Life & Health Business Drives Strong Growth
Ping An Insurance has announced a significant 47.8% increase in its net profit for the fiscal year 2024, reaching $17.72 billion (RMB126.6 billion). This surge is attributed to strong performances across its core financial and health business segments.
The company’s operating profit attributable to shareholders also saw an increase of 9.1% year-on-year (YoY), amounting to $17.07 billion (RMB121.9 billion). Additionally, Ping An’s revenue grew by 10.6% YoY, reaching $159.6 billion (RMB1.14 trillion).
In recognition of its robust performance, Ping An declared a final dividend of $0.23 (RMB1.62) per share, bringing the total full-year dividend to $0.36 (RMB2.55) per share. This marks a 5% YoY increase from the previous year.
Life & Health Segment Shows Impressive Growth
The company’s Life & Health division reported a 28.8% increase in new business value (NBV), which rose to $3.99 billion (RMB28.5 billion). This was largely driven by improved persistency ratios and enhanced multi-channel sales capabilities.
The agent channel’s NBV saw a notable 26.5% increase YoY, with the NBV per agent climbing 43.3% YoY. Meanwhile, the bancassurance channel experienced a strong 62.7% surge in NBV, reflecting the company’s focus on value-driven operations.
Property & Casualty Business Posts Stable Growth
Ping An’s Property & Casualty (P&C) business also demonstrated steady growth, with insurance revenue increasing by 4.7% YoY to $45.93 billion (RMB328.1 billion). Net profit for the P&C division rose 67.7% YoY, totaling $2.1 billion (RMB15.0 billion).
The division’s combined operating ratio (COR) improved by 2.3 percentage points to 98.3%, with the auto insurance segment maintaining a COR of 98.1%.
Technological Advancements Drive Efficiency
The company continued to focus on technological advancements to enhance operational efficiency. The Digital Risk System 3.0, a key innovation, issued 10.55 billion disaster alerts to 67.34 million customers.
Currency Exchange
For reference, the exchange rate is $1.00 = RMB7.23.
Related topics
