PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
(Registered in the People’s Republic of China)
Financial Statements
Prepared in accordance with International Financial Reporting Standards
For the year ended 31 December 2012 together with the auditors’ report
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
Contents
Pages
Report of the Directors
Independent Auditors’ Report
1-8
9
Audited Financial Statements
Consolidated Income Statement
10
Consolidated Statement of Comprehensive Income
11
Consolidated Statement of Financial Position
12 - 13
Consolidated Statement of Changes in Equity
14 - 15
Consolidated Statement of Cash Flows
16
Statement of Financial Position
17
Notes to Financial Statements
18 - 170
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
REPORT OF THE DIRECTORS
All members of the Board of Directors present their annual report and the audited consolidated
financial statements of the Company and its subsidiaries (the “Group”) for the year ended
December 31, 2012.
1.
PRINCIPAL ACTIVITIES
The principal activities of the Group comprise the provision of a wide range of financial
products and services with a focus on the three core businesses namely, insurance, banking
and investment. There were no significant changes in the nature of the Group’s principal
activities during the year.
2.
MAJOR CUSTOMERS
In the year under review, operating income from the Group’s five largest customers
accounted for less than 1% of the total operating income for the year.
None of the Directors of the Company or any of their associates or any shareholders (which,
to the best knowledge of the Directors, own more than 5% of the Company’s issued share
capital) had any beneficial interest in the Group’s five largest customers.
3.
SUMMARY FINANCIAL INFORMATION
A summary of the published results, assets and liabilities of the Group for the last five
financial years is set out in “Five-Year Summary”.
4.
IMPLEMENTATION OF CASH DIVIDEND POLICY AND PROFIT DISTRIBUTION
PROPOSAL DURING THE REPORTING PERIOD
Cash Dividend Policy
According to rule 213 of the Articles of Association, the Company shall attach importance to
the reasonable investment returns of investors in terms of its profit distribution. The profit
distribution policy of the Company shall maintain its continuity and stability. The accumulated
profit to be distributed in cash for any three consecutive years shall not be less than 30% of
the average annual distributable profit realized in the three years, provided that the annual
distributable profits of the Company (namely profits after tax of the Company after covering
the losses and making contributions to the revenue reserve) are positive in value and such
distributions are in compliance with the prevailing laws and regulations and the requirements
of regulatory authorities for solvency ratio. In determining the specific ratio of distribution of
cash dividend, the Company shall take into account its profit, cash flow, solvency and
operation and business development requirements. The board of directors of the Company
shall be responsible for formulating and implementing a distribution plan according to the
provisions of these Articles of Association.
In preparing profit distribution plans, the board of directors of the Company shall listen and
absorb views and advice from shareholders (in particular, the minority shareholders),
independent directors and independent supervisors through various ways. Independent
directors of the Company shall express their independent opinions on the profit distribution
plans. When a specific cash dividends distribution plan is put forward for consideration at a
general meeting, a variety of channels shall be provided for communication and opinion
exchange with shareholders (in particular, the minority shareholders), whose opinions and
demands shall be fully heard and prompt response shall be given to any issues the minority
shareholders are concerned.
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PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
REPORT OF THE DIRECTORS
4.
IMPLEMENTATION OF CASH DIVIDEND POLICY AND PROFIT DISTRIBUTION
PROPOSAL DURING THE REPORTING PERIOD (continued)
Cash Dividend Policy (continued)
Where adjustment to our profit distribution policy is required due to the applicable national
laws and regulations and new rules promulgated by the CSRC regarding profit distribution
policies of listed companies or significant changes in the external business environment
and/or operating situations of the Company, it shall be done for the purpose of safeguarding
the shareholders’ interests and in strict compliance with the decision-making process. To this
end, the board of directors of the Company shall work out an adjustment plan based on the
operating situations of the Company and the relevant regulations of the CSRC, and then
submit the same to the general meeting for consideration and approval. Implementation of
the adjustment plan is conditional upon approval by shareholders (including their proxies)
holding more than two-thirds of voting rights present at the general meeting.
Implementation of Profit Distribution Proposal
The 2011 annual profit distribution proposal of the Company was considered and passed at
the 2011 Annual General Meeting of the Company held on June 27, 2012, the Company will
pay in cash the 2011 final dividend of RMB0.25 (tax inclusive) per share, in a total amount of
RMB1,979,035,523, based on its total share capital of 7,916,142,092 by the date of the
Annual General Meeting. The record date for the distribution of dividends was July 13, 2012.
The dividend distribution date was July 27, 2012.
The interim profit distribution proposal for 2012 was considered and passed by the 2nd
meeting of the 9th session of the Board of Directors of the Company held on August 23,
2012, the Company will pay in cash the interim dividend of RMB0.15 (tax inclusive) per share
for 2012, in a total amount of RMB1,187,421,313.80, based on its total share capital of
7,916,142,092. The Independent Non-executive Directors of the Company had agreed with
the distribution proposal unanimously. The record date of A Shares for the distribution of
dividends was September 25, 2012, and the record date of H Shares was October 3, 2012.
The dividend distribution date was October 22, 2012.
The above profit distribution proposal was in line with the Articles of Association and relevant
deliberation procedures and had fully protected the legitimate interests of medium and small
investors. The announcement on the resolution of the general meeting and the board
meeting were published on China Securities Journal, Shanghai Securities News, Securities
Times and Securities Daily on June 28, 2012 and August 24, 2012, respectively. The
announcements regarding the distribution of 2011 final dividend and 2012 interim dividend of
the Company were published on the websites of SSE and HKEx, and in China Securities
Journal, Shanghai Securities News, Securities Times and Securities Daily printed on July 10,
2012 and September 20, 2012, respectively. The implementation of the above-mentioned
distribution proposals have been completed.
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PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
REPORT OF THE DIRECTORS
5.
ANNUAL RESULTS AND PROFIT DISTRIBUTION
The Group’s results in 2012 are set out in the section titled “FINANCIAL STATEMENTS”.
As stated in the 2012 audited financial statements of the Group prepared under CAS, the net
profit attributable to shareholders of the parent company was RMB20,050 million and net
profit of the parent Company was RMB7,355 million. Pursuant to the Articles of Association
and other relevant requirements, the Company shall make appropriation to the statutory
surplus reserve fund based on 10% of the net profit of the Company as shown in the financial
statements under CAS before determining the profit available for distribution to shareholders.
Appropriation to the statutory surplus reserve fund may cease to apply if the balance of the
statutory surplus reserve fund reached an amount equal to 50% of the registered capital of
the Company. After making the above profit distribution and taking into account the retained
profit carried forward from last year, according to the Articles of Association and other
relevant requirements, the profit available for distribution to shareholders was RMB26,819
million.
The Company had distributed an interim dividend of RMB0.15 (tax inclusive) per share for
2012, which amounted to a total of RMB1,187,421,313.80. The Company proposes to
distribute a final dividend of RMB0.30 (tax inclusive) per share in cash for 2012, which will
amount to RMB2,374,842,627.60 based on a total share capital of 7,916,142,092 shares,
with the remaining retained profit being carried forward to 2013.
The above proposal will be implemented upon approval at the 2012 Annual General Meeting.
The profit distribution proposal is in line with the Articles of Association and relevant
deliberation procedures and fully protects the legitimate interests of medium and small
investors. The Independent Non-executive Director has made independent opinion to agree
with the profit distribution proposal.
The Company has no plan to capitalize from capital reserve and surplus reserve.
Particulars on dividend payouts of the Company over the past three years are set out as
follows:
(in RMB million)
2011(2)
2010(2)
2009(2)
Cash dividend issued
for each share
during the year
(in RMB yuan)
0.40
0.55
0.45
Cash dividend
amount
(including tax)(1)
(in RMB million)
3,166
4,204
3,395
Net profit
attributable to
shareholders of
the parent company
(in RMB million)
19,475
17,311
13,883
Ratio (%)
16.3
24.3
24.5
(1) Cash dividends include interim dividend and final dividend of the year.
(2) Profit distribution for each year has been completed during their corresponding years.
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PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
REPORT OF THE DIRECTORS
6.
DISTRIBUTABLE RESERVES
As at December 31, 2012, the Company’s reserves available for distribution totalled
RMB26,819 million, of which RMB2,375 million has been proposed as a final dividend for the
year. The retained profits were carried forward to 2013. In addition, the Company’s capital
reserve and surplus reserve fund, in the amount of RMB90,488 million, may be distributed by
a future capitalization issue.
7.
MANAGEMENT DISCUSSION AND ANALYSIS
For management discussion and analysis, please refer to the section headed “Management
Discussion and Analysis”.
8.
PARTICULARS ON INVESTMENT DURING THE REPORTING PERIOD
The non-raised fund of the Company mainly comes from its core insurance business. The
Company has been strictly following the relevant requirements of CIRC on the application of
insurance fund. All investment in relation to insurance fund was conducted in the normal
course of operation.
9.
EQUITY INVESTMENT DURING THE REPORTING PERIOD
For equity investment during the reporting period, please refer to the section headed
“Significant Events”.
10.
SHARE CAPITAL
The change in the share capital of the Company in 2012 and the share capital structure of
the Company as at December 31, 2012 are set out in “Changes in the Share Capital and
Shareholders’ Profile”.
11.
RESERVES
Details of movements in the reserves of the Company and the Group during the year are set
out in note 33 to the financial statements and in the “Consolidated Statement of Changes in
Equity”, respectively.
12.
CHARITABLE DONATIONS
Charitable donations made by the Company during 2012 totalled RMB49 million.
13.
PROPERTY AND EQUIPMENT AND INVESTMENT PROPERTIES
Details of movements in investment properties and property and equipment of the Group
during the year are set out in notes 28 and 29 to the financial statements, respectively.
14.
PRE-EMPTIVE RIGHTS
There are no provisions regarding pre-emptive rights under the Company Law of PRC or the
Articles of Association, which would oblige the Company to issue new shares to its existing
shareholders in proportion to their existing shareholdings.
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PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
REPORT OF THE DIRECTORS
15.
PURCHASE, REDEMPTION OR SALE OF LISTED SECURITIES OF THE COMPANY
Neither the Company, nor any of its subsidiaries, had purchased, sold or redeemed any of
the Company’s listed shares during the reporting period.
16.
DIRECTORS AND SUPERVISORS
The information about Directors and Supervisors of the Company are set out in “Corporate
Governance Report” and “Report of the Supervisory Committee”.
17.
BIOGRAPHICAL DETAILS OF DIRECTORS, SUPERVISORS AND SENIOR
MANAGEMENT
Biographical details of Directors, Supervisors and Senior Management are set out in
“Directors, Supervisors, Senior Management and Employees”.
18.
DIRECTORS’ AND SUPERVISORS’ SERVICE CONTRACTS AND REMUNERATION
According to the resolutions of the 25th Meeting of the 7th Session of the Board of Directors
and the 2nd Meeting of the 7th Session of the Supervisory Committee of the Company, the
Company entered into service contracts with all Directors of the 9th Session of the Board of
Directors and all Supervisors of the 7th Session of the Supervisory Committee, respectively
in July 2012 and August 2012. Terms, duties, remuneration expenses and confidentiality
duties of Directors and Supervisors, and commencement and termination of contracts were
specified in the service contracts. As of December 31, 2012, no Directors or Supervisors had
a service contract with the Company which was not terminable by the Company within one
year without payment of compensation other than statutory compensation.
Details of remuneration of the Directors and Supervisors for the year ended December 31,
2012 are set out in note 49 to the financial statements.
19.
DIRECTORS’ AND SUPERVISORS’ INTERESTS IN MATERIAL CONTRACTS
No Directors or Supervisors had a material interest, directly or indirectly, in any contract of
significance to the business of the Group to which the Company or any of its subsidiaries
was a party during 2012.
20.
DIRECTORS’ AND SUPERVISORS’ INTERESTS AND SHORT POSITIONS IN SHARES
Details of Directors’ and Supervisors’ interests and short positions in shares are set out in the
section titled “Directors, Supervisors, Senior Management and Employees”.
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PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
REPORT OF THE DIRECTORS
21.
DIRECTORS’ AND SUPERVISORS’ RIGHTS TO ACQUIRE SHARES
At no time during the year were rights to acquire benefits by means of the acquisition of
shares in or debentures of the Company granted to any Directors, Supervisors or their
respective spouse or minor children, nor were any such rights exercised by them, or was the
Company, or any of its subsidiaries a party to any arrangement to enable the Directors or
Supervisors to acquire such rights in any other body corporate.
22.
DIRECTORS’ AND SUPERVISORS’ INTERESTS IN A COMPETING BUSINESS
During 2012 and up to the date of this annual report, the following person is considered to
have interests in a business which competes or is likely to compete, directly or indirectly, with
the business of the Group, as defined in the HKEx Listing Rules, as set out below:
Mr. Wong Tung Shun Peter, a former Non-executive Director of the Company, is the Chief
Executive of HSBC, a Group Managing Director of HSBC Holdings and a member of the
Group Management Board, and a Chairman of HSBC Bank (China) Company Limited which
is the largest among foreign banks in mainland China and offers a wide range of banking and
financial services by an ever-expanding network. As Ping An Bank, a subsidiary of the
Company, is primarily engaged in commercial banking business in the PRC as approved by
the CBRC, the authorized banking business of HSBC has, to a certain extent, overlapped
and thus may compete with that of Ping An Bank. As at December 7, 2012, Mr. Wong Tong
Shun Peter had resigned as a Non-executive Director of the Company, therefore the
abovementioned competing business no longer exists.
Save as disclosed, as far as the Directors are aware, none of the Directors and Supervisors
had any competing interest in a business, which competes or is likely to compete, either
directly or indirectly, with the Group’s business.
23.
BOARD COMMITTEES
The Company has established a Strategy and Investment Committee, an Audit and Risk
Management Committee, a Remuneration Committee and a Nomination Committee. For
details regarding these Board committees, please see the relevant sections in the “Corporate
Governance Report”.
24.
SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS AND SHORT
POSITIONS IN SHARES AND UNDERLYING SHARES
For details regarding substantial shareholders’ and other persons’ interests and short
positions in shares and underlying shares, please refer to section entitled “Changes in the
Share Capital and Shareholders’ Profile”.
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PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
REPORT OF THE DIRECTORS
25.
CONTINUING CONNECTED TRANSACTIONS
For details regarding continuing connected transactions, please refer to section entitled
“Significant Events”.
26.
POST BALANCE SHEET EVENTS
Details of the significant post balance sheet events of the Group are set out in note 55 to the
financial statements.
27.
COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE CONTAINED IN
APPENDIX 14 TO THE LISTING RULES
None of the Directors of the Company is aware of any information that would reasonably
indicate that the Company did not meet the applicable Code Provisions set out in the former
Corporate Governance Code for any part of the period from January 1, 2012 to March 31,
2012 and the applicable Code Provisions set out in the revised Corporate Governance Code
for any part of the period from April 1, 2012 to December 31, 2012, except that Mr. Ma
Mingzhe has occupied the positions of both the Chairman of the Board of Directors and Chief
Executive Officer of the Company, and some Non-executive Directors (including Independent
Non-executive Directors) failed to attend certain general meetings. Further details of the
Company’s arrangements and considered reasons for the Company’s intention not to
separate the roles of the Chairman of the Board of Directors and the Chief Executive Officer
of the Company are set out under the section headed “Corporate Governance Report”.
Details regarding attendance of the Directors of the Company at general meetings during the
year are set out under “Shareholders and General Meeting” in “Corporate Governance
Report”.
28.
ESTABLISHMENT AND IMPLEMENTATION OF THE ADMINISTRATION SYSTEM FOR
INSIDER INFORMATION AND REGISTRATION
Details of the establishment and implementation of the administration system for insider
information and registration are set out in “Establishment and Perfection of Corporate
Governance System” to “Corporate Governance Report”.
29.
AUDITORS
According to the resolutions of the 2011 Annual General Meeting of the Company, the
Company re-appointed Ernst & Young Hua Ming LLP as the PRC auditors of the Company
for financial statements prepared in accordance with PRC Accounting Standards and Ernst &
Young as the international auditors of the Company for financial statements prepared in
accordance with International Financial Reporting Standards (hereinafter refer to “Ernst &
Young”), and appointed Ernst & Young as the auditors of the company for internal control in
2012. As of the end of the reporting period, Ernst & Young has been providing audit services
to the Company for eleven consecutive years.
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PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
REPORT OF THE DIRECTORS
30.
SUFFICIENCY OF PUBLIC FLOAT
Based on the information that is publicly available to the Company and within the knowledge
of the Directors as at the latest practicable date prior to the issue of this annual report, being
March 14, 2013, at all times during the year ended December 31, 2012, not less than 20% of
the issued share capital of the Company (being the minimum public float applicable to the
shares of the Company) was held in public hands.
By order of the Board of Directors
Ma Mingzhe
Chairman and Chief Executive Officer
Shenzhen, PRC March 14, 2013
8
INDEPENDENT AUDITORS’ REPORT
To the shareholders of Ping An Insurance (Group) Company of China, Ltd.
(Registered in the People’s Republic of China with limited liability)
We have audited the consolidated financial statements of Ping An Insurance (Group) Company of China,
Ltd. (the “Company”) and its subsidiaries (together, the “Group”) set out on pages 10 to 170, which comprise
the consolidated and company statements of financial position as at 31 December 2012 and the
consolidated income statement, the consolidated statement of comprehensive income, the consolidated
statement of changes in equity and the consolidated statement of cash flows for the year then ended, and a
summary of significant accounting policies and other explanatory information.
Directors’ responsibility for the consolidated financial statements
The directors of the Company are responsible for the preparation of consolidated financial statements that
give a true and fair view in accordance with International Financial Reporting Standards and the disclosure
requirements of the Hong Kong Companies Ordinance, and for such internal control as the directors
determine is necessary to enable the preparation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
Auditors’ responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit.
Our report is made solely to you, as a body, and for no other purpose. We do not assume responsibility
towards or accept liability to any other person for the contents of this report.
We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong
Institute of Certified Public Accountants. Those standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the
assessment of the risks of material misstatement of the consolidated financial statements, whether due to
fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity’s
preparation of consolidated financial statements that give a true and fair view in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by the directors, as well as
evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Opinion
In our opinion, the consolidated financial statements give a true and fair view of the state of affairs of the
Company and of the Group as at 31 December 2012, and of the Group’s profit and cash flows for the year
then ended in accordance with International Financial Reporting Standards and have been properly prepared
in accordance with the disclosure requirements of the Hong Kong Companies Ordinance.
Certified Public Accountants
Hong Kong
14 March 2013
9
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2012
(in RMB million)
Notes
2012
2011
Gross written premiums and policy fees
Less: Premiums ceded to reinsurers
7
233,940
(12,851)
207,802
(10,970)
Net written premiums and policy fees
Change in unearned premium reserves
7
221,089
(7,945)
196,832
(10,170)
8
213,144
4,529
74,852
186,662
3,656
39,314
9
10
10,891
27,378
8,614
29,265
Net earned premiums
Reinsurance commission income
Interest income from banking operations
Fees and commission income from non-insurance
operations
Investment income
Share of profits and losses of associates and
jointly controlled entities
Other income
11
Total income
(46)
8,445
1,068
3,665
339,193
272,244
Claims and policyholders’ benefits
12
Commission expenses on insurance operations
Interest expenses on banking operations
8
Fees and commission expenses on non-insurance
operations
9
Loan loss provisions, net of reversals
13, 23
Foreign exchange gains/(losses)
General and administrative expenses
Finance costs
Other expenses
(165,994)
(20,437)
(40,351)
(145,764)
(17,767)
(20,432)
(1,455)
(3,048)
255
(68,477)
(1,758)
(5,590)
(1,050)
(1,704)
(434)
(50,575)
(1,254)
(3,238)
Total expenses
(306,855)
(242,218)
32,338
(5,588)
30,026
(7,444)
Profit for the year
26,750
22,582
Attributable to:
- Owners of the parent
- Non-controlling interests
20,050
6,700
19,475
3,107
26,750
22,582
RMB
RMB
2.53
2.53
2.50
2.50
Profit before tax
Income tax
13
14
Earnings per share attributable to ordinary
equity holders of the parent:
- Basic
- Diluted
17
17
Details of the dividends proposed for the year are disclosed in Note 16 to the financial statements.
10
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2012
(in RMB million)
Note
Profit for the year
Other comprehensive income
Available-for-sale financial assets
Shadow accounting adjustments
Exchange differences on translation of foreign
operations
Share of other comprehensive income of
associates and jointly controlled entities
Income tax relating to components of other
comprehensive income
2012
2011
26,750
22,582
19,573
(3,426)
(18,638)
2,153
(29)
78
(39)
103
(4,006)
4,040
12,073
(12,264)
Total comprehensive income for the year
38,823
10,318
Attributable to:
- Owners of the parent
- Non-controlling interests
32,389
6,434
6,976
3,342
38,823
10,318
Other comprehensive income for the year, net
of tax
11
15
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2012
(in RMB million)
Notes
31 December
2012
31 December
2011
Assets
Balances with the Central Bank and statutory
deposits
Cash and amounts due from banks and other
financial institutions
Fixed maturity investments
Equity investments
Derivative financial assets
Loans and advances to customers
Investments in associates and jointly controlled
entities
Premium receivables
Accounts receivable
Inventories
Reinsurers’ share of insurance liabilities
Policyholder account assets in respect of
insurance contracts
Policyholder account assets in respect of
investment contracts
Investment properties
Property and equipment
Intangible assets
Deferred tax assets
Other assets
18
227,072
168,366
19
20
21
22
23
451,414
1,109,248
126,124
972
709,402
261,006
772,353
116,985
818
611,731
24
25
26
9,960
18,756
8,979
1,119
9,341
11,837
12,089
170,727
106
7,892
32,417
33,460
3,824
14,850
17,539
37,536
10,680
55,033
3,992
9,076
16,027
33,584
13,383
41,992
2,844,266
2,285,424
27
28
29
30
41
31
Total assets
12
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 31 December 2012
(in RMB million)
Notes
31 December
2012
31 December
2011
Equity and liabilities
Equity
Share capital
Reserves
Retained profits
Including: Proposed final dividend
32
33
33
16
7,916
91,271
60,430
2,375
7,916
79,405
43,546
1,979
Equity attributable to owners of the parent
Non-controlling interests
159,617
50,032
130,867
40,475
Total equity
209,649
171,342
420,315
154,977
1,722
952
195,695
99,734
732
986,936
3,615
38,293
882,593
34,669
21,681
2,352
38,793
5,599
42,120
836,049
70,639
27,974
758,404
32,811
17,979
4,370
26,633
4,612
38,450
Total liabilities
2,634,617
2,114,082
Total equity and liabilities
2,844,266
2,285,424
Liabilities
Due to banks and other financial institutions
Assets sold under agreements to repurchase
Other financial liabilities held for trading
Derivative financial liabilities
Customer deposits and payables to brokerage
customers
Accounts payable
Insurance payables
Insurance contract liabilities
Investment contract liabilities for policyholders
Policyholder dividend payable
Income tax payable
Bonds payable
Deferred tax liabilities
Other liabilities
Director
34
35
22
36
37
38
39
40
41
42
Director
13
Director
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2012
2012
Equity attributable to owners of the parent
Reserves
(in RMB million)
Share
capital
Availablefor-sale
financial
assets
Share
premium
(14,412)
Shadow
accounting
adjustments
As at 1 January 2012
7,916
83,506
Profit for the year
Other comprehensive
income for the year
Total comprehensive
income for the year
-
-
-
-
-
14,945
(2,558)
-
-
14,945
(2,558)
Dividend declared
Dividend paid to noncontrolling interests
Acquisitions of
subsidiaries
Disposals of subsidiaries
Equity transactions with
non-controlling interests
Others
-
-
-
-
-
-
-
-
-
-
As at 31 December 2012
7,916
Other
capital
reserves
Surplus
reserve funds
Exchange
differences
on translation
of foreign
Retained
operations
profits
General
reserves
Noncontrolling
interests
Total equity
2,673
132
6,982
395
129
43,546
40,475
171,342
-
-
-
-
-
20,050
6,700
26,750
(19)
-
-
(29)
-
(266)
12,073
(19)
-
-
(29)
20,050
6,434
38,823
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(601)
128
-
83,506
533
115
(360)
6,982
14
(3,166)
-
(3,166)
-
(512)
(512)
-
-
4,312
(1,006)
4,312
(1,006)
-
-
-
(105)
434
(706)
562
395
100
60,430
50,032
209,649
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
For the year ended 31 December 2012
2011
Equity attributable to owners of the parent
Reserves
(in RMB million)
Share
capital
Availablefor-sale
financial
assets
Share
premium
As at 1 January 2011
7,644
67,644
Profit for the year
Other comprehensive
income for the year
Total comprehensive
income for the year
-
-
-
-
-
-
-
-
272
Appropriations to
surplus reserve funds
Dividend declared
Dividend paid to noncontrolling interests
Issue of capital
Acquisitions of
subsidiaries
Others
As at 31 December 2011
Shadow
accounting
adjustments
(175)
Other
capital
reserves
Surplus
reserve funds
Exchange
differences
on translation
of foreign
Retained
operations
profits
General
reserves
Noncontrolling
interests
Total equity
1,066
107
6,689
395
51
28,609
4,853
116,883
-
-
-
-
-
19,475
3,107
22,582
(14,237)
1,607
53
-
-
78
-
235
(14,237)
1,607
53
-
-
78
19,475
3,342
-
-
-
293
-
-
-
15,862
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
32,440
206
32,440
178
7,916
83,506
6,982
395
129
43,546
40,475
171,342
-
(14,412)
2,673
(28)
132
15
(293)
(4,245)
(366)
-
(12,264)
10,318
(4,245)
(366)
16,134
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
STATEMENT OF FINANCIAL POSITION
As at 31 December 2012
(in RMB million)
Notes
Net cash flows from operating activities
47
2012
2011
280,897
75,348
Cash flows from investing activities
Purchases of investment properties, property and
equipment, and intangible assets
Proceeds from disposal of investment properties,
property and equipment, and intangible assets
Purchases of investments, net
Term deposits placed, net
Acquisition of non-controlling interests in
subsidiaries
Acquisition of subsidiaries
Disposal of subsidiaries
Interest received
Dividends received
Rentals received
Others
Net cash flows used in investing activities
(8,362)
(5,393)
162
(167,030)
(58,964)
178
(113,853)
(21,819)
(2,575)
(2,538)
1,211
43,221
4,672
816
(4,453)
81,238
254
28,017
4,428
687
(5,846)
(193,840)
(32,109)
Cash flows from financing activities
Proceeds from shares issued
Capital injected into subsidiaries by non-controlling
interests
Proceeds from bonds issued
Increase/(decrease) in assets sold under
agreements to repurchase, net
Proceeds from borrowed funds
Repayment of borrowed funds
Interest paid
Dividends paid
Net cash flows from financing activities
Net increase in cash and cash equivalents
Net foreign exchange differences
-
16,134
551
11,998
219
5,991
45,555
4,051
(4,734)
(4,304)
(3,596)
(28,580)
3,347
(2,836)
(3,368)
(4,246)
49,521
(13,339)
136,578
29,900
(173)
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
46
16
(357)
110,481
80,938
246,886
110,481
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
STATEMENT OF FINANCIAL POSITION
As at 31 December 2012
(in RMB million)
Notes
31 December
2012
31 December
2011
Assets
Cash and amounts due from banks and other
financial institutions
Fixed maturity investments
Equity investments
Investments in subsidiaries
Property and equipment
Other assets
15,507
3,724
1,372
109,856
43
1,260
13,726
2,622
766
109,619
71
169
131,762
126,973
7,916
90,807
26,819
7,916
90,667
22,630
125,542
121,213
Liabilities
Due to banks and other financial institutions
Assets sold under agreements to repurchase
Other liabilities
5,430
200
590
5,230
530
Total liabilities
6,220
5,760
131,762
126,973
5
Total assets
Equity and liabilities
Equity
Share capital
Reserves
Retained profits
32
33
33
Total equity
Total equity and liabilities
17
18