Paid for More Than 200 Million Cases, More Than RMB280 Billion, Driving High-quality Development in the Insurance Industry

HONG KONG and SHANGHAI, May 11, 2023 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An of China," "Ping An," the "Company" or the "Group," HKEX: 2318; SSE: 601318) released its 2022 Annual Insurance Claims Report. In 2022, Ping An's four insurance companies paid for more than 200 million cases, an average of about 600,000 cases per day. In 2022, Ping An Life paid for 4.1 million cases, Ping An P&C paid for 190 million cases, Ping An Annuity paid for 15.99 million cases, and Ping An Health Insurance paid for 2.45 million cases. Claims payments exceeded RMB280 billion, equivalent to RMB770 million per day.

In recent years, the insurance industry has shifted from high-speed development to high-quality development. Insurance claims services play an important role in protecting people's livelihoods and promoting the healthy development of the insurance industry. Zhichun Zhang, Ping An's Chief Financial Officer, summarized the philosophy of Ping An's insurance claims services as: putting the customer first, "helping customers to find reasons for claims", proactively fulfilling insurance liabilities, and providing professional and heartwarming services.

Paid for more than 200 million claims in 2022, an average 600,000+ claims per day

The report analyzed the claims data of the four member companies in detail. In 2022, Ping An Life paid RMB79.6 billion in compensation, including claims, maturity benefits, annuities, death and medical care benefits. That included critical illness benefits of RMB20.1 billion, an average of RMB87,000 per case. The total number of medical claims was 3.76 million, an average of more than 10,000 claims per day.

Ping An P&C paid a total of RMB194 billion in claims payments in 2022, providing protection for more than 60 million car owners and more than 5 million cargo vehicles. Ping An P&C also protected the health of 40 million customers and the safety of 6 million household properties. It ensured more than 1.8 million small and micro enterprises could quickly resume work and production after disruptions, served agriculture, farmers and rural areas, and protected the livelihoods of more than 12 million farmers.

Ping An Annuity paid RMB13.2 billion in claims. Empowered by technology, it achieved the fastest case settlement within 5 seconds, and an average claims processing time of 1.5 days. Customers were able to handle 86% of cases through its Hao Fu Li app, and 5.36 million cases were automatically reviewed and settled in the system, with 400,000 cases automatically settled without human intervention.

Ping An Health paid RMB 4.8 billion in claims in 2022, serving 605,000 claims customers, with an online claims rate of 97.7%. The first time materials submission success rate was 91.4%. Ping An Health was able to drastically shorten hospital discharge claims processing times from 55 days to no more than 3 days, with an average of 4 hours.

The report also identified several key trends from analysis of claims data, including eight trends from dimensions such as high-risk diseases, changing customer needs, and industry development trends. The three most dangerous critical illnesses in 2022 were malignant tumors, acute myocardial infarction, and conditions resulting from stroke. Customer needs are shifting from passive post-incident claims to pre-medical services and active health management. As the population ages, claims services need digital upgrading to provide elderly-friendly services. Technology and artificial intelligence will drive the transformation of all claims services, making customer experiences simpler, more convenient, and efficient. The "Integrity Platform" will help to speed up claims settlement, and the proportion of materials-free and audit-free claims settlements will grow.

Ping An stated that it is the 35^th anniversary since the Company is established, the releasing of the Annual Insurance Claims Report shares the claims data of Ping An's four insurance companies from different perspectives, which demonstrates a further exploration of insurance to better fulfill the promise of "ensuring the wellbeing of every family through professionalism".

About Ping An Group

Ping An Insurance (Group) Company of China, Ltd. ("Ping An" or the "Group") strives to become a world-leading integrated finance and healthcare services provider. With nearly 227 million retail customers and 693 million internet users, Ping An is one of the largest financial services companies in the world. Under the technology-driven "integrated finance + healthcare" strategy, Ping An provides professional "financial advisory, family doctor, and elderlycare concierge" services. Ping An advances intelligent digital transformation and employs technologies to improve the quality and efficiency of its financial businesses and enhance risk management. The Group is listed on the stock exchanges in Hong Kong and Shanghai. As of the end of 2022, Ping An had RMB 11,137,168 million in total assets. The Group ranked 17th in the Forbes Global 2000 list in 2022 and ranked 25th in the Fortune Global 500 list in 2022.

For more information, please visit www.group.pingan.com and follow us on LinkedIn - PING AN.

Source: Ping An Insurance (Group) Company of China, Ltd. Related Stocks: HongKong:2318 OTC:PNGAY Shanghai:601318 Shenzhen:601318.SS