(Hong Kong, Shanghai, 20 January 2022) Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEx:2318; SSE:601318) today announced a proposal approved by its board of directors to appoint Mr. Deng Bin, Benjamin as the Group’s new Chief Investment Officer (CIO). The appointment will further strengthen the Group’s investment management system and investment capabilities. The new CIO will continue to maintain Ping An’s focus on forward-looking investment strategies, enhance the stability and compliance of its investment operations and improve the risk management capabilities of its investment management functions. Mr. Deng’s appointment is subject to regulatory approval.

Mr. Deng holds an MBA (Finance) from The City of New York University Baruch College.  He has spent more than 20 years in investment management, asset allocation and risk management and is experienced in the asset management, investment strategy, asset allocation and post-investment management of insurance funds.

Prior to joining Ping An, Mr. Deng was the Chief Investment Officer of China Pacific Insurance (Group) Co., Ltd and China Pacific Insurance Co., (H.K.) Ltd. Previously, he was also Head of Asia Market Risk Management at AIG and Head of Asset Allocation at AIA. Mr. Deng brings to Ping An strong global experience in insurance investment management.

In his new role, Mr. Deng takes over from Mr. Chan Tak Yin who will continue to assume the role of Director of the Group’s Investment Management Committee, responsible for the mid and back-end of investment management.

As the Chief Investment Officer, Mr. Deng will take charge of the Group's investment strategies and operations, strategic and tactical allocation of assets and management of the investment team, and be held responsible for the Group's overall investment performance. Ping An will continue to build-out a 3-in-1 investment management system and develop a holistic and multi-dimensional investment management process to improve and strengthen its investment management system.

Mr. Chan Tak Yin, the Director of the Group’s Investment Management Committee, will be responsible for reviewing major investment projects, assisting in risk management and risk-related alerts, as well as providing professional advice on investment strategies and operations.

Ms. Zhang Xiaolu will continue in her role as the Group’s Chief Risk Officer. In her role, Ms. Zhang is responsible for risk management for investment back-office operations, which includes the supervision, control and the issuance of alerts on investment decisions and project operations through the establishment of processes and systems. She will also help conduct investment-related compliance and audit work.

The continuous development of this 3-in-1 system will further strengthen the Group's investment management capabilities, optimizing the allocation strategy of insurance funds and other assets, improve investment performance, reinforce risk control and post-investment management capabilities while promoting the high-quality development of the investment business of the Group.

According to Ping An’s 2021 third quarter results, total assets of Ping An amounted to RMB10.08 trillion as of September 30, 2021, exceeding RMB10 trillion for the first time. The Group’s investment portfolio of insurance funds grew about 3% to approximately RMB3.9 trillion in the first nine months of 2021. The investment portfolio of insurance funds achieved an annualized net investment yield of 4.2% and an annualized total investment yield of 3.7% during the same period.

The Group has always adhered to the asset-liability matching of insurance funds, and focused on long-term and stable investment returns, which resulted in investment performance consistently better than its peers. Over the past 10 years, the average total investment yield and the average comprehensive investment yield of the Group’s investment portfolio of insurance funds were 5.3% and 5.5%, respectively; both were above the 5% long-term investment return assumption in embedded value calculation.