Ping An has announced a rise in operating profit for Q1 2024 to RMB38,709 million (USD 5.34bn) on the back of a solid performance and growth in both its Property & Casualty (P&C) and Life & Health (L&H) insurance businesses.
The Chinese insurers’ P&C segment sustained steady growth and maintained high business quality, with insurance revenue increasing by 5.7% compared to Q1’23, totalling RMB80,627 million (USD 11.12 billion).
For Q1, the company reported an overall P&C combined ratio of 99.6%, and 98.4% excluding guarantee insurance, consistent with the results from the end of 2023, but marking a 0.9 percentage point increase compared to the previous year.
The uptick in the combined ratio was primarily due to snowstorms early in the Chinese New Year period and increased customer travel, which negatively impacted the combined ratio by 2.0 percentage points in the first three months of 2024.
Ping An also experienced steady growth in its Life sector, driven by advancements in sales channels, enhanced business quality, and the introduction of diverse products and services.
The new business value in Ping An’s Life & Health (L&H) division rose by 20.7% compared to Q1’23, reaching RMB12,890 million (USD 1.78 billion).
Additionally, L&H saw a 1.2% increase of realised premium income year-on-year, totalling RMB185,346 million (USD 25.57bn).
