HONG KONG and SHANGHAI, April 23, 2024 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An," the "Company" or the "Group," HKEX: 2318; SSE: 601318) today announced its first quarter financial results for the three months ended March 31, 2024. China's economy gradually recovered in the first three months of 2024, with capital markets picking up. However, there were still growth challenges including insufficient demand and weak economic expectations. Amidst opportunities and challenges, Ping An focused on core financial businesses and strengthened the insurance protection function to serve the real economy under its business policy of "focusing on core businesses, boosting revenue and cutting costs, optimizing structure, and enhancing quality and efficiency". Following the technology-driven "integrated finance + health and senior care" strategy, Ping An continuously consolidated its integrated finance advantages, remained customer needs-oriented, and pursued high-quality development.  The Group's operating profit attributable to shareholders of the parent company reached RMB38,709 million. Three core businesses, namely Life & Health, property and casualty insurance, and banking, resumed growth and delivered RMB39,816 million in operating profit attributable to shareholders of the parent company, up 0.3% year on year. Life & Health showed significant growth momentum. Life & Health NBV amounted to RMB12,890 million in the first three months of 2024, up 20.7% year on year on a like-for-like basis. NBV per agent climbed 56.4% year on year. Ping An continued to develop its integrated finance model. Retail customers increased 1.0% from the beginning of the year to nearly 234 million and contracts per retail customer reached 2.94 as of March 31, 2024. Ping An continued to implement its health and senior care ecosystem strategy. The Company achieved nearly RMB40 billion in health insurance premium income in the first three months of 2024. Customers entitled to service benefits in the health and senior care ecosystem contributed about 70% of Ping An Life's NBV in the first three months of 2024, up 6 pps year on year. Life & Health achieved double-digit growth in NBV, and enhanced strength in channels. Ping An Life furthered the "4 channels + 3 products" strategy and achieved outstanding performance in key business operating indicators. Ping An Life achieved steady business development thanks to comprehensive advancement in sales channels, improved business quality, and diverse products and services launched. Life & Health NBV amounted to RMB12,890 million in the first three months of 2024, up 20.7% year on year on a like-for-like basis. NBV margin was 22.8%, up 6.5 pps year on year on a like-for-like basis. From January to March 2024, Life & Health realized premium income of RMB185,346 million, an increase of 1.2% year on year, leading the industry in terms of scale, and continuing to improve its operating trend.