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Strong P&C result helps to lift Ping An profits in Q3

24th October 2019 - Author: Matt Sheehan

Ping An Insurance (Group) of Company of China, Ltd. has continued to see strong growth in the third quarter of 2019, with net profit up 63.2% to RMB 129,567 million (USD 18.3 billion).

Ping An insurance logoThe result was helped by the strong performance of Ping An’s property and casualty (P&C) segment, which achieved a 75.5% increase in operating profit.

Ping An’s overall operating profit totalled RMB 104,061 million (USD 14.7 billion) at Q3, up 21.5% when compared with the previous year.

The company’s results are roughly in line with the figures reported in the first half of 2019, when net profit was up by 63.3% year-on-year and operating profit by 24%.

P&C operations contributed RMB 14,254 million (USD 2.0 billion) to Ping An’s operating profit over the first nine months of the year, with premium income up 8.7% to RMB 196,875 million (USD 27.8 billion).

Operating profits for life and health business, meanwhile, increased 30.5% year-on-year, reaching RMB 69,104 million (USD 9.8 billion).

Ping An’s annualised net investment yield for the investment portfolio of insurance funds was 4.9% for the period, due to an increase in income in recovering capital market. The Group’s total investment yield was 6.0%.

As of September 30, 2019, Ping An has over 200 million retail customers, up 9.5% from the beginning of the year, and 594 million internet users, up 10.4%.

During the first nine months of the year, the company acquired 29.72 million new customers, of whom 11.58 million or 39.0% were sourced from internet users within its five ecosystems.

Peter Ma, Chairman and CEO of Ping An, commented on the results: ” Remaining true to our original aspiration and mission, we will continue to seek innovations, promote business growth, create value for customers and shareholders, and contribute to the country and society. By doing so, Ping An will strive to become a world-leading technology-powered retail financial services group.”

“Ping An closely follows national policies,” he continued. “Under the ‘finance + technology’ and ‘finance + ecosystem’ strategies, Ping An will proactively develop its five ecosystems, increase R&D investment, promote data-driven smart management, and offer excellent products and services to customers. Meanwhile, Ping An leverages its corporate resources and vigorously supports poverty alleviation.”

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