(Hong Kong, Shanghai, 1 July 2020) Ping An Insurance (Group) Company of China, Ltd. (“Ping An”, “the Company” or the “Group”, HKEx:2318; SSE:601318) today held the 15th meeting of the 11th Board of Directors and adopted the following resolution: in order to meet the needs of the Company's strategic transformation and development, and to strengthen the Co-CEO + matrix collective management decision-making system, the Board of Directors has appointed Yao Bo as the Company's Co-Chief Executive Officer (referred to as Co-CEO).

After careful consideration and given the current decision-making system and operational mechanism of the Company is complete, company talent development plans are complete and mature, and this decision-making process model has proved to be effective after many years of practice, the company's Board of Directors has agreed to Ma Mingzhe's personal request to resign as Company CEO. Ma Mingzhe will continue to serve as the Chairman of the Board and he will continue to play the Company core leadership role. In his role, according to the Articles of Association during the adjournment of the Board, Mr. Ma represents the Board to drive the company’s execution of its decisions and resolutions made by the General Meeting of Shareholders and the Board. In the core leadership role, Mr. Ma is responsible for the company's strategic development, strategic innovation, talent development and nurturing, culture development and cultivation, and the company's key decision making.

Three Co-CEOs form a solid and collective management team

With his broad international perspective, excellent financial and actuarial professionalism and rich management experience, the Board of Directors believes that Yao Bo’s appointment as the company's Co-CEO, in charge of the company's overall operational management, risk management and coordination work, is a strong addition to the Co-CEO + matrix collective decision-making mechanism and helps to further strengthen the Company management and control system, from strategy planning to execution.

Since his appointment as the company's Chief Financial Officer (CFO) in 2008, Yao Bo has taken comprehensive responsibility for the Company's strategy execution, plan execution, finance and corporate planning, capital and liquidity risk management and control, and has led the drive to establish a complete business management system, featuring strategy-planning-tracking-execution, which has played an indispensable role in supporting the Group’s development and expansion across multiple activities, while ensuring safe and stable Company development.

In the future, the three Co-CEOs of Ping An, Xie Yonglin, Jessica Tan, and Yao Bo, will form a solid and collective management team. Together with other functional line chief executives of the company, they will work in synergy to implement the corporate strategies of finance + technology to promote the strategic development and transformation of the Company in a more powerful way in order to achieve sustainable and healthy development.

Xie Yonglin, president and Co-CEO, with core responsibilities mainly in the Group's finance business segment, including being responsible for Ping An Bank, will be in charge of managing the Group’s corporate integrated finance business and the development of subsidiaries related to the finance segment, and will jointly manage retail integrated finance business.

Jessica Tan, Co-CEO, with core responsibilities mainly in Group's technology business and innovation business, including being responsible for the innovation and development of financial technology, health technology, smart city and related ecosystems, and will be in charge of the development of subsidiaries related to the technology and innovation segment.

Yao Bo, Co-CEO and CFO, is mainly responsible for the group's strategy planning, business goal setting, target tracking and performance evaluation, and is in charge of Group’s Budget Management Committee, Product Committee, Strategy Development Center, and finance and corporate planning, actuarial, capital and treasury, and other management functions.

Ma Mingzhe will continue to play the Company core leadership role

Since the Board approved the establishment of the Co-CEO mechanism in 2018, after two years of transition and coordination, the Co-CEOs and functional line chief executives matrix model has matured; with its collective decision-making, division of responsibility, matrix management and the operation of policy-based process. The management and decision-making model has played the role of promoting the Finance + Technology and Finance + Ecosystem strategic transformation of the Company and laid a solid foundation for the company's long-term sustainable and innovation-driven development in the future. Given that the Company decision-making mechanism and operational mechanism is complete, and its sophisticated talent development planning is complete and mature, and that the current model has proved to be effective after many years of practice, Mr. Ma Mingzhe proposed that he will no longer hold the position of Company CEO. Upon careful consideration, the Board respects Mr. Ma Mingzhe’s personal wish and has agreed to his request to resign as CEO of the Company.

The Company's Board states that as the founder of the Company, Mr. Ma Mingzhe has led the company; growing it from scratch, from small to big, from big to strong, and he has led its development into a global leading technology-empowered integrated financial services group. Mr. Ma Mingzhe has always put his responsibility to shareholders, customers, employees and society at the center of the Company corporate mission. With selfless dedication and a pioneering spirit, he has led the Company employees to forge ahead, work hard and achieve innovation development. He has not only successfully achieved the various strategic and operational goals set by the Board, but he has also clearly planned for the Company's development prospects and execution paths, shaped the corporate culture, featuring “innovation, enterprise, inclusion and collaboration, and value-creation”, and built the scientific collective decision-making mechanism characterized by the Co-CEO + matrix decision-making process, and cultivated a large number of international and professional talent teams with strong competitiveness and execution capability, which has laid a solid foundation for the company's long-term, healthy and stable development. The company's Board of Directors expresses its heartfelt thanks to Mr. Ma Mingzhe for his great contribution to the Company during his tenure as CEO.

Looking into the future, the Ping An Board believes, under the leadership of the core team composed of the three Co-CEOs led by Chairman Ma Mingzhe and the collaboration of functional line chief executives and with a clear development strategy and a scientific and solid collective decision-making and operational system, the Company will continue to resolutely execute its “Finance + Technology” and “Finance + Ecosystem” transformation strategies, enhance its comprehensive competiveness and continue to improve its ability to cope with the complex and changing external business environment in order to achieve long-term and sustainable development, create greater value and more glorious achievements, and continue to make firm progress towards a century-old company.

Resume of Yao Bo

Yao Bo, 49 years old, is a Fellow of the Society of Actuaries (FSA) and has an MBA from New York University. He joined Ping An in 2001 and has served as Chief Actuary of the Company since 2007. He became the Chief Financial Officer in 2008. Yao Bo is the Company’s executive deputy president, CFO and Chief Actuary.

Prior to joining the Company, Yao Bo was a consulting actuary and senior manager of Deloitte.