Ping An posts $16.3b operating profit in 2023

Life & Health experienced steady business growth.

Ping An Insurance saw its 2023 operating profit attributable to shareholders reaching RMB118b ($16.3b) and net profit attributable to shareholders totalling RMB85.7b ($11.9b). This was attributable to the company’s  core financial businesses, enhancing insurance protection, and embracing a strategy of "focusing on core businesses, boosting incomes and cutting costs, optimising portfolios, and improving quality and efficiency."

Key highlights include steady performance across core businesses and increased cash dividends for 12 consecutive years.

Life & Health experienced steady business growth, bolstering its channel strengths and achieving notable progress in high-quality development. 

Notably, Life & Health NBV surged by 36.2% like-for-like, driven by a 40.3% increase in agent channel NBV, attributed to an 89.5% rise in NBV per agent. Additionally, the newly reformed bancassurance channel saw a remarkable 77.7% increase in NBV. 

The NBV of Life & Health, estimated at RMB31.1b ($4.3b), underscores its robust performance. Furthermore, the 13-month persistency ratio increased by 2.5 percentage points year-on-year.

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Meanwhile, Ping An P&C maintained sound business quality, achieving steady revenue growth. With a 6.5% year-on-year increase, Ping An P&C's insurance revenue reached RMB313.5b ($43.4b) in 2023.  The overall combined ratio, excluding guarantee insurance, stood at 98.4%, while the auto insurance combined ratio of 97.7% outperformed the market average. 

Excluding the impacts of natural disasters, the combined ratio was even better at 96.6%, highlighting Ping An P&C's resilience and effectiveness in managing risks.

Looking ahead to 2024, Ping An aims to strengthen its core businesses, enhance financial service capabilities, and continue pursuing high-quality development. By advancing its technology-driven strategies and diversifying into TechFin, green finance, inclusive finance, pension finance, and digital finance, Ping An seeks to create sustainable long-term value for all stakeholders and contribute to China's journey toward becoming a financial powerhouse.