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Covid sees Ping An’s 9M profit sink 20%

29th October 2020 - Author: Charlie Wood

Chinese insurer Ping An saw its net profit in the first nine months of 2020 decrease by 20.5% year on year to $15.3 billion.

Ping An insurance logoThe company noted that, while traditional offline operations slowly recovered following a more intense period of covid disruption, it remained difficult to hold large-scale offline campaigns.

Offline customer meetings have yet to return to pre-epidemic levels.

Ping An Property & Casualty maintained steady development despite the pandemic, with premium income growing by 11.5% year on year to $32.6 billion.

Meanwhile, operating profit rose by 4.5% year on year to $16.1 billion, resulting in a 20.9% annualised operating Return On Equity.

In the first nine months of 2020, the new financing volume achieved through corporate business cross-selling climbed by 149.8% year on year, and the written premium of the corporate channel achieved through cross-selling grew by 113.4% year on year.

“Consumer demand for insurance and other financial services have recovered in the short run, but demand was still weaker compared to before the COVID-19 epidemic,” explained Ping An in a statement.

“Meanwhile, credit risk is rising and the asset management business remains under pressure in terms of quality.

“However, in the long run, profound changes in the domestic and foreign environment will also bring new opportunities, and further economic growth will be driven by rising potential domestic demand.

“By accelerating technological empowerment, the Company will seize new opportunities in industries, including financial services and health care to create greater value for shareholders, customers, and society.”

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