Recently, Ping an of China (2318.HK, 601318.SH) disclosed annual premium data for 2023, which showed that Ping an of China achieved a cumulative premium income of 800.695 billion yuan from January to December in 2023, a steady increase of 4.1 per cent compared with the same period last year. Behind this year-end premium data, there are also some special signals.

According to the annual premium data of other insurance companies, the premium income of Ping an Group's new life insurance and health insurance personal business is 128.427 billion yuan, an increase of more than 24% over the same period last year, which is better than market expectations. Pacific Securities pointed out that under the trend of an aging population, the company is building a differentiated competitive advantage and creating a new engine of growth relying on medical and health home care and high-end pension services. According to public data, by the end of September 2023, nearly 64% of Ping an's nearly 230 million individual customers had also used the services provided by the medical and health biosphere, with an average contract of 3.42 customers and an average AUM of 56100 yuan, which were 1.6times and 3.4times higher than those of individual customers who did not use medical and health biosphere services.

It is understood that behind this growth rate leading peer report card, its medical health enabling "insurance + service" mode has become a key factor. As the flagship of Ping An Group's medical health ecosystem, Ping An Health (01833.HK) is forming a unique competitive advantage by virtue of the strategic practice of "managed medical treatment + family doctor membership system +O2O medical health service." Its F2C business path has not only successfully run through but also become one of the driving forces for sustainable growth. According to the public disclosure of the company's semi-annual report in 2023, in the field of "insurance + medical health," the company continuously assists the comprehensive financial business to obtain customers, stick customers and users for the second time and penetrate through business modes such as "deep cooperation, equity procurement and value-added services."

Among them, Ping an Health Union Ping an Life Insurance upgraded to enjoy the RUN (2023) health service plan, and established a "user-centered" hierarchical operation system for members. Through the provision of family doctors, health management programs, health testing, chronic disease prevention and control and other medical services, to meet users' pursuit of high-quality, diversified and healthy life. And these high-quality, full-cycle services make enterprise customers' recognition of the company's comprehensive service capability is constantly improving. According to the 2023 medium report data, the number of fee-paying households from the group's integrated financial channels exceeded 38 million in the past 12 months, and the penetration rate reached about 16.6% among the nearly 229 million financial users of Ping an Group.

In addition, the family doctor membership system connects the medical and service values with human contacts, and has been gradually accepted by the market. Data show that the proportion of income from safe and healthy medical services is steadily increasing. A safe and healthy family doctor is not an isolated service system, but has rich offline capabilities and resource support, which can provide users with "to the line, to the store, to the home" full-process service link management. As of June 30, 2023, Ping an Health App platform has established a team of about 50, 000 internal and external doctors from 22 departments, of which nearly 2400 famous medical experts have been signed up to meet users' multi-level medical and health service needs.