Recently, Ping An of China (2318.HK, 601318.SH) disclosed premium data for the full year of 2023. The data shows that Ping An of China achieved a cumulative total of 80.695 billion yuan of original insurance premium income from January to December 2023, a steady increase of 4.1% over the previous year. Behind this year-end premium data, some special signals were also revealed.

Comparing the annual premium data of other insurance companies horizontally, Ping An Group's new personal premium income of life insurance and health insurance was 128.427 billion yuan, an increase of more than 24% over the previous year, which is better than market expectations. Pacific Securities pointed out that under the trend of population aging, the company is building a differentiated competitive advantage and building a new engine for growth by relying on healthcare, home care, and high-end pension services. According to public information, as of the end of September 2023, nearly 64% of Ping An's nearly 230 million individual customers used the services provided by the healthcare ecosystem at the same time. The average number of customer contracts was about 3.42 and the average customer AUM reached 561,000 yuan, which is 1.6 times and 3.4 times that of individual customers that do not use healthcare ecosystem services, respectively.

According to information, behind this report card leading the industry in growth, its health-care enabling “insurance+service” model has become a key factor. As the flagship of Ping An Group's healthcare ecosystem, Ping An Health (01833.HK) is developing a unique competitive advantage by implementing the “managed medical+family doctor membership+O2O healthcare service” strategy. Its F2C business path has not only successfully completed but also become one of the driving forces for sustainable growth. According to the public disclosure of the company's 2023 semi-annual report, in the field of “insurance+healthcare”, the company continues to help the comprehensive financial business to acquire customers, stickers and users for the second time through business models such as “deep collaboration, equity procurement, and value-added services”.

Among them, Ping An Health and Ping An Life upgraded the Zhenxiang RUN (2023) Health Service Plan and established a “user-centered” hierarchical member operation system. By providing as many as 18 medical services, including family doctors, health care plans, health testing, and chronic disease prevention and control, we meet users' pursuit of a high-quality, diversified and healthy lifestyle. And with these high-quality, full-cycle services, corporate customers' recognition of the company's comprehensive service capabilities is constantly improving. According to the 2023 Interim Report data, the number of paying users from the Group's comprehensive financial channels has exceeded 38 million in the past 12 months, and the penetration rate among Ping An Group's nearly 229 million personal finance users has reached about 16.6%.

Furthermore, the family doctor membership system links medical treatment and service values with human touch, and has gradually been accepted by the market. According to the data, Ping An Health's share of medical service revenue is steadily increasing. Ping An Health Family Doctor is not an isolated service system, but rather has rich offline capabilities and resource support, and can provide users with “online, in-store, and home” full-process service link management. As of June 30, 2023, the Ping An Health App platform has established a team of about 50,000 internal and external doctors covering 22 departments, with a total of nearly 2,400 famous medical experts signed to meet users' multi-level medical and health service needs.