Ping An reports robust Q1 2024 results
Ping An reports robust Q1 2024 results | Insurance Business Asia
Insurance News
Ping An reports robust Q1 2024 results
Significant growth found in two segments
Insurance News
By
Roxanne Libatique
Ping An Insurance (Group) Company of China, Ltd has unveiled first-quarter results for 2024, with an operating profit attributable to shareholders of the parent company amounting to RMB 38,709 million.
This period saw a significant 20.7% increase in the new business value (NBV) for its life and health segment compared to the previous year.
As China’s economy shows signs of recovery and the capital markets gain momentum, Ping An has addressed challenges like subdued demand and cautious economic projections by concentrating on its primary financial operations and enhancing its insurance offerings to support the national economy.
Financial performance of Ping An’s life and health segment
The life and health segment exhibited robust growth, with its NBV reaching RMB 12,890 million, marking a 20.7% increase from the same period last year. Additionally, the company expanded its retail customer base by 1.0% since the start of the year, reaching nearly 234 million, with an average of 2.94 contracts per customer as of March.
Ping An Life has continued to deploy its “4 channels + 3 products” approach, focusing on wealth management, pensions, and protection insurance to diversify and meet the evolving needs of its clients. This strategic focus resulted in a 56.4% increase in NBV per agent.
The health and senior care ecosystems have become increasingly integral to the company’s strategy, contributing about 70% of the life and health segment’s NBV during the quarter.
Financial performance of Ping An’s property and casualty segment
Ping An reported steady growth in both its P&C insurance and banking sectors.
Ping An P&C saw its revenues increase by 5.7% year over year to RMB 80,627 million, despite early-year disruptions from severe weather.
The company’s investment operations related to its insurance funds achieved an annualised comprehensive investment yield of 3.1% and expanded its portfolio by 4.4% to over RMB 4.93 trillion.
As China’s economic environment continues to stabilise, Ping An plans to maintain its focus on its core financial services and enhance its technological integration within its operations. The company aims to strengthen its business resilience and improve operational efficiency to support ongoing recovery and contribute positively to China’s development as a financial powerhouse.
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