Ping An P&C maintains stable margins in new-energy policies

Ping An P&C’s capital and surplus rose 9.0% year-on-year.

Ping An Property & Casualty Insurance Company of China, Ltd (Ping An P&C) (China) will maintain a stable outlook, AM Best said.

The rating agency said Ping An P&C is well-positioned at its current rating level, supported by very strong balance sheet strength, strong operating performance, a favourable business profile, and appropriate enterprise risk management. 

Whilst the company has expanded its non-motor business and written more policies for new-energy vehicles, it continues to maintain stable underwriting margins due to its operating model and pricing techniques.

Ping An P&C’s capital and surplus rose 9.0% year-on-year to $18.7b by the end of 2024. 

The company’s capital position remains underpinned by risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio. 

Its investment portfolio continues to be dominated by fixed-income assets, and its financial flexibility is reinforced by a proven ability to issue capital supplementary bonds in the domestic debt market.