Ping An Insurance Company of China has announced its Q1 financial results, showing an increase in net profit by 4.5% year-on-year.
Net profit came to RMB 27.233 billion (USD 4.2 billion) for the three-month period, while operating profit increased by 8.9% year on year to RMB 39.120 billion (USD 1.8 million).
In the first three months of 2021, Ping An Property & Casualty’s operating profit grew by 15.2% year on year to RMB 5.119 billion (USD 788 million).
The overall combined ratio improved by 1.3 pps year on year to 95.2%.
As auto insurance premium rates declined due to the comprehensive reform of auto insurance, the premium income of Ping An Property & Casualty decreased by 8.8% year on year to RMB 66.175 billion (USD 10 billion).
Operating profit attributable to shareholders of the parent company grew by 8.9% year on year to RMB 39.120 billion (USD 6.02 billion).
Ma Mingzhe, Chairman of Ping An, commented: “The year 2021 marks the 100th anniversary of the Communist Party of China and the beginning of China’s 14th Five-Year Plan.
“It is also a particularly important year in China’s modernisation drive, having successfully emerged as a moderately prosperous society, across a spectrum of measures.
“The company will uphold the compliance philosophy of ‘Regulations + 1’ and further improve operations in compliance with applicable laws and regulations.
“Moreover, the Company will pursue steady progress by continuously advancing the Group ‘finance + technology’ and ‘finance + ecosystem’ transformation strategies, as its contribution to assist the further modernisation of China.”