原标题:中国平安:中国平安2023年投资者开放日报告：走进平安集团综合金融
计及经营计划都属于前瞻性陈述。某些字词，例如“潜在”、“估计”、“预期”、“预计”、“目的”、“有意”、“计划”、“相
信”、“将”、“可能”、“应该”，以及这些字词的其他组合及类似措辞，均显示相关文字为前瞻性陈述。
前瞻性陈述涉及一些通常或特别的已知和未知的风险与不明朗因素。读者务请注意这些因素，其大部分不受本公司控制，影响着公司
的表现、运作及实际业绩。受上述因素的影响，本公司未来的实际结果可能会与这些前瞻性陈述出现重大差异。这些因素包括但不限于：
汇率变动、市场份额、同业竞争、环境风险、法律、财政和监管变化、国际经济和金融市场条件及其他非本公司可控制的风险和因素。本
报告中的前瞻性描述不构成本公司对投资者的实质性承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测
等前瞻性描述与承诺之间的差异。任何人需审慎考虑上述及其他因素，并不可完全依赖本公司的“前瞻性陈述”，且应注意投资风险。此
外，本公司声明，本公司没有义务因新讯息、未来事件或其他原因而对本报告中的任何前瞻性陈述公开地进行更新或修改。本公司及其任
何员工或联系人，并未就本公司的未来表现作出任何保证声明，及不为任何该等声明负上责任。
To the extent any statements made in this Report contain information that is not historical, these statements are essentially forward-looking. These
forward-looking statements include but are not limited to projections, targets, estimates and business plans that the Company expects or anticipates
may or may not occur in the future. Words such as “potential”, “estimates”, “expects”, “anticipates”, “objective”, “intends”, “plans”, “believes”, “will”,
“may”, “should”, variations of these words and similar expressions are intended to identify forward-looking statements.
These forward-looking statements are subject to known and unknown risks and uncertainties that may be general or specific. Readers should be
cautioned that a variety of factors, many of which are beyond the Company’s control, affect the performance, operations and results of the Company,
and could cause actual results to differ materially from the expectations expressed in any of the Company’s forward-looking statements. These factors
include, but are not limited to, exchange rate fluctuations, market shares, competition, environmental risks, changes in legal, financial and regulatory
frameworks, international economic and financial market conditions and other risks and factors beyond our control. The forward-looking statements
herein do not constitute a material commitment by the Company to investors, and investors and related persons should maintain an adequate
understanding of the risks and should understand the differences between commitments and forward-looking statements such as plans and forecasts.
These and other factors should be considered carefully; readers should not place undue reliance on the Company’s forward-looking statements, and
should pay attention to investment risks. In addition, the Company undertakes no obligation to publicly update or revise any forward-looking statement
that is contained in this Report as a result of new information, future events or otherwise. Neither the Company nor any of its employees or affiliates is
one customer, one account, multiple products, one - stop services Family doctors and eldercare concierges
商业模式
一个客户、一个账户、多种产品、一站式服务 家庭医生、养老管家
Technological Empowerment 科技赋能
Technology driven
Empowering financial services with technologies, empowering financial services科技驱动
with ecosystems, and advancing development with technologies平安专业、便捷的一站式综合金融解决方案，围绕客户需求，实现价值最大化 Customer’s financial needs Deliver Customer Value One-stop integrated financial solutions 客户价值实现 客户金融需求 一站式综合金融解决方案 Insurance InvestmentCar Deposit ?Time-saving, clear and convenient一个账户 多种产品 一站式服务 Full coverage of all daily efficiency financial scenarios Credit card House ?省时、清晰、便捷 Eldercare Healthcare ?省钱、节支、增效? Auto purchase and maintenance ? Gas, parking, chauffeur ? Annual inspection & insurance ? Daily consumption needs … ? 购车养车 ? 加油、停车、代驾 ? 年检、保险办理 ? 生活消费 …? Wide product offering covering multiple scenarios ? Information aggregation empowers one channel serving all demands ? Attractively priced products and services … ? 选择多样，涵盖场景下全部产品需求 ? 信息聚合，一个渠道解决所有需求 ? 价格优惠，产品服务价格更低 ? …综合金融是国际金融业模式的重要选项，但复杂度极高、难度巨大，鲜见成功案例International financial group attempted to layout integrated financeChallenges
国际金融集团尝试布局综合金融
面临挑战与困难
? 金融牌照不完备
? Incomplete financial licenses
? A world's leading multinational banking group ? 全球领先的跨国银行集团? 异业融合文化差距大
? Culture clashes between different business units/ industries? The world's largest financial services group ? 全球规模最大的金融服务集团? 跨国经营提升政策监管风险
? Elevated policy/ regulation risks from pursuing integrated finance ? An established global cross-selling financial ? 全球老牌交叉销售金融机构? 经济周期市场风险
model across multiple different countries
? 核心科技能力不足（销售触点技
? Economic cycle/ market risks
institution ? …
术、金融云等）
? Insufficient core technology capabilities (i.e. point of sale systems, ? …
? 后台资源集中程度低
not financial cloud enabled)
? 管控和激励制度薄弱
? Weak centralization of back office resources
? …
? Weak management controls and incentivation systems
? …
虽然综合金融很难，但从国家、客户、股东的需求出发，平安坚定地选择了综合金融的道路National needs Customer needs Shareholder needs
支持国家需求 满足客户需求 符合股东需求
? Serve individuals ? Comprehensive asset ? More nimble and efficient Great returns
Prosperous Diversity and
underserved financial needs allocation operations
convenience
country and
to help improve their well-
? One-stop services ? More stable financial
people
being
performance
? Worry-free, time-saving,
? Support real economy
and money-saving ? Higher shareholder returns
?金融为民，提升幸福感 ?完善的资产配置 ?更敏捷的运营效率
国富民强 丰富便捷 丰厚回报
?支持实体经济，高效精确 ?一站式服务 ?更稳定的财务表现
专业
?省心、省时、省钱 ?更好的股东回报
| Lower fees, more benefits and Expertise and quality Service efficiency and Integrated finance better offers assurance responsiveness needs to meet 费用、优惠福利及折扣 专业性与品质保障 服务效率及响应速度 ? Good value-for-money products and Chinese ? Strong brand, reliable choice ? Fast solutions services customers ? Simple products, clear terms ? One-stop for all queries ? Competitive investment return demands ? Professional staff and services ? Smart tech and simple processes ? More membership offers and benefits 中国客户对 ? 实力雄厚，信赖可靠 ? 快速解决需求 ? 高性价比的产品服务 综合金融产品的 ? 产品简单，规则清晰 ? 任何问题一站解决 ? 有竞争力的投资收益回报 核心诉求 ? 人员专业，服务专业 ? 智能科技，流程简单 ? 更多会员优惠福利 |
PA’s net profit growth significantly outperformed the marketcyclical fluctuations
净利润稳健增长，增速远超市场
ROE保持高位，平滑行业周期波动
Macro indicators CAGR over the same period
PA’s Net profit CAGR
Vs.
+27%
同期宏观指标复合增速
平安净利润复合增速 Ping An 平安
19.5%
18.9%
17.9%
China’s GDP
+14%
中国GDP
14.6%
Listed banks
Financial industry net profit
11.7% 上市银行
11.4%
+17%
11.4%
金融业净利润
11.7%
9.0%
Banking industry net profit
+21%
Listed Insurers
银行业净利润
上市保险公司
Insurance industry net profit
+5%
保险业净利润
2020 2021 2022
Bank
Life
= #15 in the market
PAL revenue
No.1 in the market
银行
寿险
综金贡献零售AUM余额14797亿
寿险收入
保险金信托三年超千亿
9M22
9M23
相当于市场第15
规模市场第1
综合金融带来了更高的经营效率
Lower customer acquisition cost Higher customer retention Higher profits per customer获客：更低的获客成本 黏客：更高的客户留存 价值提升：更高的客均利润1yr vs. 5yr+ customer
From 2018 to 2022, the more contracts per customer,
Lower customer acquisition cost thanks to its faster reach, less friction+1.7x
the higher retention rate
Profit per
获客链路更短、摩擦成本更低，综合获客成本更低
2018-2022年间，客户合同持有越多，留存率越高
customer
1年内 Vs. 5+年
客均利润
Customer acquisition cost via internal channels is just a
+1.7倍
Retention rate
97.0%+
portion of that via external channels
留存率
内部渠道仅为外部渠道的
Customer
% of 5yr+ customer as
87.9%
FY19
85.4%
tenure
PA Bank PA Health Insurance PA Securities
of overall PA Vs. peers
FY20
1 2 3 4 5+
82.5%
客户年资
银行 健康险 证券
Contracts per customer
+1.6x
75.7%
…
客均合同数
FY21
Proportion
5+年占比超同业
73%
55% 53%
of customer 11.7% 6.6% 6.9% 8.2%
66.7%
FY22
+1.6倍
1
2
3
4+
客户占比
伴随中国改革开放，平安抓住各阶段历史机遇，成功打造综合金融优势，实现快速成长Early stage of China’s opening-up (1992-1997) China’s expanded opening-up (1998-2007) China’s comprehensive development (2008 to present)
中国对外开放初期（1992-1997年） 中国扩大开放时期（1998-2007年） 中国全面发展时期（2008年至今）Start-up 初创阶段 Growth 成长阶段 Acceleration 加速阶段
? Shaped integrated finance vision, explored cross-selling ? Launched three financial businesses (i.e. insurance, banking ? Seized market opportunities and shape integrated finance
integrated finance model and asset management), developed integrated finance model driven by tech+ ecosystem
? 制定综合金融战略愿景，探索交叉销售的综合金融模式 ? 抓住市场红利，打造科技+生态赋能的综合金融模式model of cross-selling+service
? 布局保险、银行、资管三大金融板块，开拓交叉销售+服务的综合
金融模式
? Developed the foundational base of integrated finance ? Underpinned integrated finance with full insurance ? Achieved full licenses, enhance tech empowerment,
? 初步形成综合金融长期发展的基础
licenses and three phases of back office accelerate ecosystem development and build integrated centralization; finance moat with differentiated competitiveness? 完成保险全牌照，三次大规模后援集中，为综合金融奠定 ? 实现全牌照、提升科技赋能、加速生态探索，构筑综合金融差
坚实基础 异化竞争的护城河
? In 2007, number of customers exceeded 30 million ? The number of customers exceeded 50 million in 2009, 100
| ? In 1990s, became first within domestic financial institutions to built a nationwide intranet for management, automation, cost control and capital utilization ? In 1997, IT capability has been leading the industry, and IT development strategy has been planned ? 20世纪90年代，建立联通全国机构的互联网络，服务业务 管理、办公自动化、成本控制及资金运用等，在国内金融机 构尚属首次 ? 1997年，年 IT水平已处于同业领先地位，规划IT发展战略 |
| ? 2000-2003: centralized insurance underwriting, claims and database ? 2004-2006: developed nationwide insurance footprint ? 2007-2009: centralised Non-insurance business back office ? 2000-2003年，集中核保、理赔并整合数据库 ? 2004-2006年，保险业务全国集中 ? 2007-2009年，非保险业务后台集中、共享 |
| ? PA has built a leading Chinese “integrated finance + healthcare & eldercare" ecosystem ? PA has offered well-received "finance + auto ecosystem" services covering scenarios of “selecting cars, buying cars, using cars and changing cars“ ? Years ahead of peers, PA back in 2013 began to migrate core systems to the newly established PA Cloud ? Launched “Ren Yi Men” (cross-app navigation tool) in 2014, providing an all-in-one integrated finance service gateway ?经历保险、医疗服务、医疗生态3个阶段，打造“金融+医疗养老 生态圈 ?“看、买、用、换”全覆盖，建立“金融+车生态”生态圈 ? 2013年建立平安云，将各类系统迁入云服务，遥遥领先同业 ? 2014年建立任意门，为客户提供统一的综合金融线上门户 |
牌照齐全 主业聚焦 渠道网络 生态服务 科技平台 组织文化
Full suite of financial
Chinese markets Nationwide channel Complete and Advanced fintech Highly synergizedlicenses and core financial network leading healthcare culturebusiness ecosystem
国内金融全牌照 中国市场和金融主业 渠道网络覆盖全国 医疗生态完备领先 金融科技领军 文化统一，高度协同
Business source
PA serves 230 million Chinese customers, or 1 in every 6 Chinese is PA’s customer 深耕中国2.3亿客户，即每6个中国人中有1位平安客户
Main business revenue and profit are from China
主营业务收入及利润均来源于中国境内
业务来源
全球金融企业第五位
No.5 among the global financial companies
连续5年蝉联全球保险企业第一位
No.1 among the global insurers for five consecutive years
Position in the industry
行业地位
平安寿险：净利润行业第一位
PA Life: No.1 in the industry by net profit
平安产险：净利润行业第二位
PA P&C: No.2 in the industry by net profit
平安银行：信用卡交易额行业第二位
PA Bank: No.2 in the industry by the transaction volume of credit cards
Over 7,000 branches, covering all provinces and major cities in China A large sales and service team with over 1.3 million specialists 网点超7000个，覆盖全国所有省市
销售服务队伍130+万，规模庞大
? PA Life平安寿险 2900+ ~360k 36万 ? PAL agents 寿险个险渠道 ? PA P&C平安产险 2900+ ? P&C agents (incl. part-time agents) ~1 million 100万 产险销售渠道（含兼职代理人）? PA Bank平安银行
1200+
? Lufax Holding sales specialists
~20k 2万
陆金所控股销售渠道
? PA Securities平安证券
90+
| 强大的线上网络带来超7亿的销售触点 |
| Ping An Bank Ping An Jin Ping An Good 平安金管家（寿险） 平安口袋银行 平安好车主（产险） Digital Pocket Guan Jia (PAL) Car Owner(P&C) 190+ million registered 280+ million registered 注册用户1.6+亿 注册用户1.9+亿 160+ million registered 注册用户2.8+亿 users users users 月活3590+万 月活4900+万 月活2490+万 35.9+ million monthly 24.9+ million monthly 49+ million monthly active active users active users users Ping An Health Ping An E-wallet 平安健康 汽车之家 Autohome 壹钱包 44+ million annual 16+ million monthly 年付费用户4400+万 paying users 500+ million downloads 下载量5+亿 月活1600+万 active users 9.70+ million monthly 53+ million monthly 月活970+万 月活5300+万 active users active users |
医疗养老生态圈带来 Better customer acquisition More contracts per customer Higher AUM per customer (RMB) 显著的获客贡献 更多的客均合同 更高的客均AUM（元） New customers 新增客户数 1.6x 3.4xNon-ecosystem
users未使用集团
医疗养老生态圈
未使用 使用 未使用 使用
High-quality service
experience
Unified smart service system
高质量的服务体验
一体化、智能化的服务体系
AI助手
NPS 90%+
Operation strategy model
Advanced customer label system provides insights
经营策略模型
集团内客户标签体系
? Understand customer demand
Domestic focused system comprises 1,500+ labels encompassing >10,000 business operation profile factors
? Suitable portfolio service
聚焦中国市场，各公司业务积淀1,500+动静态标签、1万+画像因子
? Suitable service scenario
| Interest 兴趣预测 | ||
| Basic info 基本信息 | ||
| Demand 需求预测 | ||
| Behavioral info 行为信息 | ||
| Tactics 策略预测 | ||
| Wealth info 财富信息 | ||
| Risk forecasting 风险预测 | ||
of personal data between business lines application of machine learning models
Value maximization
Diverse team Synergy culture
价值最大化原则
多元化团队 协同文化
? Diverse background: insurance, commercial banking ? Operation synergy: Executives of each company take turns
? Sole criterion for testing all work
investment banking, internet, health, FMCG, etc. leading major cross-company collaboration projects? Guiding principle for all initiatives
? International: 5 non-China integrated finance ? Innovation & communication: Group-level communication
? Cornerstone of all systems and processes
management members received the Chinese platform for innovation and learningGovernment’s Friendship Award ? Capability co-building: Mid-platform and back office ? 检验一切工作的唯一标准 ? Talent mobility: Encouraging rotation and transfer within capabilities jointly built and shared by member companies,
the Group e.g. centralized back office
? 一切工作的行动纲领
? 多行业背景：保险、金融、互联网、快消等 ? 经营协同：重大跨公司协作项目由各公司高管轮流牵头? 一切制度的基石
? 国际化：先后5位外籍高管获得中国政府友谊奖，均 ? 创新交流：集团层面的创新、学习、研讨交流平台? 能力共建：成员公司共建共享中后台能力，例如后援集中平台
为综合金融核心管理层
? 人才流动：集团内鼓励不同业务条线的学习与轮岗调动
Strong growth in wealth per capita and WM market Domestic insurance market offers huge growth potential
人均财富及财富管理市场增速强劲 保险市场潜力巨大
Wealth protection
Investment & WM
Life protection
Number of new customers
贷款融资
投资理财 财产保障
人身保障
cross-migrated from Group to
170 million
27 million
Number of non-Life customers
客均合同数
member companies
Contracts per customer
集团非寿客户
Existing high-value
1.7 亿
2,711万人次
各成员公司从集团交叉迁徙
customers
3.01 1.89 0.88 0.52
新增获客
存量高价值客户
Number of new cross-selling
Number of non-Life high value
Future mature
25 million
67 million
6 10 4 4
contract within the Group
customers migratable to Life
customers
2,500万
6,695万单
集团交叉销售新增合同数
非寿可迁寿高价值客户
未来成熟客户
Notes: Cross-migration customer and cross-selling contract numbers are as of end-22Q4Notes: Existing high-value customer number is as of end-1H23; future mature customer: mature financial investors with a certain level of investment expertise and more
High-value customer number is a rounded number of customers with an investable asset of >Rmb500k per PA investible asset model.
than RMB 500k investible asset based on China market wealth growth forecast and high-value customer demand survey; data shows the number of contracts under each
注：交叉迁徙客户及交叉销售合同数据截至22年全年；
product category within their ideal product combination
Top-notch services beyond expectations, allowing customers to enjoy the benefits of integrated finance
超预期的极致服务，让客户切实体验到综合金融的好处
Value
All-round model
Starting with
强化业务模式：基于客群需求，精准匹配产品，在经营链路中实现客群价值跃升撬动核心优势：
fast decision making premium service
demand, high stickiness, ecosystem base
Driven by
Segment value
? 钩子产品：简单易获取、有口碑 ? 价值产品：专业、独家、尊享
segment-specific ? 黏客产品：高频刚需、粘性高、生态化
elevation
demand
Installment Medical Insurance fund
Credit card Auto insurance Health insurance WM Mortgage Whole life分客群 客群整体
card payment insurance trust
信用卡 车险 健康险 理财 按揭贷款 终身寿
需求驱动 卡分期 医疗险 保险金信托
价值跃升
Accident
Current deposit Securities Public equity Private equity Endowmentinsurance
… … …
活期存款 证券 公募 私募 两全保险
意外险
| Elderly 老年 |
| High-end medical care, quality eldercare, wealth inheritance 关注高端医疗、品质养老及财富传承 Whole-life insurance, annuity, trust, term deposit, eldercare services… 终寿、年金、信托、定存、体检权益、康养服务 |
| Financing for small and micro enterprises, flexible WM, protection products for both |
| business and family 小微融资，灵活财富管 理，兼顾企业和家庭的 保障产品 |
示例1-高净值老年客群：聚焦财富传承、品质康养的关键需求，价值跃升空间巨大Classic pathway example 1
撬动核心优势：
retail customer no. potential： contracts per customer potential： profit per customer potential：
Current Term WM,
Annuity,
Private investment planning
Attracted by product Investment advisor service Diverse investment deposit public &
Wealth
private equity,
professional
私行投资规划服务
trial 体验投顾服务
and WM private equity
trust
yield services
inheritance
investment advisor
活存、活期 定期理财、
年金、私募 Portfolio
Identify
财富传承
产品收益吸引 多元投资服务
理财… 公募私募…
信托…
信赖专业投顾
Structural upgrade
key demands
Stimulate WM and personal protection demand
高价值产品
识别关键需求
激发财富管理与人生保障需求
Term life
结构进阶
Next level healthcare
Whole-life
Quality
insurance, CI,
High-end healthcare and
Attracted by Life Top-notch healthcare
insurance,
Medical care benefits
and eldercare
medical endowment
healthcare &
eldercare 高端康养服务
endowment
products and eldercare
医疗康养权益
insurance
重疾、两全
eldercare
services
终身寿、
定期寿险、
…
寿险产品吸引 顶级康养享受
两全…
品质康养
康养体验进阶
医疗险…
示例2-小微企业主客群：聚焦财富、保障、融资的关键需求，价值跃升空间巨大Classic pathway example 2
撬动核心优势：
retail customer no. potential： contracts per customer potential： profit per customer potential：
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