Ping An has built a four-tier ESG governance structure:

• The Board of Directors bears full responsibility for the Group’s ESG strategy and information disclosure.
• Reporting to the Board, the Group ESG and Sustainability Office oversees and manages core ESG issues and initiatives, such as green finance, climate change, and carbon neutrality.
• The Group ESG Secretariat coordinates with all departments and subsidiaries to implement ESG initiatives.
• At executive level, each subsidiary and department has its own ESG personnel.

Yes. Ping An has integrated social responsibility indicators into the management’s performance appraisal mechanism. Key performance indicators related to sustainability, such as rural revitalization and green finance, are linked to senior management compensation. 

Ping An has a two-tier governance structure, including:

1）Board of Directors

2）Supervisory Committee

• Board of Directors

According to the requirements of the National Financial Reporting Administration (NFRA) and the Shanghai Stock Exchange（SSE）, the proportion of independent directors shall not be less than one-third of the total number. According to the Hong Kong Stock Exchange (HKEX), the Board of a listed company shall include at least three independent directors which should also represent at least one-third of the Board of Directors.

Ping An’s Board has 15 seats, including six Independent Non-Executive Directors. The proportion of Independent Directors is 40%, exceeding the requirements of the NFRA (1/3), SSE (1/3), and HKEX (1/3).

• Supervisory Committee

The key responsibility of the Supervisory Committee is to monitor the performance of directors, balance the power of the Board and safeguard the rights and interests of the shareholders.

Ping An’s Supervisory Committee has five seats, including three Independent Supervisors and two Employee Representative Supervisors. Ping An is the first Chinese company in the industry to introduce Independent Supervisors. 

• Ping An’s Board Diversity Policy recognizes not only gender, but also language, cultural background, education, professional experience, industry experience, skills, knowledge and tenure of service. The selection of candidates is based on a range of diversity categories with reference to the Company's business model and specific needs.
• Ping An conducts regular assessments of board diversity and discloses the information in its annual reports. We are committed to continuous improvement in governance practices.
• Ping An’s directors have high professional qualifications and rich practical experience, domestically and abroad, in corporate management, law, investment, actuarial science, insurance, banking, finance and accounting, technology, engineering, risk management and economics.
• Ping An has three female board directors, representing 20% of all directors, which exceeds the requirements of Hong Kong Listing Rules and leads other companies listed on the Hong Kong Stock Exchange.

The Board approved the establishment of the Co-CEO structure in 2018. After six years of practice, the Co-CEO model has proven to be effective. We believe this is the best leadership structure for Ping An. Ping An has transformed from the “founder model” to “collective successor team” model.

Ping An has a wide range of businesses, from insurance, banking, and asset management to health and senior care and technology. Each of our Co-CEOs has a different area of expertise.

• Co-CEO Xie Yonglin is responsible for the Group's finance business segment, including Ping An Bank, the corporate integrated finance business, and the development of subsidiaries related to the finance segment. Mr. Xie joined Ping An in 1994 and has worked in multiple subsidiaries and departments.
• Co-CEO Michael Guo manages the company’s insurance business, healthcare business, and oversees the group’s technology strategies. Before joining Ping An in 2019, Mr. Guo’s roles included Managing Director and Partner at The Boston Consulting Group, and Global Co-CEO of Capital Markets at Willis Towers Watson.

Ping An has announced targets to achieve operational-level carbon neutrality by 2030 and asset-level carbon neutrality by 2060. We are progressing towards these goals. Our measures include:

• We plan to engage experts specializing in saving energy in buildings to measure and evaluate electricity consumption in the workplace and data centers, design plans for energy conservation and provide guidance on the implementation of measures. We require centralized operation suppliers to save energy. Besides, we raise the awareness of low-carbon development and encourage low-carbon behaviors among employees.
• We plan to increase the proportion of renewable energy utilization in annual electricity consumption through purchasing green power and the renewable energy certificates and investing renewable energy power generation facilities. We set the target to increase renewable energy utilization rate on an annual base from 2024 to 2030. Therefore, our goal is that 100% of our electricity consumption in our operations will be from renewable energy (the proportion excluding that of renewable energy used by power grids).
• On the basis of emission reduction, we will invest in green assets and purchase emission credits to offset carbon emissions that are unavoidable, ultimately achieving operational carbon neutrality across our operations by 2030.

For carbon neutrality at the asset level, we have issued Policy Statement on Coal Related Business (2025) to set strict limits and criteria, covering all insurance, investment and banking business.

Climate change poses physical risks and transition risks to any company. Ping An has taken measures to reduce the risks and turn them into opportunities. The opportunities include product innovation, digital transformation, market expansion, green investment, transition finance, and industry collaboration.

To proactively address the physical and transition risks posed by climate change to investment and financing activities, in 2025, Ping An conducted carbon emission accounting for asset classes held by the Group and its subsidiaries, including equity, sovereign bonds, corporate bonds, and credit facilities. This was based on the Global GHG Accounting and Reporting Standard for the Financial Industry published by the Partnership for Carbon Accounting Financials (PCAF), taking into account factors such as data availability and accuracy. The accounting aims to lay a solid data foundation for the subsequent identification and quantification of the potential impacts of climate risks, as well as for improving the end-to-end ESG management mechanisms for investment and banking businesses, thereby better guiding the allocation of financial resources to green and low-carbon sectors.

1） In insurance business
We have released our Policy Statement on Coal Related Business (2024) to set strict limits and criteria for all insurance subsidiaries.  Under the guidance of the government, we will exit from the thermal power projects that do not meet the national standards and continue to lower the share of coal-fired plants alongside increasing the proportions of new energy such as photovoltaic and wind power. Ping An member insurance companies will also lower their underwriting exposure to coal companies and adopt a case-by-case evaluation method. In conducting insurance due diligence, Ping An member companies In insurance business will investigate the project’s environmental impact, including location, production technology, management, waste treatment, and environmental protection.

2）In investment business

• We issued our Policy Statement on Responsible Investment (2025) and our Policy Statement on Coal Related Business（2024） to set strict limits and criteria for all our investment subsidiaries. For direct investment, we aim to divest from all thermal coal mining and thermal power generation projects by 2035, except for projects that can achieve net-zero emissions. For indirect investment, by 2035, we will exit from the holding of shares or bonds in companies which derive more than 30% of their revenue from thermal coal mining or thermal power businesses.
• Ping An was the first asset owner in mainland China to sign up to the United Nations Principles for Responsible Investment (UNPRI) and Climate Action 100+. We are engaging with some fossil fuel companies and steel companies on their decarbonization strategies and information disclosure.

3）In banking business

• Ping An Bank has incorporated green finance requirements into its Credit Business Policy. For high-emission industries like coal, the bank will enforce strict management in line with the Risk Manual for the Green Finance Business and conduct annual industry climate risk stress tests as required by People's Bank of China (PBOC), to reasonably control climate risk exposures, especially in high-carbon and high-emission industries.
• China has set targets to reach peak carbon emissions by 2030 and carbon neutrality by 2060. Against this backdrop, high-carbon emitting industries are in urgent need of transformation, and there is a huge financing gap. The current financial system has strict restrictions on the financing of traditional high-carbon industries, such as coal power, iron and steel, and cement. Even if these industries have the willingness and plans to transform, they often face funding problems. Some banks and investment institutions have even listed all activities related to high-carbon emission enterprises as “prohibited financing”, and this one-size-fits-all approach is not conducive to the low-carbon transformation of society.

In 2024, the National Development and Reform Commission (NDRC) released the Guidance Catalog for Green and Low-Carbon Transformation Industries (2024 edition), which encourages financial institutions to support seven categories of industries: Carbon Reduction Industry, Environmental Protection Industry, Resource Recycling Industry, Energy Green and Low-Carbon Transformation, Ecological Protection and Restoration Utilization, Infrastructure Green Upgrading, and Green Services.

Ping An Bank provides the necessary financial support in accordance with the guidance catalog, targeting projects with significant carbon emission reduction benefits, helping them to realize low-carbon transformation and upgrade environmental protection technology.

Ping An issued the Policy Statement on Employee Rights (2025), which prohibits discrimination on the basis of any non-professional competency factors, including age, gender, and race.

Ping An works to create a diverse and friendly working environment for employees. For example, we have accessible toilets and wheelchair-accessible desks available for employees with mobility issues to ensure everyone’s comfort and convenience. Translation assistance is available for non-Chinese speakers who require work information or important documents in English.

In terms of gender diversity, as of the end of 2025:

• Senior management: 3 of 10 senior managers are female (33%)
• Employees： More than 50% of our 258,806 employees are female (131,888)

1）High employee satisfaction

• Since 2022, Ping An has sponsored an annual third-party survey of all employees in terms of their job satisfaction, job fulfillment, and willingness to recommend Ping An as an employer. The survey covers multiple dimensions, including job satisfaction, work purposes, happiness, work commitment, and work-related stress.  Specifically, it evaluates employees' overall satisfaction and organizational commitment，for example，employees' perception of company benefits and welfare; their working experience and the level of stress they face in daily work, and etc. In 2025, the results of the survey showed that the overall employee satisfaction score was 89 out of 100, remaining stable at a high level.

• Ping An was recognized in Forbes’ World Best Employers 2025 list, ranking 1^st among China’s insurance companies. The list was compiled from anonymous surveys of approximately 300,000 employees at multinational companies in 50 countries/regions and featured 900 companies globally.

• Ping An was also recognized in the 2025 MSCI ESG ratings for its strong efforts to attract and retain talent, relative to industry peers. Ping An’s Human Capital Development indicator is 2.1 points higher than the global industry average.

2）Measures to support employees’ development, and safeguard their rights, interests and welfare

Protection of employees’ rights and interests – The company issued a Policy Statement on Employee Rights(2025) and a Business Code of Conduct(2025). Both have stated that employees can express their opinions to the Company through various channels. The Company has set up a whistleblowing hotline and email to receive non-consumer customer service-related complaints from internal and external parties (including, but not limited to, company employees, customers, suppliers, government and regulatory units) about the Company, its employees and agents. Whistleblowers can report anonymously.

Overtime Compensation Assurance: The company ensures that employees are compensated for overtime work in accordance with relevant laws and regulations. Employees are entitled to receive overtime pay for hours worked beyond their regular working hours, and the Company has established clear and transparent procedures to calculate and disburse overtime pay.

Employee training courses – The Group has developed 634 online and offline courses for employees. In 2025, the annual average training hours per employee reached 53.14 hours.

Employee loyalty program – Ping An offers an Employee Stock Ownership Plan and the Long-term Service Plan. As of the end of 2025, a total of 109,309 employees participated in these plans, a coverage rate of 42%.

Protection of employees’ safety and health –Ping An has taken a number of steps to build a healthy and safe workplace environment for employees:

• All employees are entitled to medical and insurance coverage
• Ping An organizes regular medical examinations for employees and invites professional medical teams to interpret the results for employees：
• All employees are entitled to medical and insurance coverage
• Ping An organizes regular medical examinations for employees and invites professional medical teams to interpret the results for employees
• We encourage our employees to exercise. Every morning and afternoon, Ping An TV broadcasts a fitness video for employees to do light exercise
• Ping An renovated office buildings for high air quality.In 2025, Hangzhou Ping An Financial Center was awarded a Five-Star rating by GRESB (Global Real Estate Sustainability Benchmark). With a score of 92, it ranked fourth in the Mixed-Use Office and Retail category in China and second in Asia among comparable properties
• The company has established clear procedures to investigate and address work-related injuries, illnesses, and incidents, aiming to identify root causes, implement preventive measures, and ensure employee well-being. Employees are encouraged to report work-related health issues or incidents through designated channels, and the company will conduct thorough investigations to maintain a safe and healthy work environment.

• Focusing on quality over quantity – Traditional life insurance business relied on human interaction. As China’s population ages and the labor force shrinks, there is more competition for workers. New businesses such as Uber and Deliveroo are developing fast and attracting more and more young people as drivers or delivery riders. In response to these trends, Ping An Life is transforming its agent force to build a more sustainable team with "high productivity, high quality, and high income". Although the number of agents is declining, productivity is increasing. Ping An Life is recruiting high-quality agents through recommendations from current high-quality agents. From January to August 2024, 60.9% of new hires had a college degree or above (Talent+).  In the first half of 2025, Life & Health new business value (NBV) grew 39.8% year-on-year, and NBV per agent grew by 21.6%.
• Established an incentive mechanism – Ping An Life has developed a set of incentives according to the level of the agent. 

• Protecting agents’ rights and interests – Ping An issued the Agent Welfare and Management Policy(2025) to protect agents’ rights and benefits. Ping An Life provided agents with various welfare benefits, including a pension fund, long-term service award, and medical check-up services.

• Using AI to support agents – In order to enhance operation efficiency and productivity, Ping An is using AI in insurance sales and the claim process. Ping An Life has developed a series of digital tools such as the Intelligent Visiting Assistant – AI Meeting Platform, which is used in a wide array of business scenarios, including agent recruitment, smart training, and digital sales management, to fully support the agent team to carry out recruitment, training and marketing management.

1）Group level

• Management structure – Ping An established a Consumer Rights Protection Committee under the Board of Directors. The main duties of the committee include studying consumer rights protection topics, determining policies, and overseeing the rules governing the legal rights of consumers.

• Policy statement – Ping An issued its Policy Statement on Employee’s Code of Conduct(2025), and Policy Statement on Responsible Product Management(2022). The Group Internal Control Center, in cooperation with subsidiaries, conducts an annual internal audit on the implementation of the above-mentioned policies.

• Employee training – Ping An regularly organizes consumer protection seminars and online courses for its employees.
• Customer complaint hotline – Ping An Group has a 24-hours-a-day, seven-days-a-week service hotline, 95511, to receive consumer complaints regarding insurance, banking or investment business. The operators refer cases to specialized personnel for follow-up.

2）Subsidiary level

The subsidiaries have formulated their own policies and management mechanisms in accordance with the Group's requirements. For example, Ping An Life has taken measures on multiple fronts:

• Improved the team structure, focusing on recruiting new high-quality agents recommended by current high-quality agents – Strict measures are taken to enhance the quality of new recruits.

• Dedicated agent training-In 2025, Ping An provide agents with better training, benefits, and career development support in areas such as customer management, product sales, and team management, investing RMB 396 million in training, with offline training covering 4.58 million participants and online training covering 83.57 million participants.

• Providing various channels to receive customer feedback, such as official websites, company’s WeChat account, WeChat mini program, Weibo, and TikTok. The insurance agents’ working platform app, Pocket E, can also log customer complaints.
• Penalties for violators – Ping An Life formulated The Quality Management Measures for Individual Life Insurance Sales Personnel, to provide guidance to agents on doing business ethically. Agents who engage in sales misguidance are penalized.

Ping An attaches great importance to the customer experience and is dedicated to continuously improving the responsiveness, efficiency, and quality of its consumer services. To this end, Ping An has built a multi-channel communication framework integrating online and offline touchpoints to deliver an efficient, premium service experience.

For online channels, Ping An has deployed complaint portals across multiple platforms – including the official website, sales systems, and WeChat official accounts – alongside the nationwide unified service hotline 95511, which is staffed by a dedicated 24/7 customer service team to rapidly address and resolve consumer inquiries. Concurrently, Ping An continuously enhances its AI-driven smart customer service to achieve one-stop, rapid resolution of inquiries across diverse product lines during customer calls.

For offline channels, Ping An has established two main types of in-person communication channels:

• Dedicated Client Consultation Channels: Utilizing offline branches to foster two-way dialogue. This includes organizing on-site visits for VIP clients to experience financial service operations and share direct feedback, as well as providing tailored, one-on-one service to address specific business needs, inquiries, and suggestions.
• Public Education and Outreach Channels: Routinely conducting public welfare campaigns to promote financial literacy across communities, schools, and eldercare institutions. On-site staff engage directly with consumers to answer financial questions and collect feedback and service requests in real time, supported by a closed-loop management process covering feedback intake, tracking, and operational optimization.

Ping An continuously deepens its consumer rights protection work. Ping An customer service implements real-time intake and registration for customer complaints. During the call, representatives explicitly inform the customer that the complaint has been successfully logged, clarify the standard turnaround time of approximately 3 business days alongside end-to-end process expectations, and complete confirmation of complaint receipt as well as processing timeline synchronization. For clients with special needs, timeframes are agreed upon separately on a case-by-case basis. If a complaint cannot be concluded within the standard timeframe, the team proactively provides status updates and revised estimated completion times within the service window, maintaining continuous tracking until the complaint is closed.

To ensure a sustainable and resilient supply chain, Ping An integrates comprehensive ESG considerations into its procurement and contractual policies, covering environmental protection, social responsibility, and governance practices.

• Environment： Suppliers are required to establish sound environmental management practices, such as reducing carbon emissions, improving resource efficiency, and preventing pollution, in order to mitigate environmental risks across the supply chain.
• Social: Ping An emphasizes social responsibility by requiring suppliers and contractors to comply with occupational health and safety (OHS) standards, safeguard employee rights, and adhere to international labor and human rights conventions. This includes ensuring fair and safe working conditions, preventing discrimination, and providing opportunities for vulnerable groups such as people with disabilities. In addition, suppliers are encouraged to engage in community development and contribute to joint public welfare initiatives, further enhancing the positive social impact of the supply chain.
• Governance: ESG requirements are embedded into procurement governance to ensure transparency, ethical conduct, and accountability throughout the supply chain. Suppliers must comply with applicable laws and regulations, adopt anti-corruption measures, and maintain robust internal controls to strengthen responsible business practices.

Ping An strictly prohibits the use of charitable donations, public welfare contributions, or sponsorships as a means to conceal corrupt intent or facilitate bribery. Additionally, we do not make any monetary contributions to and spending for political campaigns, political organizations, lobbyists or lobbying organizations, trade associations and other tax-exempt groups whose role is to influence political campaigns or legislation.