Visions & Strategies
Ping An is committed to becoming a world-leading technology-powered retail financial services group. Under the philosophy of steady, sustainable development, no major change has been made to its development strategy and long-term operational objectives compared with those announced last year.
In 2019, the Company was committed to delivering on its operational objectives. Under the “finance + technology” and “finance + ecosystem” strategies, the Company promoted technology-powered business transformation reforms to empower financial services with technologies, empower ecosystems with technologies, and empower financial services with ecosystems. The Company enhanced retail customer development and boosted the value of retail businesses, and maintained healthy, sustainable growth of insurance, banking, asset management and technology businesses. The Company’sprofitability continued to increase. The Company delivered on all its operational objectives for 2019.
In early 2020, the Company fought against the COVID-19 by various means and through multiple channels to fulfill its corporate social responsibilities without delay. The Company employed technologies to minimize the impact of the COVID-19 outbreak on its operations. In 2020, the Company will remain committed to sustainable development and carry out the plans formulated by the Board of Directors. The Company will remain focused on the main businesses of “finance + technology,” boost innovation, sustain growth, and take steady steps to become a world-leading technology-powered retail financial services group.
•Being customer-centric, the Company will pursue technological innovations to develop retail financial products and improve customer services. The Company will continue to satisfy customers’ diverse financial demands and optimize customer service experiences. Moreover, the Company will boost the value of retail customers by promoting cross-selling and customer migrations. The Company’s corporate businesses will serve the real economy and promote financial inclusion under a “1+N” service model (one customer + N products) while proactively leveraging technologies to enhance customer experiences and cut service costs.
•The insurance business will continue to seize market opportunities and advance reforms and upgrades to boost results. Ping An Life and Ping An Health will strengthen technological empowerment and data-driven operations, and pursue sustainable high-quality business development based on quality, aiming for growth in business value and agent income. Ping An Property & Casualty will continue its technology-powered transformation to achieve steady business development, provide better services for customers, and build differentiated advantages.
•The banking business will adapt to the evolving environment, follow national strategies, and give full play to its own strengths. Capitalizing on its milestone achievements during the transformation, Ping An Bank will strive to build “China’s most excellent and world-leading smart retail bank” and continue to pursue“technology-driven breakthroughs in retail banking and enhancement of corporate banking.” Ping An Bank will further the comprehensive “3+2+1” strategy for retail banking, corporate banking and interbank finance businesses, promote balanced development and retail transformation, and achieve leaps and bounds in its operational management.
•The asset management business will remain customer-centric, and committed to building an industry-leading investment management platform and meeting customers’ diverse demands for wealth management. Being results-oriented, the Company will strive to improve customers’ investment returns through technological empowerment. The Company will accelerate product innovations and enhance its capability of serving the real economy. In investments with insurance funds, the Company will continue to prioritize risk prevention, optimize asset-liability matching, improve investment management, and strengthen risk management.
•The technology business will continue to implement the “finance + technology” and“finance + ecosystem” strategies. The Company will invest heavily in technological R&D and employ cutting-edge technologies to support its core financial businesses and five ecosystems, namely financial services, health care, auto services, real estate services, and smart city services. By doing so, the Company will provide customers with high-quality products and excellent service experiences, and empower various industries with advanced technologies.
In an ever-changing environment, the Company will seize opportunities by gaining insights into macro-economic dynamics and technological trends, strengthen businesses, and pursue innovations to create value for customers, shareholders and society.
In 2019, as international economic and trade frictions escalated, the world’s major economies slowed down due to weakened momentum. China’s economy shifted from high-speed growth to high-quality development. Growth remained within a reasonable range owing to supply-side reforms and structural upgrades, providing a favorable market environment for our industry.
•For insurance business, the “Health China” strategy has raised people’s awareness of health and old-age care, posing long-term opportunities for the insurance industry. Life insurers will enjoy more opportunities as health care reforms continue and new policies on people’s livelihood, welfare and security are implemented. In addition, huge opportunities for property and casualty insurers will arise from emerging insurance demands and advanced technology applications in the insurance industry.
•For banking business, as financial supply-side reforms continue, banks will research industry trends and tap customer demands to improve their capability of serving the real economy. Ping An Bank will continue to strengthen risk management and strictly conform to regulatory requirements. Ping An Bank will closely follow technological development, integrate financial services with technologies, pursue innovations, and explore new models to support small and micro-businesses, financial inclusion, and targeted poverty alleviation.
•For asset management business, the asset management industry has made progress in transformation as China implemented a series of policies including the new regulations for asset management and the interim measures for products from insurance asset managers. Financial institutions have become more mindful of compliance, and investors have become more aware of risks. The Company will continue to strengthen its investment capability, adhere to risk limits, and improve its risk management system in accordance with government policies. The Company will build a leading asset management platform in China to serve the real economy, enable industry upgrades, and facilitate economic transformations.
•For technology business, new technologies including blockchain, AI and cloud computing are enabling upgrades, transformations and business model innovations in industries including financial services, health care, automobiles, real estate, and urban construction. The Company will continue to improve operational efficiency and customer services by increasing investment in technological R&D and empowering core businesses with new technologies.
In response to the government’s call, Ping An will fulfill its mission to “serve the country, society, and public” by serving the real economy, managing financial risks, and contributing to China’s development. Under the “finance + technology” and “finance + ecosystem” strategies, the Company will empower financial services with technologies, empower ecosystems with technologies, and empower financial services with ecosystems. The Company will create greater value for customers and shareholders under an integrated financial business model of “one customer, multiple products, and one-stop services.”