sub account
Smart matching 线下 Investment, deposit, credit card 客户价值
健康子账户
需求驱动 智能匹配服务 投资 储蓄 信用卡 最大化
Lifestyle sub account
Targeted product Hotline
Dynamic, intelligent, 生活子账户 Health, medical care, eldercare Retail customer number,
… recommendation 95511
panorama insight 精准推荐产品 健康 医疗 加养老 contract per customer, profit
动态、智能、全景洞察 per customer
客户数、客均合同、客均利润
Note: “Three saving” refers to time-saving, worry-free and money-saving
注：“三省”指省时、省心、省钱 42
Enhance profit model: Reshape valuation rationale, focus on retail business Growth potential Growth path Growth target
增长潜力 增长路径 增长目标
value growth driven by three major customer operation indicators
强化盈利模式：重塑估值逻辑，聚焦以三大客户经营指标“三数”驱动的个人业务价值增长
Customer acquisition product
获客型
Contracts per customer Customer retention product
+
客均合同 黏客型
Profit per customer Value product
x
客均利润 价值型
Profit per product
件均利润
Retail OPAT
x Customer acquisition via ecosystem
个人业务营运利润
Customer acquisition 生态圈获客
新客获取 +
Retail customers Customer acquisition via
客户数 + offline/other channels
Customer retention 线下/其他渠道获客
存客保有
43
Growth potential Growth path Growth target
增长潜力 增长路径 增长目标
Outlook
未来展望
Retail business profit: stable and sustainable growth Operation target
2015 2022 经营目标
个人业务利润：实现平稳可持续增长
Retail business OPAT 个人业务营运利润 RMB 31.3bn RMB 132.6bn Double-digit retail OPAT growth
“Three numbers” drive sustained growth “三数”驱动持续增长 313 亿元 1,326 亿元 个人营运利润双位数增长
Retail customer number: slower increase Retail customer number 个人客户数
个人客户数：客户规模增长放缓 109mn 227mn 400mn
Sustained retail customer number growth 个人客户数持续增长
1.09 亿 2.27 亿 4亿
Contracts per customer 客均合同数
Steady contracts per customer increase 客均合同数稳定增加
2.03 2.97 5+
Contracts per customer: lifting value per
customer via existing customer management Profit per customer 客均利润 RMB 289 RMB 585 RMB 800+
客均合同数：存量经营提升客均价值 Stable product profitability 稳健的产品盈利能力 289元 585 元 800+元
Note: Based on 2022 data (covering a complete financial year)
注：采用2022年数据（覆盖一个完整的财报年度） 44
45
Recap: Key messages
回顾：关键点
Despite the challenges, over the past 30 years PA has successfully built a domestically 过去三十载，平安不畏挑战，成功打造了专注于国内的综合金融服务集团，为股东和客户带
focused integrated financial services group that has delivered tangible benefits to 来实实在在的价值
shareholders and customers alike
PA’s successful execution in underpinned by its unswerving commitment, full-suite of 平安能做成综合金融，得益于坚定布局综合金融，并形成牌照齐全、主业聚焦、渠道网络、
licenses, focus on core business, domestic rather than global focus, distribution 生态服务、科技平台 (率先搭建自有云端、集中后台）和高度协同的文化六大独特优势
network, online ecosystems, advanced technologies (incl. early movement into own
cloud and back office centralisation), and a highly synergized corporate culture 平安综合金融优势显著，驱动利润增长和ROE超越市场，平滑单个业务因周期导致的波动
Our model has significant advantages which has enabled our profit growth and ROE to
significantly outperform the market as well as smooth out cyclical profit fluctuations
experienced by individual business lines
46
Recap: Key messages
回顾：关键点
Specific model advantages include: 细数综金模式的独特优势：
Integrated finance contributed to over 1/4 of monthly average agent income
Significant revenue contribution with integrated finance channel sourced revenue equivalent 综合金融稳定贡献代理人月均收入的1/4以上
to #4 Annuity player, #3 health insurance player, #8 P&C player, sourced retail AUM 综金渠道对业务收入贡献巨大，为养老险贡献的体量相当于行业第4的公司，为健康险贡
equivalent to #15 bank and insurance trust of integrated finance products ranked #1 献的体量相当于行业第3的公司，为产险贡献的体量相当于行业第8的公司，为银行零售
Integrated finance distribution costs is lower than external channel costs at PA Bank (73%), AUM贡献的体量相当于行业第15的公司，综金产品保险金信托规模达市场第1
PA Health Insurance (55%) and PA Securities (53%) 综金获客成本更低，平安银行内部渠道获客成本仅为外部渠道的73%，平安健康险仅
Steady growth of customer retention rate and profit per customer. Integrated finance 55%，平安证券仅53%
enhances customer retention. The retention rate of customers with>4 contracts is above 客户留存率、客均利润稳步提升。综合金融带来更高的客户留存，拥有4张以上合同的客
97%, and 5-year customers have 1.7x higher profit per customer than1-year customers 户留存率>97%。而年资在5年以上客户的客均利润，是年资1年客户的1.7倍
Enhanced distribution power with PA Group collectively having >1.3mn offline and >700mn 集团受益于共计130余万线下销售触点及超过7亿线上销售触点，拥有强大的销售能力
online distribution points 通过合规的标签系统获取更多的客户洞察，系统包含超过1500个标签和超10000个因子
Garner greater customer insights through a compliant label system which encompasses
>1,500 labels and >10,000 factors
47
Recap: Key messages
回顾：关键点
Our future success is driven by our ability to grow the “three numbers”. 未来的成功将由客户数、客均合同数、客均利润数的“三数”增长推动
We are focused on delivering long term double digit retail OPAT growth driven by 我们聚焦长期双位数营运利润增长，主要驱动因素包括：
Growing “retail customer” number from 227mn to >400mn 将“个人客户”数从2.27亿提升至4亿以上；
Growing “contracts per customer” from 2.97 to >5 将“客均合同数”从2.97提升至5以上
Growing “Retail OPAT per customer” from RMB585 to >RMB800 将“客均利润”从585元提升至800元以上
48