Good morning. Welcome to join us at the Ping An 2021 annual results announcement. I'm Board Secretary Sheng Ruisheng . I will be moderating today's event. Due to COVID-19, this event will be adopted by way of teleconferencing. The management present today are Peter Ma, Chairman, President and Co-CEO, Mr. Xie Yonglin, Co-CEO, Jessica Tan , Co-CEO and CFO, Jason Yao, and Benjamin Deng, our CIO. We'll start with Mr. Yao, give you a 2021 full year performance review for Ping An. Before the management will take your questions. Mr. Yao, please.
Thank you, Mr. Sheng. Thank you. Good morning. Welcome to the 2021 results announcement for Ping An 2021. I'd like to thank you for your longstanding support interest in Ping An. In 2021, we're facing with a complex and difficult external environment and many challenges to the operation. Ping An, based on our provision of diversified integrated financial system with high quality efficiency, we're driving the upgrade of integrated finance plus healthcare.
We're building the integrated healthcare plus HMO service model, deploying the finance plus elder care, finance plus healthcare and other ecosystem to develop robust development. I will present the 2021 financial results. Please turn to slide 6. In 2021, the operating profit attributable parent company grew by 6% year-on-year. Operating ROE is close to 19%, which is at a relatively high level. At the same time, we focus a lot on shareholder return.
The dividend per share has grown by 8% year-on-year, which speaks to our confidence to the future prospect of the company. On slide 7. We're looking at the operating profit contribution from the customer point of view. In 2021, retail business has maintained robust, up by 6% year-on-year and account for 88% of the operating profit. Other operating profit grew by 8.9%. Full year, retail customer addition was 32.4 million. 36% of the new customers were converted from the internet users of the group.
We have strong efficiency from our integrated financial model, and we have seen growth in retail customer number, contacts per customer, and products per customer. We're gonna talk more about our customer operations. On slide 8, we're showing you the operating profit contribution from different business lines. In 2021, the OPAT continued to grow, driven by insurance, bank, AMC, and technology and other segments. That has also demonstrated the diversified efficiency from our integrated financial model.
Now on slide 9. In 2021, the operating ROE of the group is close to 19%. Given the repeated COVID outbreaks, economic uncertainty overhang, there has been a short-term suppression of the consumption demand for the long-term protection type of products. L&H operating ROE still was above 32%. On slide 10, this is about how the net profit is deriving the operating profit.
Operating profit is based on net profit, excluding some of the items with short-term volatility, and which includes like the L&H short-term investment variation and the life discount rate change, and some of the one-off material non-operating items. You see this metric, OPAT, is a clear and more objective reflection of the current business performance and trend. Even though net profit there is some volatility, but the operating profit grew by 6%.
On 11, we're looking at the OPAT on Life and Health. Even though the short-term challenges in 2021, the L&H business is the positive growth of OPAT of 2.5% and coming from the release of the digital margin and also, you know, some other positive variation as well. On slide 12. In 2021, L&H business operating ROEV was 11.1%. We have adopted a rather conservative risk discount ratio at 11 PV contribution by channels. In 2021, due to uncertainties in domestic and international environment, there has been a temporary slowdown of long-term protective products.
The L&H NBV was down by 23.6%. You can see the Asian channel, it was down. But telemarketing, internet and insurance, they have registered positive growth. We are committed and confident to the long-term development of Chinese life insurance market. We'll continue to drive the life reform to drive quality development. On slide 14, this is about dividend. The Company has attached great importance to return to shareholders, continually increase its cash dividend. The full year dividend was CNY 2.38 per share, increased by 8% year-on-year, 8.2%.
The fund available to the parent company by the end of the term remain at a healthy level. On slide 15, the board has approved a share repurchase scheme of CNY 5 billion-CNY 10 billion in August 2021, demonstrating the confidence in the future. We have repurchased CNY 3.9 billion, and we will continue to deliver on this repurchase plan according to the market performance. On slide 16, this is our strong solvency adequacy. In 2021, the group and the major subsidiary continued to be massively ahead of the regulatory requirement in our solvency margin.
Recently, the regulator has issued the C-ROSS II rules, which will be implemented in the making of the Q1 report in 2022. Based on a simulated testing in C-ROSS II , by the end of 2021, Ping An Life core solvency margin was still above 100%, which is twice as much as the 50% set out by the regulator. Now slide 17. We're looking at the total size of insurance fund investment portfolio, which will remain robust growth. In terms of asset allocation, we are increasing the allocation of long duration, low risk bonds to lengthen the duration to narrow the gap.
Also we're actively deploying quality alternative asset investment, particularly rental generating assets with stable cash flow. On slide 18. The debt plans and debt type of wealth management product is accounting for 11.7% in total assets with an average nominal yield of 5.3%, with remaining maturity at 3.5 years. On slide 19, in 2021, due to the fluctuation in capital markets, interest rate downturn, and impairment provision, our insurance fund investment yield was somewhat lower to net investment yield at 4.6%, total investment return at 4.0%.
But over long term in the past 10 years, our average net investment yield and total investment yield was 5.3%. A comprehensive investment yield was 5.7%, which is higher than the EV long-term investment return assumption at 5%. On slide 20. In 2021, due to the impact of the China Fortune Land Development debt crisis, we have made provision based on the prudence principle and reevaluation.
Even though this is an accidental event, individual event, we have summarized the lessons learned, reviewed and optimized our risk management mechanism, tightened our concentration limits, reinforced our post-investment management to improve our risk management capability. On slide 21, sustainability. Ping An continues to be dedicated in building into our ESG national benchmark to play our positive impact, to drive the carbon peaking, carbon neutrality target, enhance our green finance initiative.
We are communicating with external community about ESG and being recognized. We are receiving BBB rating in MSCI ESG rating. We are in the leading position among domestic insurers. On slide 22, a brief recap of our honor and accolades. Our brand value continued to improve. We are ranking 16 in Fortune Global 500 and number 2 in terms of global financial service companies. That was all for the financial performance. Now we're going to allocate more time for questions from the media. Thank you.
Thank you, Jason Yao. We're now moving on to questions. Due to COVID-19, the press representatives were not able to come to the conference, so we have collected some of the questions from media. We'll have the operator to relay this question from the media and identify where and whom the question is coming from. The first question, please.
Thank you. We are now moving to the Q&A session. The first question is from the 21st Century Business Herald, Hou Jiangyi. The question is: How do you comment on the overall business performance in 2021? How is the progress of integrated finance plus healthcare strategy upgrade? And also, how do you comment the current share price? The management has repeatedly said the Ping An value was undervalued. What is the logic?
Thank you. The question from 21st Century Business Herald. Let me respond. First of all, related to how to review the 2021 performance. Now, I'm gonna use three keywords. First, stable growth. Given stable growth, as I've presented, in light of the 2021, which is challenging environment, our performance was seeing some stable growth. You can see in 2021, external environment was pretty difficult and volatile with repeated COVID cases, industry, as well as geopolitics deterioration and still deteriorating.
Our integrated financial, as well as the accelerated digitalization reform, they have been helping us to remain on the positive growth side. We can see 6.1% growth in terms of net profit attributable to the parent company, you know. We're helping our customers so that they can really save on time to be more comfortable and also cost saving.
Our retail customer is now 227 million in total, and we have 39.3% of customer holding more than one multiple contract. Secondly, the key for us is continuous return. The return is coming from the shareholder return. As you can see, we continue to improve our dividend ratio. Dividend payout that has been continually higher. You see the cash dividend was RMB 2.23A, which is 8.2% higher. We have a new round of share buyback. We return to the society as well.
Due to the COVID pandemic, we continue to drive the development in green financing and driving the agricultural development, providing poverty alleviation. Those funding is including affordability. We are driving systems to benefit the economy, real economy. The third key word is reform and innovation, is coming from a few aspects. First of all, on the life, we continue to deepen our reform and transformation on life.
We're driving this in different channels, different teams with four major channels. In terms of product, we are launching insurance plus, health management, premium elder care, and home-based elder care. In terms of life reform, we're gonna give you more detailed account by my colleague later. We are upgrading the ecosystem for Chinese version of HMO. You know, so we're exploring the HMO plus and with doctor plus O2O, so that we can form a closed loop from demand to supply to drive synergy.
Another reform is about technology. Enhancing our patents. Number of patents has increased by using fintech digital technology, and we are really in a leading position in terms of technological advancement. We also have seen a massive contribution from digitalization. Our capability is driving sales, improving efficiency, and that is something we have seen in terms of digital contribution.
That's the reason for our 2021 performance. We believe it's pretty stable, and it also provide us very good revenue and also the return to our shareholders. For sure, we encounter many challenges, but we leverage internal innovation to form the countermeasures to the challenges in the market, which also lay a solid foundation for our 2022 performance.
Regarding the second question, that is talking about integrated finance and the healthcare strategy, let me just elaborate on this point a little bit, but I think we may have more colleagues to comment on this point later. Talking about the share price. Especially for the past 1 year. Yes, indeed. For our management team. You know that we still would like to well manage the company.
Based upon our analysis of the fundamentals of the company, they can see the company's value. As far as that, we believe we set up to polish our performance and will be able to grow the value. For sure. There are some external factors impacting our stock price, and especially for the past few months. The external environment is full of uncertainty and changes, and even some blue-chip stocks in the market are under great pressure.
I think Ping An is not a so-called exception. 'Cause many of the blue-chip stocks as well as the white horse stocks are also under great pressure for the past few months. Especially for this year, right after the Russia-Ukraine war. You can see that there are more fluctuations in the market, and especially in the capital market.
Some of the commodities, like the gold, is being fluctuating a lot in the stock market. Still in China, the economic environment is pretty robust. The government also issued many policies in order to stabilize the market in the longer run. That's the reason we believe that the Chinese economic development is still gonna to be positive in the near future. We're still confident into it. For Ping An, we're still very confident over our stock price in the near future.
Another point I'd like to mention is that the stock price is also being pressured because of the so-called cycle of the life insurance. There are so many challenges in the life insurance business because of the development model and also because of the cycle reason and also the customer's demand is being fundamentally changed.
The so-called population dependence, agent dependence and are being impacted. That is also one of the so-called industrial factors. Internally, we are progressing our life insurance reform progress internally. We believe it really takes time for us to restore the business, and we hope the market can be patient on that. Another point I'd like to mention is that regarding the overall development of the company, we are still very confident, and we are still very positive over our future growth.
Especially we are confident over our integrated finance model. You can see in our operating profit and we still make 6.1% growth. Surely speaking, life insurance business was impacted last year, and its operating profit only grow by 3.5%, while for other businesses, including banking, wealth management, and the technology, those business line has witnessed very robust growth regarding the operating profit. That's also another great advantage of our integrated finance, which can help us to de-risk the challenges from a certain vertical, while at the same time, we have a very clear strategy.
We have an integrated finance across the healthcare ecosystem, because the integrated finance itself deals with so many potentials, and the healthcare is going to be a market full of promise in the near future. We believe that the life insurance reform and its results will be gradually released. It's already the third year for us to conduct the reform.
We further reform the channel, the product, and improve the team working efficiency. I believe the life insurance market is also a promising market. There used to be some consulting company who published the so-called industry forecast report for the life insurance industry for the next 2-3 decades, who still say this market is full of opportunity and a very promising one. All in all, you can see the stock price fluctuations being affected by multiple factors.
As our management team mentioned, we would like to still focus on our management to consolidate our business and our fundamentals. We have a clear strategy. We have a very robust management and a very good management team. All in all, you can say that we are in the right track of progressing our business. For sure, our stock price is probably at the bottom stage, but I think ultimately the market will recognize our value, and we are gonna to actually pass on our confidence to the market as follows.
We continue to improve the dividend ratio, and especially we'd like to provide good cash dividends to pay back to our shareholders. At the same time, we also did the repurchase of the stocks, because the share repurchase is also a way of showing our attitude of the values being underestimated. We would like to protect our value. Currently, around CNY 3.9 billion repurchase amount has already been done. Some of the senior managers are probably going to increase their holding of the stocks at the right time. I think, we're not here to comment on the stock price too much.
We still would like to refine our management capacity. Ultimately, the stock price is probably at the bottom level. What we need to do is to well manage our market value, do a payback to our shareholders with a decent dividend.
The second question, please.
The second question comes from Mr. John Welden. His question is that, in terms of the insurance business and the NBV of the life insurance and health insurance, how long it's going to be recovered and being elevated? And how can we improve the performance of the insurance agents? Thank you.
Thanks for the question. Let me try to answer the question. I have three sentences to respond to your question. First of all, let's be forward-looking. Let's have the long-term attitude. Secondly, we should also work on the strategy and execution. Why should we mention long-term attitude?
Because life insurance is a long-term business within Ping An Group. For life insurance, last year, its operating profit is CNY 100 billion, and its ROE is already 32%. It is not easy to identify such good business. For life insurance, we still would like to maintain the long-term operation attitude. Life insurance, as we mentioned, is still going to be very promising in the near future, as being said by many consulting companies.
We believe the average duration for the life insurance product is 40.2 years. Many people may just worry about the short-term performance, but we need to have the forward-looking attitude to the life insurance business. Regarding strategy for Ping An, we have four channels along with the three products that is quite a distinctive, quite special, and quite competitive in the market.
Talking about the four channels, besides the agent channel, the agent channel is probably the first channel for us to launch the high-quality agent channel practice. We have already undergone the reform for two years, and it's already the third year for us to continue the reform. We're going to further improve the quality of the agent channel. We also have another three channels to help us to grow the life insurance business.
Their contribution ratio is being elevated from 9% to 15%. Why should only Ping An have the so-called three channels? The second channel is the community channel. You can say that we're not assigning the 30 million policies to our agent. We have the so-called community grid network, and we'll be able to locate the agents in different communities.
For example, in Shenzhen, we have more than 100 communities. For each community, we have the professionals to serve the local customer, and those are the high-quality agents we have. We did a pilot project in three cities in China. We find out we can actually leverage this strategy to improve the agent's capacity to help them to improve the renewal rate. The renewal rate for the product is being increased by 15% to 20% after we empower those agents by leveraging the community channel.
The third channel we have is being called the banking channel, 'cause we have the private wealth management team from Ping An Bank will be able to further consolidate our channel business. Actually, only 50% of the insurance is being covered by the banking kind of channel. This is also another diversified channel that can help us to take care of the issue for the how to acquire new customer or how to retain the customer.
You can see these can all be well-delivered as through our banking channel. The fourth channel is still a channel in the exploration stage, and also a very unique one to Ping An Group only. For a very long time in tier one to tier two cities, Ping An Group is always maintaining its leadership. We are pretty weak probably in the tier four or tier five cities. We have 1.1 million outlets channel. By leveraging that 1.1 million bank outlets channel, we will be able to cover more populations in the lower tier cities.
You can see altogether we have four channels, and this is a very unique feature for Ping An. That's the reason we have four channels to help us to grow our life insurance business in the near future. The second driver is also our unique product. Besides the traditional life insurance product, and we also have the integrated finance product. We have stuck to this strategy and the product building for 15 years. It is still on the right track.
Around 20% of our agent income are coming from the integrated finance. This is also a very good competitiveness for Ping An. The third party is the healthcare plus, medical development. You can see for this time we also disclose, especially for the healthcare and the life insurance is in rigid demand for many middle-income populations here in China.
Ping An is probably the only one to have the healthcare ecosystem to leverage our advantage online and offline to provide the healthcare and elderly care service. All in all, for Ping An, we still have a very distinctive model and a channel and a strategy. Well, from execution stage, we also disclose here with many statistics regarding the reform updates regarding our four channels and the three products in life insurance. Altogether, you can see our agent reform.
The first batch has already helped us to improve MVP growth by positive 10%, while our other channel revenue contributions being increased from 9% to 15%. At the same time, you can also say that from the execution stage, Ping An always honor our commitment. We're going to continue with this strategy. From strategy, from execution stage, we hold the long-term attitude to further grow our life insurance business. Thank you.
Okay, next question please.
The third question comes from Itai Anju, please. The question goes like this: For the life insurance reform progress and the result, are you happy with it? If the full score is 100, and how are you going to score your performance? What are those challenges out of your expectation, and what are those new heads up for you? And the second question is that what about updates for Ping An's healthcare ecosystem, and what about the consolidation function? And you mentioned about the health plan here in China, and what's the plan and what would be your execution strategy? Thank you.
Well, regarding the first question for the life insurance reform, we are happy with the result. It is our expectation and still on the right track for further progress. Last year the reform already covered 30% of the offices, and we're also going to make sure that we continue with the life insurance reform. The second question is regarding your healthcare ecosystem, especially for the one we always mentioned. We would like to be a Chinese version of HMO.
There are two fundamental factors here. First of all, we would like to integrate the resources, while at the same time, we should also make sure that we have the right customer and the right supplier. We need to integrate the resources for beta medical and what kind of role can it play. First of all, as I mentioned, we are probably the largest healthcare insurance company in China.
We cover 100 million customers, and we have many pioneers in that have been harvested from the healthcare insurance. In this way, we're being able to provide the one-stop solution to the consumer, 'cause we do have a wide customer base. While at the same time, we should also consolidate our suppliers, including a dealer, as well as the Ping An Good Doctor to integrate the resources. Usually speaking, for example, we're gonna leverage Ping An Good Doctor.
We have 2,000 specialized doctors working for us for this platform, while at the same time, we also have some offline cooperation, especially while working with the Peking University Medical School. This school is probably the best one in China with more than 100-year history. By working with such a medical school, it will be easier for Ping An to work with the associated hospitals in different cities. For example, in Beijing, we have an integrated hospital with 1,800 beds, which is delivering service for six special departments.
The third party that, besides our online resources and the offline resources, we are also going to have the tool store and the tool farm and also online service. We would like to work with more than 100 service providers and altogether 40,000 doctors to provide the service.
Regarding the two hospital, we're actually working with more than 3,000 hospitals in China and also our international medical resources team to provide the service. For door-to-door service, we are working with our suppliers of providing multiple door-to-door medical services. You can say that by having online, offline, and also the three to-go services, we'll be able to well connect all the resources in this industry.
For Founder, let me cover the question on Founder. Right now, the restructuring, reorganization of Founder Group is ongoing. On January 30, we have received the CBIRC reply, giving us go ahead to invest in the Founder Group. We can hold up to 66.5% of stakes. Right now, the reorganization is ongoing as planned, and we will fulfill our disclosure obligation in a timely manner. There are several listed companies underneath Founder, so we will surely do duty, follow procedure to disclose any material information.
Thank you. The fourth question is based on the exchange requirement. We are collecting questions online from the small and medium investors. We will have the management respond to some of the small and medium investors. The first question is about the stock buyback. The announcement talked about RMB 5 billion-RMB 10 billion. Right now we have executed CNY 3.9 billion. Is the company trying to complete the repurchase, and will we deliver on the promise? Certainly, what management is doing to improve the dividend yield and enhancing the share price?
Okay, I'll take the question. When it comes to repurchase and dividend, this is really about shareholder return. I will summarize in my reply. Now, in 2021 annual results, we have seen a stable return because Ping An has always been dedicated to returning to the shareholders. When it comes to buyback and dividend. Dividends continue as a cash return. As you can see, the dividend payout policy has remained stable over the years, which links to OPAT. OPAT includes some of the short-term and certain volatile items. OPAT is more stable.
When it's linked to OPAT, we can expect stable dividends. Last year, we had 6.1%, and also 8.2% higher. 8.2% higher than previous year, speaking to our confidence. In the past few years, we have seen a growing dividend, more than 15% of the dividend payout. That would be kind of stable, so that shareholder can benefit from stable cash dividend payout. That is very important part of the market cap management. When it comes to buyback, the stock buyback is not a regular or conventional maneuver. It is happening when the stock price is significantly lower than the embedded value.
The management is buying back a share so that, you know, the share bought back can actually be benefiting of a long-term value. In that course, it's not going to be a continuously exercise. In the past few years, we have exercised a few buybacks. At this round, CNY 5 billion-CNY 10 billion was approved in August 2021 by the general assembly. This is for duration of a year. Right now, we have implemented CNY 3.9 billion. Before end of year, we still have some time.
The management is going to continue to drive this process based on the market condition. The size is CNY 5 billion-CNY 10 billion. We will deliver on the requirement that has been approved by the, you know, by the board, and to deliver on that commitment and promise. Thank you.
The fifth question comes from Hong Kong Economic Times journalist Wu Jianming. The question is: The change in the rule of C-ROSS II will lead to some sort of deterioration of the core solvency margin and comprehensive solvency margin of the subsidiaries of the group. Have you expected an actual impact by Jinguan?
Thank you. I will take your question. Well, for phase II, C-ROSS has taken years by the regulator to implement into a regulatory system. After C-ROSS II there has been the basis of a lot of the input seeking. The new rule will be implemented from January. Indeed, the new solvency rule will have some significant improvement or changes. Given the new C-ROSS rule, based on that measurement some of the metrics will be affected. Let me briefly go over.
Because this is complicated system, but I will briefly go over C-ROSS II and what is the expected impact and what are some of the changes. First of all, in terms of calculation, like given the new C-ROSS, there are some grading of assets, particularly for insurance. What used to be what we call the future surplus or future margin surplus, which was 100% in C-ROSS, but in phase II, the future surplus will be categorized.
So policy future surplus will be categorized into different buckets. There are going to be some limitations. So C-ROSS assets, C-ROSS capital, there's going to be some restriction or limitation to how much policy future surplus can account for C-ROSS capital. This is the first impact.
The second impact from the long-term equity investment is going to be applying subject to a more stringent evaluation. Like some of the blue chip on the non-listed companies, there are going to be more rigorous requirements and how that can be accounted for as core capital. Thirdly, the minimum insurance fund for auto and P&C, and also credit insurance, credit guarantee insurance, which has increased the minimum capital requirement, and also has been some look-through requirement and concentration requirement is also being revised.
Those will be some impact on the solvency margin. There are some area where they reduce the capital requirement. For example, some of that hedging, diversification, those will actually benefit your capital. Summarizing everything, the biggest impact is the core solvency margin. We used to be at more than 200% at core.
Now it is quite substantially reduced. We are still much higher than the regulatory requirement, which is at 50%. Even though if we are reduced to 100%, we're still twice as higher than the regulatory threshold. This is not just for Ping An Life, this is applicable to the entire sector, but to different varying degrees. Ping An, where we used to sell a lot of protective products, then we're gonna have more policy future surplus eligible to be accounted for core capital.
We have been ready for this to release and disclose based on the new rules. Regulator has given us a transitional policy. We have three-year transition. Some of the risk factor can be phased over three years. For example, like P&C and other similar insurance can be phased over three years. We expect the impact and the metrics. There will be some decrease of the metric, but when it comes to business development, it's not going to impact, you know, our, you know, business quality.
Next question, please.
The next question is from Shanghai Securities News, a journalist called Huang Lei. The question is: Other than China Fortune Land, what other risk exposure does company have in other investment, particularly in real estate? How much is the sum of exposure? And also, given the macro environment, will company change its strategy related to real estate investment, and why? The second question is in terms of the future asset allocation strategy, how do you strike a balance between beta and alpha strategy? Would you increase the contribution from strategy of in-trust investment alpha strategy?
Okay, I will take your question. I'm Benjamin Deng, the company CIO. Thank you for the question. Now, in what other exposure do we have? Well, in our real estate exposure is really manageable and controllable based on annual results. The core real estate exposure is 5.5%. This is within the reasonable range. And the long-term rental generating investment, those real estate is more than half of it. So we consider that the, you know, the real estate exposure is manageable with considerable reasonable outlook.
So we have a pretty good return from those real estate investment. Given the macro environment, will we change our real estate investment strategy? As I mentioned, our allocation is diversified. Our risk is also diversified. So we benefit from the diversification. We will continue to carry on our strategy principle, which is value-led, cross over, you know, the cycles and uphold the risk bottom line.
We will make investment into the real estate product market in line with the policy orientation. Particularly in the quality real estate and property project and commercial property project who are in line with the national policy direction. For example, some of the affordable renting, affordable housing projects. Those are really in line with the national policy direction, and we will be actively looking into opportunities in allocating to those assets.
That's what we are looking at. In terms of future asset allocation strategy, beta versus alpha. Please take a note that our allocation investment is very stable and prudent. It's a kind of a barbell, double barbell. The first barbell we have seen will have a lot of long duration interest rate bonds. That is narrowing the gap of duration in the past 10 years. We have been able to significantly reduce the gap to a bit over four years now. Across the country, across the world, that's really a leading position in terms of duration gap.
That was the first barbell. On one end, we have long duration interest rate bonds. That help us with a stable cash flow and stable and expected return. The other is the risk asset, including equity type of assets. In terms of risk asset, we have more barbell. First of all, high yield, stable value assets and also growth type of assets. Because of such balance allocation profile, so our beta on the risk asset is rather low. As you know, this year, because of its internal, external factor, the capital markets have been rather volatile and we've seen a massive throwback.
Our balance allocation strategy has been really doing a lot of benefit for us, you know. Also the CNY 4 trillion. How do we derive our value from CNY 4 trillion? Because it's a mega portfolio. However, we are co-principals. We continue to go after some value investment opportunities. For example, in the past, for our alpha investment, actually, by having been selected for the investment target projects, we'll be able to generate a much better investment returns with a very good alpha being achieved.
In the near future, we are still going to be selecting the right people and the right project to invest in to generate a decent alpha to our performance. You can see that a majority of the investments are coming from the returns of our strategic assets. Later, we should also have a very good tactics and be handpicked and selected in the professionals and the target projects to make sure we have a good alpha being generated. Thank you.
Thank you. Let's welcome the seventh question. The seventh question comes from Financial Times, the journalist Michelle Yang. His question is that, note that, for Ping An's launch of the home-based elderly care system, and would you mind to introduce your highest positions in Ping An, and what are those challenges? Especially as you are in face of the aging population, what will be the next step to go for Ping An? Thank you.
Thank you. Actually, home-based elderly care is actually something we feel quite excited about. Actually, for the aging population, around 90% of elderlies, they would like to be served at home. There are so many pain points. They don't want to go to some proper areas to live in the elderly care home. How can we make sure that we have the home-based elderly care service being provided? It includes three parts. First of all, the elderly may feel comfortable and their family relatives feel assured.
Thirdly, we should also provide a comprehensive service. First of all, what should we do? We have provided a so-called ten dimensional support. Altogether, we have 650 door-to-door services being provided. Elderlies, when they stay at home, they will still be able to enjoy the high quality yet cost-effective door-to-door service. How to make sure the elderly's family relatives are also being assured.
They have an environment monitoring system and a health monitoring system, and the service monitoring system altogether. By having the three monitoring systems being available, they will be able to keep an eye on their parents' safety and health at home. The third point is that we also have the managers who want to purchase our product, and we'll be able to provide the corresponding service and product.
We're at the same time going to have dedicated doctors and managers to provide 24/7 around-the-clock service. As you remember last year, in both cities, Shenzhen and Nanjing, we initiated the first pilot project. Many of our clients are quite impressed. Majority of our clients are around age 40 to 50 years old, and they ask their parents to try our service, try our products. When we were asking the managers to go there for the evaluation, and some of the customers, they feel quite impressed because our doctors can help to identify some critical illness for the, for their parents.
We receive a very positive response from the first batch pilot project. For eight months, we just conducted our second phase of the pilot project in more than 20 cities. Gradually speaking, we're gonna be penetrating to more cities because we believe this is quite competitive for us. It's not easy to be done for such a service. We have to integrate thousands of the supplier and with 650 service items being available. On one side, we have a Ping An Good Doctor who have the online doctors being served.
We also have a very strong technological base to make sure that we leverage technology to integrate and standardize the behavior from our supplier. In the near future, for each city, we're going to well build our service system so that we can cover more cities in the near future. Thank you.
Next question, please.
Next question comes from the China Securities Journal, Mr. Xu Jingdao, he was asking for People's Bank of China, they have already announced the first license of the finance companies. You are the pioneer in the integrated financial market and how you're going to make sure you have a good synergy for such a business.
Thank you very much. First of all, for specific finance control and the Beijing finance control, I know they will be licensed. Actually, for Ping An Finance, we're actually a part of the Ping An Group's umbrella. We promote integrated finance for the past 20 years. You also clearly notice that in each of our annual reports, we will specifically disclose information, the performance of integrated finance, especially regarding the retail business side. Again, personal integrated finance. It's not only being promoted from the retail end, but also on the enterprises end.
We also work very hard to promote integrated finance development. Regarding retail business, we focus on one customer, one account, multiple products with one-stop solution. I can say that as we are promoting the retail business growth, we have four indicators or four criteria which can help us to further improve our service. For example, the number of contracts per customer, profit per customer and account per customer.
For the past seven years, we disclosed those status information and you know the data was growing on yearly basis. On one side, it shows we make progress on yearly basis. It also means that on the retail side, we still have a huge room to explore and there's still a big addressable market for us to go. How can we make sure that we can further deep dive into the market for the retail finance?
By having the approval from our customer in the compliant approach, we should also make sure we have a more targeted, yet refined management of our customer to truly understand and the insight of the customer to identify their needs, and then to providing the service and the product correspondingly. In other words, it was not easy to be understood, but let me explain it in this way. If someone who's going out and who probably going to know that they would like to purchase a vehicle, house or insurance product just come to Ping An. If you need a healthcare service, you come to Ping An.
Once we provided a comprehensive service to the customer, our integrated finance is still going to embrace a huge addressable market. Well, for the enterprises side, you can say that for majority of the enterprises, they have diversified needs. That is also the reason you can say we need to leverage the advantage of integrated finance, leverage commercial bank, plus investment bank, plus investments to provide a full basket of the products and the support to the enterprises.
As we discussed before, for example, our integrated finance, the financing size was going up by 20% on yearly basis. Also in the bank channel, you can say the agency service for the insurance products also going up by 20% on yearly basis. You can say that integrated finance is one advantage of Ping An. In Ping An Group strategy, integrated finance is still a very important part of the ecosystem. It still play the dominant role there.
Well, for us, we're gonna to further improve our performance on integrated finance to make the customers feel happy and feel satisfied, and to make sure that the customer and their need would be catered, while at the same time our professional development could be further improved. That's all for my response to the question. Thank you.
Okay. Due to the time reason, let's accommodate the final question.
The final question comes from Southern Daily, Tan Mingwei. The question goes like this: How Ping An can actually improve your support to the real economic development? And how can you actually also serve emphasize your strategy for social responsibility and also the rural revitalization strategy?
Let me respond to the question. For Ping An Group, for a very long period of time, we always believe enterprises are there to serve the real economy, and it's become a very important part of our business development strategy. For the past one year, we altogether served around CNY 5.2 trillion in serving the real economy.
You can say that for majority of the investment, while making sure. For example, Baihetan, the hydro plant. For Baihetan hydro plant, we have CNY 8 billion bank loans and also CNY 220 billion securities from Ping An Securities. We also have the construction project insurance being purchased from Ping An. At the same time, we also have other Ping An funds in supporting the infrastructure construction in Guangdong Province.
Altogether, they are also the major project in supporting the major infrastructures and the projects being conducted in China. While at the same time, we also serve the SMEs for their financing needs. Example for Ping An Bank last year, they have around CNY 400 billion being used for the SME financing. While Ping An Inclusive Finance is also be there to serve that needs, to take care of their funding needs. Altogether, they have CNY 600 billion to serve these needs.
This is the second part. The third part is regarding the digital empowerment. We leverage technological tools in order to further improve our capacity in serving the real economy. For example, Ping An Insurance actually developed an integrated information system to serve the local government, to make sure the local government can actually have a better risk forecast and risk alert for the agriculture business.
You probably noticed that, Ping An Bank launched two satellites in order to help provide the agriculture IoT support. In this way, Ping An Bank will be able to serve SMEs in a more efficient approach, especially providing them a more efficient financing support. That's how Ping An supports the real economy. Well, from another perspective, regarding the rural revitalization last year, actually we have a consolidated performance on the rural revitalization, especially last year, we made around altogether CNY 48.15 billion into the rural revitalization in total for from.
Also we have the healthcare business that can provide 69 sessions of the physical checkup service to the rural residents, and especially some of the customers in Sichuan Province, in some mountainous area, they never went through any physical checkups before. We leverage our healthcare service, providing the healthcare service for some of the people even in the remote area and the mountainous area. At the same time, Ping An also provide our support in education.
Last year, we were working with the Chinese Academy of Sciences and working with some professionals in order to help us cover some 60 million of the knowledge-giving to make sure that children living in the rural area, in the remote area, can also enjoy the high-quality educational resources online. You can see that's the practice we have on rural revitalization. Well, you can also notice that the last year we made a lot of progress in green finance, including the green finance.
Actually the financing side is already more than CNY 200 billion. We also have the environmentally sustainable policy products being issued. That's all for last year. Well, regarding what we're going to do in 2022, we're still going to serve the real economy and also promote the green finance development to make sure more bank service, healthcare service, and the insurance service could also be provided to the rural area. You can see those are actually be done with the great leadership from Chairman Ma. That's all. Thank you.
Okay. As time is pretty limited, next we'll take questions. Well, for today, we also have our independent director, Mr. Wu Gangping will be here for this release. If you have any further questions, please contact our PR team. Thank you very much. We're coming to the end of the meeting. Thank you.