Chinese insurer Ping An has reported its results for the first nine months of 2024, showing a solid 4.5% year-on-year growth in property & casualty (P&C) insurance revenue, reaching RMB246,022 million.
At the same time, its P&C operating profit increased 39.7% year-on-year to RMB13,987 million.
The company also improved its overall P&C combined ratio (COR) by 1.5 pps year-on-year, bringing it down to 97.8%, thanks to better business management and risk screening.
Ping An’s Life & Health business also maintained positive growth, with new business value (NBV) rising 34.1% year on year to RMB35,160 million. also maintained strong growth, with new business value (NBV) rising 34.1% year-on-year to RMB35,160 million. Notably, over 69.6% of Ping An Life’s NBV in the first nine months of 2024 came from customers entitled to health and senior care services.
In its banking unit, Ping An’s net profit grew 0.2% year-on-year to RMB39,729 million.
Additionally, the company delivered strong results in insurance funds investment, with its portfolio growing by 12.7% since the start of the year, reaching over RMB5.32 trillion as of September 30, 2024.
