The group’s number of new customers rises 9.8% from a year earlier to 32.07 million
[BEIJING/SHANGHAI] Ping An Insurance (Group) of China reported a 47.8 per cent rise in its net profit last year, driven by growth in its life and health insurance business, the Chinese insurance giant said in a filing released on Wednesday (Mar 19).
The group posted a net profit of 126.607 billion yuan (S$23.3 billion) in 2024, compared with 85.665 billion yuan a year earlier.
The new business value of life and health insurance business, which measures the profitability of new policies sold, grew by 28.8 per cent to 28.53 billion yuan thanks to a recovery in market demand and reforms to improve the quality of insurance agents, the filing said.
Ping An’s insurance funds’ investment portfolio achieved a comprehensive investment yield of 5.8 per cent in 2024, up 2.2 percentage points year on year.
“Uncertainties in the external environment will still persist,” Ma Mingzhe, chairman of Ping An, said in the filing.
The group’s number of new customers rose 9.8 per cent from a year earlier to 32.07 million last year, the filing showed.
Its banking unit, Ping An Bank, last week reported its net profit fell 4.2 per cent year on year last year. REUTERS
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