Okay. Good afternoon, dear friend from the media. Welcome to the 2022 annual result announcement for China Ping An. I'm Board Secretary and Brand Director, Sheng Ruisheng of the group. I'll be hosting today's meeting, which will be done by on-site meeting, live streaming, and teleconferencing. Joining us today, we'll have Chairman, Mr. Peter Ma. President and Co-CEO, Mr. Xie Yonglin. Co-CEO, Jessica Tan. Co-CEO, Mr. Jason Yao. COO, Ms. Fu Xin, and Mr. Benjamin Deng, CIO. We're gonna have Mr. Yao to take you through the performance review for 2022, and the management will take your questions. Mr. Yao, please.
Dear friend from the press, good morning. Welcome to the 2022 annual result announcement for China Ping An. Thank you for your long-term trust and support to Ping An. I will take you through the full year results 2022 for Ping An Group. Please turn to slide five, which is a summary of the strategy of China Ping An, which is to advancing the upgrade of strategy of integrated finance plus healthcare.
Our vision is to become a world leading integrated finance and healthcare service provider. On slide six, you can see 2022 proved to be a difficult year in market environment with complicated international landscape with geopolitical conflicts, elevated inflation, Europe, U.S., and tightening liquidity in overseas. In China, we also have supply demand under pressure and GDP growth was 3%. Also, equity and bond market was also on a downtrend, and some of the industry are seeing higher credit risk.
In facing these challenges, China Ping An has taken multiple efforts, including different reform, reducing costs, improving efficiency, deliver a robust and stable performance. Attributable operating profit was CNY 148.4 billion, maintaining a positive growth, operating ROE at 80%, which goes to show of high quality development of the group, which outperforming the peers. Due to challenges by capital market and industries, the attributable net profit, NBV has been lower, but is gratifying to see that in recent time, NBV included, many indicator has returned to positive and keeping strong momentum. Ping An continuous stress the importance of shareholder return. The full year dividend payout was at CNY 2.42 per share, up by 1.7%. Also on slide seven, this is the contribution from different business lines.
Our unique integrated financial model has brought about a diversification of profit, which help us to defend our business and also make sure the stable growth of the operating profit as a whole. In the challenging 2022 as the core contributor of profit, Life & Health was up by 16% year and year, which is a boost of confidence to the operating profit for the group. The second contributor would have Ping An Bank. The back-end business also was up by 25% year on year. The robust performance of the balance sector validated the strength of the integrated finance of Ping An, which offset the profit volatility in other businesses. On slide eight, in 2022, due to a higher operating variance, Life & Health attributable profit was up by 16% year on year.
The higher operating variance mainly coming from the lower actual loss, as also, improvement of the 13 and 25 month persistency ratio. On Slide nine, this is the NBV contribution by different channels. You can see, in 2022, due to a range of challenges, particularly this sector was under pressure. On the one hand, there had been a weakening intention of consumer by the domestic market, will lead to the decline of the long-term production products. At the same time, in terms of recruitment, and the customer visits, some of the offline activity was a hamper, which is, you know, put a difficulty of business expansion, which is why NBV was down by 24% year-on-year. In 2023, with the consumption warming up and lifting of the COVID control, the adverse conditions has been reversed.
You can see in terms of NBV, February and March, they have returned to positive growth and with strong momentum. Over longer run, we are very positive to the Chinese life market. With consumption recovery, the life insurance, we're gonna see new momentum. In the past few years, we have been taking reform efforts. I believe we are in a good position to capture the opportunities as they rise to play on our advantage of integrated finance for robust development. On slide 10, this is the operating return on embedded value is at 11%, keeping a stable, robust position. This is on dividend. As I say, we value shareholder return, continue to drive the cash dividend payout.
We propose a cash dividend of 1.5 dividend, bringing the full year dividend to CNY 2.42 , up by 1.7%. On slide 12, this is solvency. In 2022, under C-ROSS II, our solvency remain far higher the regulatory threshold. As you can on the group level, Life and Property, the core solvency adequacy was above 100%, which is more than double of the 50% required by the regulator. On slide 13, this is our investment. You can see in terms of investing insurance funds, there are five principles. The first is the asset and liability matching. The second is investment and yield matching, and also investment and liquidity matching. Fourthly, it will be investment risk and security matching, and also investment and financial yield matching.
With the guidance of the five principles, Ping An has been deploying our asset allocation for mid to long term. Among the asset classes, the ratio remains stable. Fixed income account for more than 70%, extended the duration with stable contribution or yield. Equity account for 12%, so they are more offensive. Equity are there to provide excessive yield. In terms of investment, real estate is accounted for only 4.7%. Among all the real estate investment, property asset account for close to 60%. Those property are commercial office, rental generating properties like office building and shopping malls, which are able to provide stable rental contribution. These asset are of a high quality with value appreciation potentials.
On slide 14, among the portfolio, the debt scheme and debt wealth management product is only accounting for 10% of investment assets. 10% was actually a bit lower than the beginning of the last year. Nominal yield was at 5%, remaining duration at about four years. On slide 15. In 2022, due to challenge of global macroeconomy, capital market volatility, the total investment yield from the insurance investment has been lower. If you look at the long-term return for the past 10 years, the average comprehensive investment yield has been 5.5%, which is higher than the 5% actuary assumption from the embedded value for long-term investment. Also, our investment portfolio is now in a dumbbell shape, which help us to transcend the economic cycle to provide stable investment yield.
Our net investment yield last year was at 4.7%, we actually bucked the trend to improve by 0.1%. On slide 16, it demonstrate Ping An as a responsible group. We are making contribution to sustainability. On the left, you can see a range of numbers, which goes to show our efforts for green development, social responsibilities. Whereas on the right is our range of accolades, which means our efforts has been well received by the rating agencies, home and abroad. On slide 17, this is to display our honors and awards. Our brand value continue to improve. Among Fortune 500, we are ranking number 25th, and we're also on the fourth place among global financial companies.
On slide 18, this is about the timetable, initial timetable for the new IFRS 17, which has got a lot of attention from the capital market. The analysts usually have referred to the IFRS 17. In April, we're gonna disclose the Q1 results under the new rules. In order to help investors understand the changes, before we disclose the interim result 2023, we are also going to disclose the key financial information for the same period in 2022 under the new IFRS 17. Also, the new rule is not gonna change the nature of the business, nor does it change our strategy. We're gonna continue to disclose the key critical metrics like operating revenue, operating ROE to help analysts in the market understand our performance.
In the future, we're gonna disclose the specific indicators which can be found in the appendix. That will be the performance review for Ping An. We will now happy to take your questions. Thank you.
Thank you, Mr. Yao. For details of different business segments, please refer to the PowerPoint slides that we provide for you. There were more slides, but we are not going to go through them now. We're gonna have this time to take question. The first question... Well, before we take questions, please identify yourself and your organization. Also, please refrain from asking more than two questions. Okay, the gentleman here in the front.
Hello, management. I'm from China Security News. My name is Qi Xin Zhang. My question is, now, when it come to last year performance, how do you evaluate your performance last year? In 2023, what's your view on U.S. economy in 2023, and how would Ping An deal with the opportunity and challenges ahead in this year?
Let me take your question when it come to our view on 2022. Actually, in my presentation, as I said, 2022 proved to be a very difficult and challenging year, as you can see. International landscape, which was difficult, geopolitics, Russia-Ukrainian War, inflation, interest rate hikes. In China, economy was also under pressure, and also there's COVID. In such a difficult year, our company, as I said, we have been deepening reform, reducing costs, improving efficiency. We have seen a positive growth of operating profit. As you recall, in interim result last year, I have answered a similar question.
I think there are three keywords to sum it up, how we perform in 2022. The first is stable growth. We have stable growth. As I said, despite the multiple pressures, multiple challenges, we achieve a positive growth of operating profit. We have maintained our track record for many years with a positive operating profit. ROE, operating ROE at 18%. Our integrated financial model has been very effective. Our individual customer number, contract per customer as well as the profit contribution per customer has also been on the rise. The second keyword will be continued return. We continue to value providing return to shareholders in terms of cash dividend. You can see in last year, despite all the difficulties and challenges, the company continued to adhere to the payout policy to link to operating profit.
Despite the challenges, our dividend was growing faster than the growth of operating profit. The dividend per share for the last few years, we have seen a absolute dollar amount growth in terms of the dividend payout. The third keyword is reform and innovation. When it comes to reform, our life insurance has completed a three-year deep reform cycle in terms of products, in terms of channels. We have seen solid progress, and we are starting to see results. Particularly in this year, in February and March, we have seen very pleasing NBV, which has returned to positive now. Jessica perhaps will talk more about life insurance. Also we continue to deepen our healthcare ecosystem by deepening our efforts, our model of managed healthcare in China.
The management team of the company continue to deepen our digitalization during the COVID pandemic when it comes to digital operation, management and administration to enhance the management competency, reducing costs, improving efficiency. That will be how I characterize our performance in 2022. Okay. Let me talk about our view toward 2023. Even though in the short term we have seen some uncertainties, including domestic, international uncertainties, as a whole, when it comes to our 2023 or even mid to long term, we are still confident. 2023 will be a year when Ping An go back to high quality, high growth as a whole. It can be summarized as expected high quality growth. We can expect high quality growth this year.
In terms of macro, starting from Q4 last year and after the Two Sessions in Beijing, China has launched a range of policies to stimulate the policy, which means the economic and operating environment demonstrated strong resilience with great potential. The environment set the stage for a great operation environment. On a company level, for the sector that we operate in, including insurance and also consumption, we are very confident. To begin with, let's talk about our own foundational reform. As Jessica said, in the past three years, when it comes to life reform, we have conducted deep level reform, over 10,000 outlets with a thorough reform, which penetrate to the agency, bank insurance, community grids and lower tier cities and as well as covering three major product lines.
We firmly believe even if with the impact from pandemic, I know that as we're improving our managerial capacity and with the more robust and consolidated business models being built, we still lay a very solid foundation for our future high quality business growth. You can see from Q4 of 2022 on, we also clearly notice there are some of the BUs in the first batch or the second batch of the reform. Their NBV has already been rebounded, especially in January and February of this year, their NBV has already become a positive number. I think such great momentum going to be continued through the whole year of 2023, we're going to have a more positive NBV growth for the whole year of 2023. I still would like to mention about the bank insurance channel.
At the very beginning of this year, we have a triple-digit growth for the bank insurance business, and this is very promising for the mid and the long-term growth. Let me just comment on the business model again. We have integrated finance model, which is quite unique in the market, especially from 2017 on to now. In the past, our customers only 117 million, but now it's already 230 million. On one side, the customers started to trust us more. We also noticed when consumer, they are enjoying more than four of our services or the product, the consumer loyalty and consumer contribution would be greatly improved. Now we have more than 90 million customer who actually enjoy at least four service and product from Ping An.
I surely believe such a well-consolidated customer base would support our 2023 growth and our long-term target hitting. We're taking a look at the microeconomic picture of the industry along with our own growth. We are very confident for the high quality growth in 2023.
Thank you. Next question, please. Please, the lady in the middle.
Hi, management team. I come from the Bank Management News from China. Just now you mentioned your life insurance reform have already made some good achievements. Would you mind to just elaborate on some of the achievements? For the life insurance reform, can we call it a success now in the near future? How it's going to be continued? My second question, you mentioned about the new bank insurance channel. What are the new advances being made?
Especially compared with the insurance channel, what would be the positioning of the new bank insurance channel? What would be the outlook or the expectation from the managerial team?
We are talking about the life insurance product. We did in-depth reform for the past three years. We do have great achievements being made. There are three highlights that we are truly proud of. The first one is the high quality agent team building. We have already proposed, we don't need too much agents, but those agents need to be of high quality, need to have a high predictability, but also with a high salary. Last year, we have 450,000 agents, and then their salary and the predictability is being increased by 20% in a continuous approach. This is my first point. My second point.
Besides the agent channel, and Ping An probably be the only player in the market that are exploring the opportunities from other channels, including the great channel from the community and the bank insurance channel. This is our great unique highlight. You know that for the new bank insurance channel, even if the premier growth is very fast, but its MPV is relatively low for the bank insurance channel. For the whole industry, the number is only 3%. Only us and the Ping An Bank would be able to work together, especially we have 1,600 new bank insurance agents, and all of them have at least a bachelor's degree. Many of them are master's students. They were graduated from well-known universities. They are also the professionals in the insurance and the wealth management business.
Their margin is actually 20% higher than 3% of the industrial average. Especially, you know that for our key team, the achievement is even higher. This is quite unique to Ping An. You find out the new bank insurance channel, they will be able to cover some of the empty market that cannot have been covered by other agents. For Ping An, we have 1.1 million wealth management customer. Those are hard to be accessed by the individual agents. Because they're using our wealth management service, we provide the solution as a long-term guarantee, long-term deposit, along with medical health service. For our 1.1 wealth management customer and the insurance product penetration ratio is less than 10%. They are very promising to be the next combine of the insurance product. The second uniqueness is our community-based model.
We are the only company in China that would be able to make sure some of those so-called the customer with an often insurance order. According to our practice, we'll be able to reactivate those 30 million inventory customer. We have already dispatched them to our community-level agents, continue to provide a service to those customers, continue with the renewal rate of the insurance product and penetrate with more service. You can see that even if in 2022, the microeconomic picture is full of complexities, now we already have 8,000 community agents. They at least have the polytechnic degree, half of them have the bachelor's degree from university. They are also of high quality. This is also one of our unique days. Our renewal rate of the insurance product being up by 40%.
Besides of our high-quality insurance agents team, we also have a bank insurance and a new community channel. They have already continued to contribute 17.6% of the NBV to this business. The third point that really makes me feel satisfied is that we launched the insurance plus service model, especially with elderly care and health care service. You can say that in China, according to the government regulation, especially the discussion from the Two Sessions, we find out healthcare and elderly care would be very important service to the whole community. Ping An is the only company in the market, not only be able to help to take care of the financials to the individual customer, we also provide the high-quality elderly care and health care service to the consumer.
From our result release around two years ago, we only have around 10% of those insurance policyholders that are enjoying all the service. This number is already around 60%, especially the home-based elderly care product grow by more than 30%. You can see these are the three highlights that we are truly proud of. They are also a very unique point of Ping An. Let me just make one more comment on the bank insurance channel. No matter for the bank release or for the group release, many people are already concerned about the new bank insurance channel, and we're just constructing this team. You can say that while working with Ping An Bank and Ping An Life Insurance for a very unique or proprietary agent channel, it is very different from other banks.
When we build such a team, we do have some guiding principles in our mind that can help us to take the right action. The first point is that we have to have some reformed ideas in our mind. For the bank team, they truly need to be the wealth management team who know the insurance product. We have some traditional wealth management manager. They are not taking insurance as one way for asset allocation, and they always promote some deposit-based short-term product to the consumer. First of all, the agent need to know the insurance, and insurance should also be taken as the asset allocation channel. This is the first point. We have to update our ideas in mind. The team need to, first of all, learn how to do insurance, especially the most complicated insurance product.
Later, they can actually be certified with a fund manager qualification and then to provide other assets allocation service to the customer. The second point, we need to continue to renew the team. When we first established the team, the team need to be a team of high quality. That's the reason Jessica mentioned in the previous response. By the end of last year, we already have 1,690 people working for this team. Around 95% of them are under the age of 40. Around 95% of them at least have a bachelor's degree. Around 44% of them are actually have a master's or doctoral degree. We have the agents graduate from Columbia University and Cambridge University.
Well, at the same time, you know that for banks, they have the account resources and the customer resource. We need to optimize the use of those resources to allow our new bank insurance team to access to those resources. We also 1+N service model. When we are serving the high-quality customers, we have a taxation consultant, investment bank professionals, healthcare professionals, and also financial professionals. We provide a combo therapy rather than just one solution. More importantly, this is also something not easy to be copied by other bank insurance team, we also continue to renew our product while working with life insurance team. We are developing the right product that really match the bank customer. Many of the high net worth population from the bank account, they are about 45 years old. They have enough money in their hands.
We have to find the right product to those customers. We have the annuity plus the long-term life insurance product to those customers with a very high margin. In the past, for the new bank insurance, the margin is around 10% higher than the industrial average. The bank, actually its margin is actually more than 20%. The renewal rate of the policy is also more than 95%. After two years, we have already delivered a satisfying scorecard to the market. Besides very great positive growth momentum in 2022, for the group, you can say that the new bank insurance also continued to grow the revenue by 40%. We also see great growth momentum in January and February of this year.
This is also a team, and they have a very motivated work attitude that can support other teams to continue to improve their competency. Besides this new team, the productivity from the transitional team also be greatly improved. I believe for the new bank insurance or the unique agents being organized within Ping An Bank actually demonstrated its integrated finance highlights in the next five years. This channel probably gonna to be one of the major channels for Ping An Life Insurance. They're gonna to contribute more to the MPV.
Thank you.
Thanks for Mr. Xie. Coming next, let's welcome one question from the online audience. If you'd like to raise a question, our online audience, please press one and star. Coming next, let's welcome Kevin from Hong Kong TV station. Hi, management team.
I'm Li Zhengxin from Hong Kong TV station. I have a few questions. The first question, recently, the central government is in process of reform, especially the financial reform. CRRC are probably gonna to see some organizational reform. Is it gonna to impact the banking industry, especially some procedure changes? How you'd like to comment on this new organizational reform of CRRC? Do you believe it's gonna to impact your daily business or your business procedure? My second question is that how you're gonna to comment on the profitability trend for this year? Especially recently, you find out in U.S. and the European countries, the financial landscape is full of fluctuations. There are some so-called headwinds for, or the uncertainties for the profitability in both regions. How are you gonna comment on the profitability trend. What would be your investment strategy for this year? Thank you.
The first question, institutional reform in financial industry. During the Two Sessions of this year, the central government, the State Council, have already initiated the financial institutional reform. This is a reform that is truly committed for the new development landscape in financial industry, promoting the sustainable and high-quality growth of the financial industry. It's a must to do. It can help us to prevent the financial risks and also protect the rights of the consumer, making sure that the financial industry could be developed in an orderly yet compliant and healthy approach. This is actually something good.
Ping An indeed welcome the financial institution reform from the central government in recent years. We are responding to the stringent financial regulation. We'd like to continue to focus on our key business and reduce our costs, optimizing our efficiency. We did a lot of actions, continue to improve our awareness of compliance and to safeguard our bottom line in order to prevent any major systematic risks from happening.
In the same time, we continue to innovate our business model. Put forward reform, enhance consumer protection to improve the inclusiveness, convenience, and availability of services, and the quality of our financial services to serve the physical economy, to benefit millions of customers. We are practicing the requirement put to our financial services. Okay, I will take your second question. I think your question is about what do you think of overseas incidence? You know, the futures market, when it comes to the Fed's interest rate high, there have been a directional change. We have to see the interest meeting of Feds in March. We are seeing that. Our mostly 95% of assets is still in Mainland China.
I think as the economy recovers and the economy is moving into upswing, expansion, there could be pressure on interest rate to go up. The full year interest rate curve could be slightly edging higher. What we do when it comes to asset allocation, there will be no major impact, because over years, for many years, our strategy, our core strategy has always been allocating to long duration interest rate bonds to extend the duration to a better match to the asset liability. We'll continue to do this, gonna work well on the long-term management of our asset liability matching. That's my answer to your question regarding interest rate.
Okay, next question from the floor. The lady over here.
Hello, management. I'm Antine from Daily Economic News. I have two questions for you. The first is, annual report indicates 227 million individual customers. Is that gonna be a bottleneck in the future? How do you ensure the sustainability of your operating model? Secondly, can management talk about what need to be done in the management model in managed healthcare? How does it compare with the U.S. model when it comes to the managed healthcare model?
Okay, the first question has to do with integrated finance. Let me talk about some of the numbers. After long terms of efforts, this year, our integrated finance has made some milestone success. Even though it has been a difficult three years, but our number of customers, contract per customer, as well as the operating profit per customer, have all been growing steadily, which is remarkable.
If you look at 227 million individual customers that we have, and the contract per customer, is about close to three contract per person. Also, we have increased the number of customer with 4 contracts by 150%. That's 1.3 times higher for those customer who are holding, you know, you know, more contracts. This is difficult. We are talking about hundreds of millions of customer. We now know if they are holding more than four contracts, the attrition rate will be below 1%. In the future, with healthcare, elderly care, services, provision, they're gonna be holding more contracts, they're gonna be more stickiness with the customers.
The reason why it has been a difficult three years, but still we are able to continue, and we still continue to do well, that's really because we think integrated finance is helpful for us to gain efficiency as financial institutions, reducing costs and managing risk better. This will help us to deliver a stable profit structure at a group, and also deliver strong competitiveness and sustainability. To do it right, as I said, to do it right, despite such a difficulty, you're talking about hundreds of million of customer, you're still talking about 2%, 3% growth every year. That will be difficult. First of all, you need to have the full license suite. Secondly, you need to have the strong core business. Now, the main channels is coming from Life Insurance. Now we are moving to Life, property, and bank.
We are highly centralized in mid-office and back office. That really help us to deliver multiple product to one customer with different, you know, channels. Also, there's a highly synergistic culture. Different culture, different organizational synergy, unified culture, which guide us to provide this to the same customer. If we were to go further, we have 227 million individual customers. What we need to be doing is to do three things right. Firstly, the customer demand engineering. We need to practice the philosophy of trouble-free, time-saving, and money-saving for customer. Secondly, the financial advisory engineering. We have the technology capability to empower our teams by way of service atlas and technology advisory tools to help to provide a long-term, one-stop service solution to the customer. Thirdly, full connect one platform.
Given the compliance, we need to continue to extend the connectivity of the data together with other platforms. At the same time, continue to optimize process to provide exquisite experience. We believe if we continue to do it right on these three fronts, we're gonna have a even more solid foundation for integrated finance. Integrated finance will truly be the indestructible, insurmountable great wall for Ping An. Yeah, Mr. Xie talked about integrated finance, which is a very unique model for us. Let me give you a few numbers. In 2017, you can see the number of customer was 170 million. This year, in five years time, last year, we reached 200, 207, 230 million.
As Mr. Xie said, as they are holding our product for more contracts and more, the stickiness become very strong. For those who are holding four and more contract, the customer, actually, there are more than 90 million. This is an extremely high number. Also we are building a great capability to serve these clients. Also another number here. For those who are holding more than 20 contracts, there are more than two million customers. These are the core clienteles, which validated the effectiveness of integrated finance and also greatly reduced the cost of acquiring customers. Okay, let me take your question on the managed wellcare, healthcare. Why? Let me talk about why and what is managed healthcare? Thirdly, how? Fourthly, why the confidence? Firstly, why managed healthcare?
Like three years ago, we were saying, in line with the national and the population demand in recent Two Sessions and the 14th Five-Year Plan also talk about healthcare, medical, elderly care are becoming more and more important, which is why we need to do insurance plus healthcare, insurance plus elderly care. Secondly, what is managed healthcare? In simple terms, we are representing the payers to integrate providers. Who are the payers? The payers are what Mr. Xie talk about, the 230 million financial customers. The payers have the money with us, money is not enough. When they got sick, when they got old, when they need to use the money to find quality healthcare services to the best money can buy. We are acting on their behalf to integrate providers. Who are the providers? How do we integrate providers?
We have three networks, which is slightly different from the UnitedHealth Group in U.S. As you know, there's Optum, UnitedHealth Group in U.S., who are working on the provider. They only have the in-store service. We have the online, in-store, and at home. We're operating with more complexity, which is in line with the resources landscape in China. We have, you know, Ping An Good Doctor, and also we have in-house veteran doctors. Also for in-store, we work with 10,000 medical institutions, including 1,500 tertiary grade A hospitals, who work with the doctor to provide in-store service. When it comes to at home services, this is we talk about the home-based elderly care, like living in the clothing. You know, we have 520 different standards.
We set standard for the service provider, we procure the services, we monitor the service quality. These are the three networks that we are unique about providing the managed healthcare. It is like, it's like the unified healthcare plus PDD plus Meituan. It's not exact, it's easy to remember. Why PDD? We are acting on behalf of the payer. We'll procure as a group, we procure the best buy. Why we are like Meituan as well? This is a major internet player in China, where they are so convenient to provide logistics service and delivery service. We are not just delivering to your doorstep, but actually delivery in your home. This is putting the entry barrier even higher, we have high expectation. It is difficult, it's very valuable.
It's not something you can easily copy. You need to have, you know, We need to set standard like PKU Healthcare. We have to set standard. We have to monitor performance. We need to have a strong technical platform. We believe this is gonna get better and better. We have 40 million customer who are using healthcare services now. As the ratio continue to grow among the 227 mil lion financial customer, more are going to be adopting that kind of healthcare services.
Okay, next question, the gentleman here.
Hello, management. I'm Lu Liang from Southern Metropolis Daily. My question is like, since CNY this year, ChatGPT becomes such a hype on the internet. There's a lot of top internet platforms like Baidu, Baba, they are deeply engaged into the AI. There have been rumors talking about Ping An is actually the top player in AI. Based on public information, when it comes to AI patent, Ping An is in the leading position. Obviously, AI is moving from the back office to the front office now. As I can see, in the traditional industry, there have been a lot of drive to innovate. We didn't have a lot of news coming from Ping An. My question is, what's Ping An's view?
On the frontier technologies such as ChatGPT, how does it drive financial industry? Particularly, what are the business opportunity and challenges for insurance, for example? What will be the impact? What have you done? What are the progress on your front?
Thank you for the question. Indeed, it is really a big popular topic. From 2018, the massive language LLM study have started. There are two roadmaps. The first was GDP generated and also growth, you know, judgmental. In 2018, Ping An have started to explore, which is different from ChatGPT in terms of scenario. It's a more generative AI. Ping An have taken a slightly different path. We have done it in a more professional way. As I said, we are in integrated finance and healthcare business, therefore, we have a SBOT, which is a professional AI. A professional AI in both finance and elderly care. It's kind of AI robot. We want to be the most professional financial concierge.
We want to be the most professional personal doctor and the most professional elderly care butler. For example, as a financial advisor, we are serving 230 million financial customers. Last year, we have 2.6 billion occasional services. 84% was actually handled by SBOT, which is a robo-advisor. 49% of sales, 27% of, you know, Trish was coming from SBOT, which is what we have done in finance. When it comes to most professional family doctor in the last 3 years, we've been doing our SBOT doctor. If you recall, there was a time when we went in Shanghai, we actually, we beat the GP general practitioners. In Beijing a few years ago, we also defeat the specialist.
Two years ago, the International Diabetes Federation, we defeated a global or Singaporean diabetic, diabeticologist. Also we have, you know, 8 million, you know, medical literature and all the books that need to be read. In terms of clinical guidelines, they actually incorporate it. Not just a good doctor, PKU Healthcare doctor using it. We have 1 million outside doctor who are also using this AI.
We hope that we can leverage it to become the most professional private doctor for our individual customer. Thirdly, we should also become a most professional elderly care professional. I can say, I mentioned about the home-based elderly care, and that has been done for the past 2 years. Initially speaking, for this project, we're just taking care of the elderly care and especially their comprehensive service, the true needs of the elderly population. We're just building our solution step by step. Last year, we do have some elderly care patient. Every day, around 40% of them are going to approach our professionals and our intelligent loudspeaker. That intelligent loudspeaker can actually be able to talk with our elderly care customer directly. We're going to continue to leverage AI in becoming the three most professional service ones and continue to show the value according to our key business.
Thank you very much. That's a commentator question from the online platform. Next question come from Asia Investment Journal. Let's welcome Ho Shusi to raise a question, please.
Hello. Thank you. Two questions regarding investment. My first question, just now, and, Mr. Shen has already mentioned about your comment on the microeconomic picture of China. For the group and, how you're going to comment on the security and also the share investment in China market for this year. Especially, you mentioned that we have to continue to improve the durabilities. Which are those so-called long-term assets you're going to invest in? More importantly, on the fixed asset investment, including infrastructure and also property market. Ping An just released its sustainability report. I also would like to know your practice and plan for sustainable investment in 23. Are you going to increase the position, decrease the position, or what would be your target? Thank you.
Thank you very much. Well, for this year, talking about the assets allocation for sure. Because of our strategic asset investment, it is actually a long-term investment riding through the industrial cycles. That's the reason you can say as we continue to extend the duration of the asset in order to work with its liability duration, and now we have the duration gaps only 4 years or less than 4 years, which is actually a very eye-catching number in our industry. We did a very good matching work.
For this year, the government actually asked for CNY 3.8 trillion of the special funds being released to the market. We're still going to work on those product for the mid- and long-term investment. We're talking about those cash flow assets. We are already positive on those. A fixed asset investment with cash flow, for example, long-term rental housing, shopping malls, industrial parks. You can say or the office buildings, they'll be able to provide long-term cash flow and also the value appreciation. That is also one of our interest for future asset allocation. You also asked about the performance of the stock market in 23. I think they're going to be a market with structural opportunities, especially the micro economy is being further improved, and it's now already in the upward and expansion stage.
According to the data, we find out some very top positive signals. I believe for this year, the stock market will bring some good opportunities to us. On strategic asset allocation, we'd like to continue with a more diversified tactical investment, making sure business lines are working together, find the right timing and the right pace of the investment. We do have our analytical team, our strategy study team. More importantly, we're going to leverage on Celeste, the best investment manager, use our mom and pop investment channel to create the alpha. Investment is actually a comprehensive strength. You have to consider strategy, your tactics, and also the timing and also the right market to get in. For this year, generally speaking, I still have a positive attitude.
We're talking about the property market, and I have already mentioned our pro-property market and the risk is truly controllable. We also have the sixty twenty-twenty principle. 60% of the investment is being put into the properties in the tier-one cities. Its book value compared with the market value still a great embedded value inside. Another 20% and 20% are actually for the bonds, and only around a small part are the exposure from the secondary market. Generally speaking, the risk is controllable. From the macroeconomic picture perspective, for the property market, I think the most challenging time is already gone. No matter from the contracted sales of the property market or from the performance data from the developers. I should believe with the macroeconomic picture now continue to rebalance, and we're going to see more recovery from the property market.
That's the reason for the whole year, and we're still very confident over our investment. I have one more comment on ESG investment. In the past few years, and especially with our overarching strategy, we also pay much attention to the ESG development, and especially on the new energy, including the hydropower, wind power and solar power, and we're going to continue to do more asset allocation over that.
Next question.
Thank you very much. I come from Dong Fang Hong. I actually have a question regarding your performance. I noticed from 2020 on, especially the end of 2020, your stock price used to be CNY 89 per share and used to be a hit CNY 35 per share. Now it's around CNY 45. The share price decreased by around 50%. Also read the new share price.
It seems that your shareholding structure and the shareholder number used to be 1.3 million, and now it's already 990,000. From such trend, we do want to come and say you have less shareholders in your shareholding structure. Are we going to see the bottom of your performance? When would be the turning point comes? Another question for this year. Is there any new product organ to launch to the market?
For capital market, they really need to see the positive signal and then to continue to build their confidence and investment in Ping An Group. You have sufficient liquidities and then to recognize your stock price with a higher bar. Talking about the stock price. In the past, I think I have already responded to this question a lot.
Many people pay attention to the stock price, there are a few drivers, including external micro factors and also our internal factors. You can say that for the past few years, yes, indeed, the external environment is truly challenging, especially in last year, in 2022. The stock market is not performing very well. You can say that the Hong Kong stock is being down by 50%, the same as Shenzhen and in Shanghai. Our stock price also be pressured by the macroeconomic picture. In the past, I have already mentioned it, you need to see the value of the company rather than the share price of the company, its embedded value and its investment value still being very prominent.
Talking about Ping An Group, we are still in the insurance plus financial racing track, especially for property insurance, life insurance, we are still expecting better growth. If you take a look at the insurance penetration ratio in China, it is still far behind the developed countries, but our growth rate is still higher than the industrial average. If you take a look at our company, we are in a promising industry with also a satisfying scorecard. We also have a well-consolidated financials, customer base, and managerial capacity, along with our innovative strategy. We believe compared with other peers, we do have some great advantage. Where at the same time, we are also promoting a specific business model, including integrated finance plus other healthcare service. We were just talking about the ecosystem. Healthcare ecosystem building is actually one practice with very high threshold.
It need multiple years with continuous efforts to build such an ecosystem. We already traveled very long for this journey. We also have a very good international practice to refer to. Ping An, indeed, we have some good fundamentals and to protect ourselves. That's going to provide very good evidence or support for our future growth. In short run, you know that, compared with other investors, we also pay much attention to the performance. A key part is life insurance. We have already conducted the reform of the life insurance for three years, especially by the beginning of this year, along with the external environment improvement, along with more reforms being made. In January, in February, or even in Q1 of this year, we already see very good growth momentum.
This is also going to be the short-term trend or probably going to support our stock price. Generally speaking, if you take a look at the stock price or the share price, we believe our share price being depreciated. In the near future, it still have huge value for further investment. One more point, our dividend payout ratio has been very stable. We provide very stable cash dividends to our shareholders. We are hoping in the near future, our share price could also harvest a better performance to create more value to the shareholders. Talking about the innovative product. Jessica, would you like to take on this question?
Talk about innovative product, right? Very easy. We have a few things. Housing, vehicles, and insurance, deposit, credit card, and healthcare. This is actually all the points in my mind. These are the nine products we have in every channel. Thank you.
Okay. Due to the time reason, we accommodate the final question. Let's give the floor to the lady sitting in the middle.
Thank you. Thanks, Mr. Shen. Thank you. I come from Xinhua Finance. We clearly notice high quality growth is actually something that every industry go for. I'd like to ask you, how Ping An Group exercise high quality growth, and how you're going to support the economic growth with high quality in China? Well, this is a broad question.
Your question actually echoes with the call from the 20th CPC Congress. A few points from me. First of all, for Ping An Group, for the past one decade, our operations being truly stable. We also made very good breakthrough on all the indicators. A few statistics from me for the past one decade.
Our revenue grow by CNY 300 billion to CNY 1.18 trillion. Our assets grow by CNY 2.8 trillion to more than CNY 10 trillion, grow by more than three times, becoming the very largest insurance company with the largest asset under management. As we have a robust operation, we also provide robust and continuous payout back to our shareholders. We have already did the dividend payout for 21 times. The total dividend is more than CNY 250 billion, ranking as the top ones among the Shanghai and Shenzhen-listed companies. In 2022, you can see that even if the time is quite challenging, our dividend per share still grow by 1.57%. We are still very confident over our future performance. How can we make such a good achievement?
We have a very clear strategy and a very robust execution. They are the keys. We're going to continue with our five differentiated development strategy to promote high quality growth of our business. First of all, we're going to continue to do integrated finance to step up our efforts for the housing and insurance costs, elderly care and credit loans and credit card, making sure that we have the product number per customer and profit per customer continue to grow. We also would like to have the professional financial professionals, elderly care service provider, and the healthcare professionals to give comprehensive support to our customer.
Certainly to differentiate insurance, like insurance plus healthcare, insurance plus elderly care, including home-based and high end. Fourthly, we're gonna continue to drive the customer demand driven engineering project so that they can save money, save the time, and also save their troubles. Also we're gonna drive digitalization in management operation and also administration. Secondly, let me talk about based on the stable performance of the company, we are continuing to generate huge tax revenue and employment for the local and national government. In the past 10 years, we paid accumulated tax of close to CNY 900 billion. In 2022, well, we paid CNY 115 billion, which is account for 0.7% of total tax revenue in China.
For 5 years, we have been paying more than 100 billion tax, and we provide 90,000 jobs. We have 1 job for 1,150 Chinese. Thirdly, we stick with the financial core business and serve the real economy. End of 2022, we accumulated invested CNY 7.8 trillion-7.89 trillion to the real economy, providing CNY 2.5 trillion risk protection. We actively get involved in the Hong Kong, Guangdong-Hong Kong-Macao, Bohai Bay, Bohai Rim, and also other economic circles. We help technology to empower the small medium companies. End of 2022, Ping An Bank's inclusive SME customer is over 1 million.
Some of the micro business at the bottom of the pyramid, they are the absolute mainstream with the balance of a loan of CNY 500 billion, up by 38% year-on-year. Ping An inclusiveness also helped the small and micro business with the balance of loan of CNY 450 billion. Fourthly, we're driving healthcare ecosystem strategy. We're practicing the integrated finance strategy plus healthcare, which is a two-pronged strategy. We innovatively promote the Chinese version of managed healthcare with a 90-7-3 elderly care paradigm to explore the healthcare plus home-based elderly care, insurance plus high-end elderly care to provide the healthcare services and elderly care services. Our managed healthcare is providing 80 million customer with services. Insurance plus elderly care is now available in 32 cities with over 500 services.
In this healthcare scenarios, we are effectively delivering heartwarming financial and healthcare services. We are contributing to a healthy China strategy. We practice social responsibility. On a fifth note, we have undertaken the responsibility due to our large corporation to support high quality development of China. In terms of, we provide poverty elevation and rural support with CNY 77.51 billion to build 119 Project Hope primary schools. We advocate ESG to drive green development. As of end of 2022, Ping An's green financing is CNY 260 billion. Green banking business is CNY 280 billion. ESG rating was ranking the top in China as well in the world.
Let me just add to it. I think that's a great question. At the 20th CPC Congress and the Two Sessions, high quality has become a key theme for national strategy. When it comes to high quality development, in the case of Ping An, we have three keywords. The first is sustainable. The second keyword is a growing mix. Thirdly, a growing quality. These are the three keywords. First of all, sustainability. In the past two decades, Ping An has maintained a 20% business and profit growth. Obviously, in the future to maintain at 20% is not likely, but we definitely will be able to sustain a double-digit growth, a stable growth and not big swings. Secondly, a structure, because they're very important. We have integrated finance. We have more stable mix, and also finance, insurance plus healthcare and plus elderly care. Elderly care is the biggest demand going forward.
That will be the biggest demand. Our integrated finance plus healthcare as well as elderly care, the business mix is going to be addressing the biggest demand in the market. We have excellent business mix. Thirdly, the quality of growth. You can see at the annual results disclosed here, we have been able to keeping a ROE at around 16%-18%. At this time around, we have 17.9% ROE. The quality of the growth has been excellent. Those are the three key elements to the high development, high quality development of Ping An. Sustainability, the business mix of growth, and the quality of growth.
Okay, with that, we will conclude the result announcement today. Also, the Independent Director, Mr. Wensheng Yan, is also present here at the announcement.
If you have further question, feel free to reach out to our, you know, branding and publicity team. We'll be happy to take on your further questions. Thank you.