Ping An Insurance records 4.9% FY2020 profit jump to $21.5b

New business value crashed 34.7%.

Ping An Insurance has posted a 4.9% increase in FY2020 operating profit to $21.5b (CNY139.5b) from $20.5b (CNY133b) a year ago, according to a statement.

Its retail operating profit, which comprised 88% of total profits, inched up 0.1% to 18.99b (CNY 122.8b). Corporate and other operating profit jumped 62% to $2.55b (CNY16.5b).

The embedded value of its life and health insurance unit increased 8.9% to $127b (CNY825b), but new business value crashed 34.7% to $7.65b (CNY49.58b).

Per segment, life and health grew 5.2% YoY to $14.3b (CNY92.7b) whilst property & casualty slumped 22.9% to $2.5b (CNY16.08b). Ping An’s banking business grew 2.6% to $2.59b (CNY 16.77b), its asset management unit rose 22.6% to $885.7m (CNY5.7b), and its technology business jumped 90.8% YoY to $1.03b (CNY6.7b).

Dividends per share grew 7.3% to $0.34 (CNY2.2).

Also Read

Philippine life insurance sector slated for 5.4% CAGR by 2028

Property insurance industry to exceed $152b by 2028

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit