Health and Senior Care as a New Driver of Value Growth

Ping An has been developing its health and senior care ecosystem for more than 10 years, covering business lines including insurance, healthcare, investments, and technology. Ping An is executing on its health and senior care ecosystem strategy through coordinated operations of companies including Ping An Life, Ping An P&C, Ping An Annuity, Ping An Health Insurance, and Ping An Health (stock short name: PA GOODDOCTOR).

Ping An has upgraded its healthcare ecosystem strategy to create a Chinese version of a healthcare management model, connecting various stakeholders such as customers, patients, insurers, hospitals, doctors, and health service institutions. Leveraging its extensive operational and managerial experience in the insurance, healthcare and elderlycare industries, Ping An is building an ecosystem strategy around “Finance + Healthcare” and “Finance + Senior Care” products.

Video: Managed Care Profit Model

Finance + Healthcare

For mid-market and high-end retail customers, Ping An provides personalized services through its “insurance + health” product series, such as Zhen Xiang Run, a health management program accompanied by various services, including body checks, blood sugar control, and online consultations. As of 2023, more than 20 million customers of Ping An Life used services from the healthcare and elderlycare ecosystem.

For large and medium-sized corporate clients, Ping An provides an employee healthcare management program that features comprehensive benefits via “commercial insurance + healthcare fund + healthcare service” products. More than 56,000 corporate clients and their nearly 26 million employees were served in 2023.

Video：Insurance + Healthcare Management

Finance + Senior Care

Ping An’s “insurance + home-based senior care” and “insurance + high-end senior care” product lines provide customized services for middle-class, high-income, and ultra-high-net-worth customers. Customers entitled to home-based senior care services increased by 60,000 from the beginning of 2023 to more than 80,000 by the end of the year.

Ping An provides membership-based health and senior care services via family doctors and senior care concierges. It guides members through an end-to-end “online, in-store and home-delivered” service network covering consultation, diagnosis, treatment and services under artificial intelligence (AI)-enabled 24/7 management.

Video: Insurance + Senior Care

Extensive resources, strong partnerships, and proprietary technology.

As of the end of 2023, Ping An had five general hospitals, one rehabilitation hospital, one cardiovascular and cerebrovascular hospital, 17 health management centers and 10 children’s rehabilitation centers. It also had about 50,000 in-house and contracted doctors, partnering with over 36,000 hospitals (including all top 100 hospitals and 3A hospitals in China), more than 1,000,000 healthcare management institutions, and approximately 230,000 pharmacies.

Ping An continuously advances smart healthcare research and development, and ranked first globally by the number of healthcare patent applications as of 2023. Ping An also has one of the world’s largest healthcare databases which enables precise diagnoses of nearly 5,000 diseases. It is also building a leading remote consultation and treatment platform.

Empower core financial businesses through customer acquisition and retention from healthcare and elderlycare ecosystem

Ping An’s health and senior care ecosystem is creating significant value to empower our core financial services growth through differentiated “Product + Services” offerings. Nearly 64% of Ping An’s 232 million retail customers used services from the health and senior care ecosystem as of December 31, 2023. They held approximately 3.37 contracts and RMB 55,900 in assets under management (AUM) per capita, 1.6 times and 3.5 times the amounts held by non-users of these services, respectively.