Government News
China's Ping An Insurance posts profit growth in first three quarters for first time in five years 2024-10-22
Ping An Insurance reported its first net profit increase in the first nine months of the year since 2019, thanks to the Chinese insurance giant's investment income growth brought by the stock market's recovery last quarter.
Net profit jumped 36 percent to CNY119.2 billion (USD16.7 billion) in the nine months ended Sept. 30, the Shanghai-based firm said in an earnings report released on Monday. Revenue rose 8.7 percent to CNY861.8 billion, it added.
Ping An's three core businesses -- Life & Health insurance, Ping An Property & Casualty insurance, and Ping An Bank -- saw their combined profit climb 5.7 percent to CNY119.7 million (USD168 million).
The new business value of Life & Health jumped 34 percent to CNY35.2 billion (USD4.9 billion) in the first three quarters from a year ago, with the agent channel NBV up 32 percent and the NBV per agent surging 55 percent. The number of life insurance sales agents reached around 362,000 as of the end of last month.
Ping An P&C's revenue rose 4.5 percent to CNY246 million and operating profit surged 40 percent to CNY14 million (USD2 million), the parent firm noted. Ping An Bank's net profit climbed 0.2 percent to CNY39.7 billion.
The health and senior care ecosystem is becoming an increasingly important enabler for Ping An Life's core businesses, according to the parent company. More than 19.5 million customers of the subsidiary used services from the health and senior care ecosystem in the first three quarters of this year.
About 76 percent of Ping An Life's newly enrolled customers used health management services in the first nine months. Those entitled to health and senior care services contributed over 70 percent of the firm's NBV, with around 39 percent from senior care services and the rest from health care services.
Ping An received Lufax Holding's previous special dividend in July, with its stake in the financial services platform rising to 56.8 percent from 41.4 percent, meaning that Lufax's earnings were integrated into its consolidated financial statements. Excluding this impact, the insurer's operating profit rose 5.5 percent in the first three quarters from a year ago.
Source: Yicai Global
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