(Shanghai and Hong Kong, 24 October 2019) Ping An Insurance (Group) of Company of China, Ltd. (hereafter “Ping An” or the “Group”, HKEx:2318; SSE:601318) today held the 9th meeting of its 11th Session of the Board of Directors and the 7th meeting of its 9th Session of the Board of Supervisors in Shanghai. To further improve the corporate governance structure, better define position responsibilities and bring new vigour to the senior leadership, the Board of Supervisors has elected Mr Sun Jianyi as Chairman, the Board of Directors has recommended Mr Xie Yonglin and Ms Jessica Tan to succeed Mr Sun Jianyi and Ms Cai Fangfang as Executive Directors and elected Mr Ren Huichuan as Vice Chairman. The Board of Directors has also appointed Mr Xie Yonglin as President, Ms Cai Fangfang and Mr Huang Baoxin as Vice Presidents. Some of these changes are subject to review in accordance with the relevant corporate governance procedures or approvals of qualifications by the relevant regulatory authorities.

Ping An, in furthering its “Finance + Technology” and “Finance + Ecosystem” strategy and business model transformation, will meet with more challenges. Under the leadership of its Chairman, Mr Ma Mingzhe, the Group will continue to optimize the business organization of the three core businesses of corporate, personal and technology led by the three Co-CEOs, Mr Xie Yonglin, Mr Lee Yuan Xiong and Ms Jessica Tan, respectively, to continue to reinforce the Co-CEO + functional executives collective decision-making. The Group will continue to steadfastly implement its strategy, reform and innovate in order to embrace the significant opportunities and challenges brought about by the new era and realize high quality and sustainable development.

Changes to Board of Supervisors: Sun Jianyi to succeed as Chairman

At the Board of Supervisors meeting, Mr Gu Liji tendered his resignation as Chairman due to old age. Upon Mr Gu’s recommendation, Mr Sun Jianyi, the employee representative supervisor, was elected to become the Chairman of the 9th Session of the Board of Supervisors, pending the approval of qualification by the China Banking and Insurance Regulatory Commission. Mr. Sun has recently resigned from his duties as board director and senior executive of the Group.

Mr. Gu Liji was Vice Chairman of the Group from 28 September 1994 to 28 October 1997 and has served as Chairman of the Board of Supervisors since 2009. He has witnessed the growth and development of Ping An from the beginning. During his ten years tenure as Chairman of the Board of Supervisors, Mr Gu Liji worked diligently and applied his professional management experience to help the Group continuously improve its governance structure and strengthen the supervisory function of the Board of Supervisors. Mr Gu has made a significant contribution to the rapid and stable development of the Group in the recent years.

Mr. Sun Jianyi joined Ping An in 1990 and has since served in different management positions, including Vice Chairman, Executive Vice President and Deputy CEO. Mr. Sun was also board director of a number of subsidiaries of Ping An and is very familiar with the Group's business development, corporate culture, corporate governance, and operations of board of directors and supervisors. In recent years, the domestic and overseas environment has become complicated and ever-changing. Upon the recommendation of Mr Gu Liji, Mr Sun was elected by the Board of Supervisors to succeed Mr Gu as Chairman to strengthen the Board of Supervisors and the supervision of the performance of the Board of Directors and the senior management.

Changes to Board of Directors: Ren Huichuan to assume Vice Chairman

The Board of Directors of Ping An at the board meeting has resolved to propose Mr Xie Yonglin and Ms Jessica Tan to become Executive Directors. Mr Ren Huichuan was elected as Vice Chairman of the 11th Session of the Board of Directors of the Group.

Mr. Xie Yonglin joined Ping An in 1994. He holds a doctorate degree in management from Nanjing University. Mr Xie is a member of the Communist Party of China. He is currently Co-CEO, Vice President and Deputy Party Secretary of the Party Committee of the Group and Chairman of Ping An Bank. Mr. Xie has held important positions in insurance, banking and investment and possesses professional management capability and experience across the different businesses of the Group. He has demonstrated strong leadership and excellence in execution and has achieved excellent performance in reforming Ping An’s Corporate Financial Committee, improving Ping An Bank’s management, leading the retail transformation of Ping An Bank, and the development of the Group’s ecosystem strategy.

Ms Jessica Tan joined Ping An in January 2013. She holds a Master’s degree in Electrical Engineering and Computer Science and Bachelor’s degrees in Electrical Engineering and Economics from the Massachusetts Institute of Technology. Ms Tan is currently Co-CEO, overseeing the Group’s technology businesses. Under the leadership of Ms Tan, Ping An has realized rapid development in basic software technology R&D and application, achieving technology innovation breakthroughs in the course of the Group’s development of its strategy and service model, allowing Ping An to lead the technology development of the industry and enhance the industry’s capability to better serve the nation’s needs.

Mr Ren Huichuan joined Ping An in 1992 and has since held important management positions, including Executive Director, President, Vice President, Chief Insurance Business Officer, and has served as board director of several subsidiaries of the Group. Mr Ren has a deep knowledge of Ping An’s corporate governance, corporate strategy, business development, and the capital market. Since his appointment as President of the Group in 2011, he has worked diligently and was instrumental in major projects, including the acquisition of Shenzhen Development Bank and the issuance of convertible bonds. He has been persistent in improving the quality of management and business of the Group and has achieved excellent performance and made a crucial contribution to Ping An's development.

Xie Yonglin appointed President, further optimize “Co-CEO + functional executives” collective decision-making

The Board of Directors also made changes to the Group's senior management: appointing Mr Xie Yonglin as President, Ms Cai Fangfang and Mr Huang Baoxin as Vice Presidents.

The change is being implemented to reinforce the collective decision-making of the Group’s Co-CEO + functional executives structure, which was introduced last year to clearly define the different roles and responsibilities of the Co-CEOs. The collective decision-making structure provides for a strong management platform and a strong organization to drive the transformation of the Group’s strategy and the development of its three core businesses.

With this structure, the Group has achieved further progress in management and performance over the past year, under the co-leadership of Mr Xie Yonglin, Mr Lee Yuansiong and Ms Jessica Tan, respectively, for the three core Group businesses. The collective decision-making of the Co-CEO + functional executives structure has proven to be effective and essential for Ping An to execute its development strategy.

The appointment of Mr. Xie Yonglin as President, in addition to his role as Co-CEO, is intended to provide clear management responsibilities and leadership between the President and the Co-CEOs. This will further enhance the efficiency of decision making and execution under the Co-CEO + functional executives structure. With these changes, Ping An Group is installing a strong, dynamic, younger and more professional senior management team to take the company into the future.