(Hong Kong, Shanghai, 14 December 2018) Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An” or the “Group”, HKEX: 2318; SSE: 601318) is pleased to announce that the 4th meeting of the 11th Board of Directors of Ping An was held in Shenzhen, and the “Proposal on Improving the Decision Mechanism and Organization System of the Executive Committee of the Company” was reviewed and approved. In order to further clarify the position and responsibilities of the executive officers, deepen the company's strategic transformation and the development of three major business lines, and continue and improve the corporate governance and decision-making mechanism, Ping An has appointed three Co-Chief Executive Officers (referred to as Co-CEO). They are Mr. Lee Yuansiong, Mr. Xie Yonglin, and Ms. Tan Sin Yin.

Under the leadership of Group Chairman and CEO, Dr. Ma Mingzhe, the three Co-CEOs are in charge of retail customers’ integrated financial business, corporate customers’ integrated financial business and technology businesses of the company respectively, to realize unified leadership and professional responsibilities allocation. The Board of Directors stated that on the basis of the current “executive officers responsibility mechanism” of the Group Executive Committee, the establishment of the Co-CEO decision-making mechanism is important to institutionalize organization system and will help to continuously implement “collective decision-making, correspondent responsibilities and matrix management”. The decision will integrate internal resources more efficiently, enhance synergy, strengthen risk management and control, and improve talent development and echelon building.

The resolution of the board of directors pointed out that in recent years, Ping An has continued to promote the finance + technology and finance + ecosystem strategies. In order to further deepen the one customer, one account, multiple products, one-stop service integrated financial business model, customer service-oriented gradually formed a clear retail business + corporate business + technology business architecture. In the past three years in particular, these three business lines have achieved sound development under the leadership of Group Deputy CEO Lee Yuansiong, Group Deputy CEO Tan Sin Yin, and Group Vice President and Deputy Secretary of the Party Committee Xie Yonglin.

Overall operating results continued to grow organically. Results have proved that this strategic layout and business structure, as well as the decision-making management mechanism with the executive responsibility system as the core, has achieved remarkable results. The achievements are evident and effective. The system plays pivotal role in the company's strategic transformation and overall risk management and continued competitiveness building.

The resolution pointed out that in accordance with the Articles of Association and the relevant provisions of the company's executive committee responsibilities, drawing on the best practices of global corporate governance, based on the current executive officer responsibility system, the appointment of Co-CEO positions meets the following four needs:

First of all, it is in line with the customer-oriented strategic transformation. As a financial holding group, all Ping An subsidiaries have the service demand for “retail customers’ integrated financial business, corporate customers’ integrated financial business, and technology businesses” from the perspective of integrated financial customer needs and service model. In order to achieve the customer service-oriented model, Ping An needs to complete the integration of the business lines structure on the basis of ensuring the independent legal person status of the subsidiaries. Further clarification of the three major business lines of “retail customers’ integrated financial business, corporate customers’ integrated financial business and technology businesses”, will be beneficial to provide customers with “end-to-end” and “1+N” products and services to enhance customer experience.

Secondly, it is in line with new business models development and management. With the development of Ping An's “Finance + Ecosystem” strategy, the achievements of “Technology empowers Finance, Technology empowers Ecosystems, and Ecosystems empowers Finance” have become increasingly evident. The technology and ecosystems development model has become one of the company's core business models. Ping An has established more than ten new technology companies, 20 research laboratories and 6 technological innovation research institutes, and is in a leading position in many fields of technology. Ping An created 5 ecosystems centered around finance, health, housing, auto and smart city. The appointment of the three Co-CEOs will lead to a clearer allocation of responsibilities, which is in line with the needs of Ping An's new business model incubation and rapid development of technological innovation.

Thirdly, it is needed for strengthening the company's risk management and control. Ping An is one of the three major integrated financial groups in China and in the first batch of systemically important financial institution in the world. In recent years, financial regulatory authorities have continued to strengthen the supervision of systemically important financial institutions, and put forward higher requirements for improving the risk management system. With the deepening of the company's strategic transformation, it is more important and urgent to strengthen the company's risk management and control. It is necessary for the company to further enhance the company’s international standard financial risk management system which has been built a decade ago, based on the three major business lines structures of “retail customers’ integrated financial business, corporate customers’ integrated financial business and technology businesses”. Combined with China's conditions, the comprehensive risk management system with clear business lines can enhance the level of risk control management and better meet the requirements of financial supervision and risk control.

Fourthly, it is needed for the talent echelon building. Ping An always pays great importance to systematic talent training and talent echelon building. The appointment of the Co-CEO draws on the best practices of global corporate governance, and considers the actual situation of Ping An, to ensure the systematization and institutionalization of talent training and echelon building.

The board of directors decided that Mr. Lee Yuansiong will serve as the company's Co-CEO, in charge of retail customers' integrated financial business. Mr. Lee Yuansiong joined Ping An in 2004 and obtained a Master's Degree in Finance from Cambridge University. He served as Special Assistant, President, and Chairman of Ping An Life Insurance before. He is currently Executive Deputy General Manager, Deputy Chief Executive Officer and Chief Insurance Business Officer of Ping An Group.

Mr. Xie Yonglin will serve as the Co-CEO of the company, in charge of corporate customers’ integrated financial business. Mr. Xie Yonglin received his Ph.D. and M.Sc. in Management from Nanjing University. He joined Ping An in 1994. He started his career as a grassroots salesman and held senior positions in Ping An Property and Casualty Insurance, Ping An Life Insurance, Ping An Group, Ping An Bank and Ping An Securities. He has served as the Deputy General Manager of Ping An Group since September 2016 and has served as the Chairman of Ping An Bank since December 2016.

Ms. Tan Sin Yin will serve as the Co-CEO of the company, in charge of technology business. Ms. Tan Sin Yin holds a Double Bachelor's Degree in Electrical Engineering and Economics from the Massachusetts Institute of Technology, and a Master's Degree in Electrical Engineering and Computer Science. She joined Ping An in 2013 as the Chief Information Officer and Chief Operating Officer. She has served as the company's Executive Deputy General Manager since January 2016 and has served as the company's Deputy Chief Executive Officer since October 2017.

Looking forward to the future, Ping An stated that the strategic transformation of “finance + Technology” and “finance + ecosystem” is at a critical stage. The Group will continue to conduct the Co-CEO + matrix management system under the leadership of Chairman and CEO Ma Mingzhe. This decision will further strengthen the decision-making mechanism for business management, clarify the business lines responsibilities. The focus is more focused, and the synergy is stronger. This decision will accelerate the transformation of the Group's technology and ecosystem transformation to a deeper and broader level. The decision will improve the company's risk management capability, and to achieve long-term sustainable and healthy development.