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Ping An sees net profit fall 20% in first 9 months of 2021

27th October 2021 - Author: Charlie Wood

Ping An saw net profit attributable to shareholders decreased 20.8% year on year to $12.7 billion.

Ping An insurance logoOperating profit attributable to shareholders rise 9.2% year on year to $18.5 billion, equivalent to a 20.3% annualised operating ROE in the first nine months of 2021.

The Group’s assets exceeded $1.5 trillion,approaching $1.8 trillion.

Life & Health’s operating profit decreased 2.3% year on year to $11.5 billion.

Ping An P&C maintained good business quality as its combined ratio improved by 1.8 pps year on year to 97.3%, and operating profit grew 20.2% year on year to $2 billion in the first nine months of 2021.

The company’s investment portfolio of insurance funds grew about 3% year to date to nearly $610 billion as of September 30, 2021.

The investment portfolio of insurance funds achieved an annualized net investment yield of 4.2% and an annualized total investment yield of 3.7% in the first nine months of 2021.

Ping An Bank maintained stable business growth and continued to improve its asset quality.

Revenue grew 9.1% year on year to $19 billion and net profit rose 30.1% year on year to $4.5 billion in the first nine months of 2021.

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