(Hong Kong, Shanghai, April 26, 2016) Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An” or the “Group”, HKEx: 2318; SSE: 601318) today announced its unaudited results for the three months ended March 31, 2016 (the “Reporting Period”). The Company’s core businesses recorded a jump in performance, with business quality that led the industry. New business value of life insurance business recorded RMB13,084 million, up by 38.3% over the same period last year. Despite the adverse effect caused by the economic slowdown, capital market volatility and the change in in the benchmark yield curve for the measurement of insurance contract liabilities, the Company’s net profit attributable to shareholders of the parent company stood at RMB20,700 million in the first quarter of 2016, up by 3.7% over the same period last year. As at the end of March,2016, equity attributable to shareholders of the parent company reached RMB347,693 million, up by 4.0% over the beginning of the year; total assets were over RMB5 trillion, up by 5.1% over the beginning of the year.

In 2016, Ping An entered its 3.0 Era defined by “Open Platform + Open Marketplace”. It remained committed to the “customer-centric” concept to enhance the customer experience. While its insurance and banking businesses maintained steady and healthy growth, Ping An’s asset management business structure continued to strengthen, and its internet finance business maintained rapid growth.

As at March 31, 2016, the individual customer base of Ping An’s core finance companies was nearly 114 million, of which 65.56 million became internet users. In the first quarter of 2016, new customers of core finance companies reached 9.17 million, with 2.63 million new customers stemming from the migration of internet users.

Insurance business maintained steady and healthy growth with quality leading industry standard

Ping An Life placed customer-focused operations at its core, focusing on the synergistic development of multiple channels, namely individual sales agents, bancassurance outlets, telemarketing and internet marketing. Ping An Life also strove to achieve the sustained, healthy and stable development of its embedded value and business scale. In the first quarter of 2016, life insurance business recorded written premiums of RMB134,716 million, up by 28.3% over the same period last year. New business value of life insurance recorded RMB13,084 million, up by 38.3% over the same period last year. The individual life insurance business, which has higher profitability, achieved rapid growth with written premiums reaching RMB119,045 million, up by 27.7% over the same period last year. Of this, written premiums from the new business of individual life insurance business reached RMB42,711 million, up by 38.5% over the same period last year. The telemarketing channel recorded written premiums of RMB3,898 million, up by 32.4% over the same period last year, maintaining rapid growth and leading the telemarket by market share. In the first quarter of 2016, the life insurance business recorded a net profit of RMB12,444 million.

Ping An Annuity maintained healthy growth in all its businesses. In the first quarter of 2016, the long-term and short-term insurance businesses reached RMB2,358 million and RMB5,190 million in size, up 18.3% and 26.0% over the same period last year, respectively, maintaining leading market shares in the industry. At the end of the first quarter of 2016, corporate annuity entrusted assets and assets under investment management reached RMB130,812 million and RMB139,350 million, respectively, and other entrusted management assets reached RMB95,921 million, maintaining its industry lead.

Ping An Property & Casualty has long adhered to the “customer-centric” business model. During the Period, Ping An Property & Casualty recorded premium income of RMB43,552 million, up by 3.9% over the same period last year. Of this, RMB37,293 million was contributed by automobile insurance, up by 17.5% over the same period last year. Ping An Property & Casualty’s premium income from cross-selling, telemarketing and internet marketing reached RMB21,652 million, up by 18.3% over the same period last year. Premium income from car dealers reached RMB9,452 million, up by 16.6% over the same period last year. In the first quarter of 2016, the property and casualty insurance business recorded a net profit of RMB3,277 million; the combined ratio was 94.3%.

As at March 31, 2016, the investment portfolio of insurance funds was valued at approximately RMB1.76 trillion, up by 1.8% over the beginning of the year. Affected by equity market volatility, the investment portfolio of insurance funds recorded total investment income of RMB20,445 million in the first quarter of 2016, down by 36.4% over the same period last year.

Banking business maintained stable growth in business scale and asset quality stayed at a manageable level

In the first quarter of 2016, Ping An Bank achieved a net profit of RMB6,086 million, up by 8.1% year-on-year. Total revenue rose 33.2% to RMB27,532 million over the same period last year , of which net non-interest income reached RMB9,134 million, up by 65.3% on a year-on-year basis. The percentage contribution of net non-interest income to revenue increased by 6.44 percentage points to 33.18% over the same period last year. With improved efficiency, the cost-to-income ratio reached 29.35%, down by 4.03 percentage points over the same period last year. Following the synergistic development of the deposits and loans business, Ping An Bank recorded a balance of customer deposits of RMB1,854,365 million as at the end of the first quarter of 2016, up by 6.9% over the beginning of the year. Total loans and advances to customers stood at RMB1,262,786 million, up by 3.8% over the beginning of the year; total assets stood at RMB2,681,155 million, up by 6.9% over the beginning of the year.

The asset quality of Ping An Bank remained within manageable levels. At the end of the first quarter of 2016, Ping An Bank had non-performing loans of RMB19,750 million, with a non-performing loan ratio of 1.56%. It had a provision coverage ratio of 161.01% and a loan loss provision ratio of 2.52%. Ping An Bank had adopted a series of measures to optimize the credit structure and to augment its efforts to dissolve, write off and dispose of non-performing loans, to mitigate various risks arising from existing loans. In addition, Ping An Bank imposed strict controls over new non-performing loans, to maintain stable asset quality.

Ping An Trust optimized business structure; Ping An Asset Management undertook steady expansion of third-party business

In the first quarter of 2016, the trust business generated RMB993 million in management fees income for trust products, up by 9.1% over the same period last year. As at March 31, 2016, the trust assets under management reached RMB616,104 million, up by 10.3% over the beginning of the year. Of this, the scale of the administrative trust grew by 35.6% to reach RMB304,608 million, while the scale of investment trust dropped 5.7% to RMB161,920 million, and the scale of financing trust dropped 7.7% to RMB149,576 million. Meanwhile, Ping An Trust continuously strengthened its risk management to prevent potential risks arising from existing businesses, and exercised strict control over new businesses to maintain relatively sound asset quality.

In the first quarter of 2016, Ping An Securities maintained stable growth, with an operating income of RMB2,088 million and a net profit of RMB747 million, up by 19.2% and 16.7%, respectively, over the same period last year. The brokerage business continued to advance its customer acquisition, securing an industry lead with a market share of 28% in terms of new customers in the first quarter of 2016.

With continuous efforts to grow its investment capability, Ping An Asset Management has been developing its third-party business in a stable and healthy manner. As at the end of March, 2016, its assets under management reached RMB2.01 trillion, up by 2.2% over the beginning of the year. Of this, the scale of its third-party asset management business reached RMB260,212 million, up by 5.9% over the beginning of the year. Its fees income from third-party asset management was RMB655 million, up by 151.8% over the same period last year.

Ping An Internet Finance business maintained rapid growth

During the Reporting Period, Ping An’s Internet finance companies continued to maintain rapid growth in their business. Lufax and Qianhai Financial Assets Exchange operate an open financial transaction information service platform. As at March 31, 2016, Lufax had 21.05 million registered users and over 4.83 million active investment users, up by 2.75 million and 1.20 million respectively over the beginning of the year. In the first quarter of 2016, the platform recorded a total trading volume of RMB1,300.9 billion, up by more than four times over the same period last year. It achieved RMB305.5 billion in individual retail transactions, up by more than five times over the same period last year. Of this, the transaction volume of the P2P business from the primary and secondary markets was RMB37.6 billion, up by more than four times over the same period last year. It recorded institutional transaction volume of RMB995.4 billion, up by more than three times over the same period last year, continuing to lead the industry.

Ping An Health Internet is committed to building a one-stop and full-process O2O platform for healthcare services, and becoming the first portal of China’s online healthcare through its “Ping An Doctor APP” and offline healthcare service network. As at March 31, 2016, the “Ping An Doctor” APP provided health management services to nearly 65 million users, with peak daily consultations exceeding 250,000. “Ping An Doctor” APP ranks among the top three APPs under the same category in major application markets.

Ping An Pay has been further integrated with Wanlitong in terms of functions, products and scenarios to optimize their resources allocation. In the first quarter of 2016, the overall trading volume of the payment processing and loyalty points business reached RMB631.6 billion, up by 208.3% over the same period last year. PA Haofang recorded registered users of over 9 million. It has signed strategic cooperation contracts with 40 of China’s top 300 real estate developers. In the first quarter of 2016, PA Haofang achieved RMB15.27 billion in new house sales through its platform. As at March 31, 2016, Ping An Financial Technology had a user base of 120 million users with over 15 million monthly active users.

Ping An said: “Looking ahead to 2016, the macroeconomic environment will remain complex and present both challenges and opportunities. We will closely monitor the changes of external economic environment, forge ahead with the building of the two-pronged operational model of ‘Integrated Finance + Internet’ and ‘Internet + Integrated Finance’, and continue to maintain the steady growth of our businesses.”

As China’s first joint stock insurance company, Ping An is dedicated to becoming a world-leading personal financial services provider. Today, it is an integrated, compact, multi-functional financial services group with services that include insurance, banking, and investment. As at December 31, 2015, the Group has approximately 870,000 life insurance agents, approximately 275,000 full-time employees and 109 million clients. As at December 31, 2015, the Group’s consolidated total assets reached RMB4.77 trillion while equity attributable to shareholders of the parent company stood at RMB334.248 billion. Ping An Life and Ping An Property & Casualty are both ranked the second largest, and Ping An Annuity ranked the largest in China in their respective areas by premium income. Its subsidiary Ping An Bank is China’s first joint stock bank. In 2015, Ping An Bank’s net profit reached RMB21.865 billion with total assets of RMB2.51 trillion. The Company’s key areas of business include investment, with subsidiaries such as Ping An Trust, Ping An Securities and Ping An Asset Management

Further, Ping An strives to develop internet finance, including Lufax, Wanlitong Loyalty Points Program, PA Haoche, PA Haofang, Ping An Pay. It has achieved significant growth in both the scale and user base of internet finance. As at 31 December, 2015, Ping An recorded an internet user base of 242 million. The user base of the mobile internet service business increased rapidly with APP user base of over 107 million.

Ping An was ranked 32nd in Forbes’ Global 2000 league table in 2015, and 96th in the Fortune Magazine’s Global 500 Leading Companies in 2015 ranking and 1st among China’s non-state-owned enterprises. Apart from these accolades, Ping An ranked 68th in WPP Millward Brown’s BrandZ Top 100 Most Valuable Global Brands ranking.