China’s Ping An Insurance Posts 36.1% Rise in 9-Month Profit
The insurance company posted 119.18 billion yuan ($17 billion) in net profit, the Chinese insurance giant said in a filing released on Monday.
“China’s economy recovered steadily in the third quarter of 2024 in the face of short-term challenges including economic restructuring, lackluster growth momentum, and mounting external uncertainty,” Ping An said in the filing.
The group’s number of retail customers rose 3.8% to 240.47 million at the end of September from the end of December, the filing showed.
Ping An’s insurance funds investment portfolio reached an annualized comprehensive investment yield of 5% in the first nine months this year, up 1.3 percentage points from the same period a year ago.
New business value of life and health insurance business, which measures the profitability of new policies sold, grew 34.1% year-on-year to 35.16 billion yuan.
Its banking unit, Ping An Bank, last week reported its third-quarter net profits fell 2.8% year-on-year.
($1 = 7.1116 Chinese yuan renminbi)
(Reporting by Ziyi Tang and Engen Tham; editing by Jan Harvey and Emelia Sithole-Matarise)
Photograph: The logo for Ping An Insurance Group is seen on a building in Beijing, China, on Tuesday, Nov. 23, 2021. (AP Photo/Ng Han Guan)
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