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1、P.0 May, 2010 Navigating the China market -Sustaining high growth through innovations Louis Cheung Group President Sept 2010 P.1 May, 2010 Summary THE PING AN GROWTH STORY Despite recent volatility, the Chinese market remains very attractive Fundamentals driving the extraordinary growth of the Chine
2、se economy during the past two decades remain strong these fundamentals and appropriate government policy adjustments enabled swift recovery from crisis and will support sustained growth going forward Ping An, born of Chinese economic reform, has built leading market positions Ping An has achieved m
3、uch faster growth than the economy during the past two decades, and is leading the recovery from the crisis as evident from the rapid market share gains and growth in our insurance, banking, and investment businesses THE CHINA GROWTH STORY Through continuous innovations, Ping An has built distinct a
4、dvantages to fully exploit future growth of the Chinese financial market Our integrated financial services model, our innovative capabilities in product and distribution, and centralized operating platform, put us in a very strong position to capture future growth opportunities in China, particularl
5、y in the retail and SME segments SUSTAINING HIGH GROWTH THROUGH INNOVATIONS P.2 May, 2010 Over the last 2 decades, China has sustained consistent economic growth and continued urbanization 2001-200820092010F next 5-10 years 10.0% 8.7% 9.5% 68% 10.5% 1990-2000 Growth well sustained through different
6、economic release pent-up demand in countryside Investment theme strengthened with cheaper Chinese valuation: Stock market valuation coming down after recent correction PE comparable to Asias major markets, but economic fundamentals stronger P.5 May, 2010 1H: 93 123 66 72 85 101 129 173 1988200420052
7、006200720082009 1H2010 1,033 0.05 264 320 494 692 705 936 19882004200520062007200820091H2010 1H:14 1H:14 6 10 22 51 -8 31 10 2004200520062007200820091H2010 Insurance Business (Written Premiums) 37 48 66 150 123 155 184 2004200520062007200820091H2010 Total Assets (RMB billions) Embedded Value Over th
8、e last 2 decades, Ping An has very much been an integral part of the China growth story. THE PING AN GROWTH STORY (RMB billions) (RMB billions) Investment Income Fast recovery from financial crisis Outgrowing market (RMB billions) 0.005 P.6 May, 2010 In building a winning franchise in Chinas fast de
9、veloping financial sector Market capitalization now ranked top 3 among all global insurance groups Share price outperforming major market/sector indices since IPO Morgan Stanley and Goldman Sachs exited in 2005 with over 10 times return 19,000 Ping An employees still holding over 11% of company shar
10、es 2ndlargest, outgrowing market 2ndlargest, outgrowing market Leader in scale and national reach Leader in investment performance Leader in equity/debt new issues Leader in AuM and alternative investments Ping An Group Life insurance P the growing middle-class segment has a strong demand for financ
11、ial services Over 7 million new customers acquired in 2009, average age below 35 New customer acquisition trend: rising premium per policy, better education/income level, and improving wealth accumulation potential Non-insurance products through cross selling to insurance customers show higher profi
12、t contribution Ping An customers age distribution 67% Characteristics： Over 50 million retail customers by 2009 70% of customers in urban coastal areas 1/3 having tertiary education Annual income per customer 3 times the urban average Demographic trend highly favorable Number (millions) P.10 May, 20
13、10 Accumulated more than 2 million corporate customers by 2009, mostly SMEs Established for corporate customers e-marketing models to drive disciplined selling of multiple products to accelerate growth Dedicated cross-selling efforts: over 10% new deposits contribution for SME banking, 37% new secur
14、ities accounts and 40% short-term group insurance business generated by cross-selling in 2009 Ping An Securities specialized in equity/debt financing for SMEs to achieve market leadership; top underwriter in league table in 1H2010 for new equity issue Ping An Annuity focused on SMEs to achieve #1 ma
15、rket position in assets under trust and investment management Ping An P in particular, they will likely favor inflation- proof, stable-yield investment products Distribution of household wealth Ping An Trust captures the opportunity to develop a rich product line, covering the real estate, private e
16、quity, infrastructure, fixed income, money market, stock market and other product segments to meet diverse needs of affluent customers Other investment Deposit (RMB billions) P.14 May, 2010 Leverage innovative expertise of Discovery to build leading position in untapped health insurance market Structure of JVPing An advantagesDiscovery advantages Ping An : Discovery 80:20 Discovery provide senior managers, product, ris
