Ping An’s 9M23 profits register $12b

Retail customers reached almost 230 million, with a contract ratio of 2.99.

Ping An Insurance registered an operating profit of $15.4b (RMB112.5b)  and a net profit of $12.0b (RMB87.6b) in the first nine months of 2023.

Its annualised operating ROE stood at 6.7%.

Retail customers reached nearly 230 million, with a contract ratio of 2.99. Life & Health new business value (NBV) surged by 40.9% year-on-year.

During this period, China's economy rebounded, household consumption improved, but global markets remained volatile. Ping An concentrated on its core financial services, reinforced insurance protection for the real economy, and continued its "integrated finance + healthcare" approach, emphasising customer needs, digital capabilities, and high-quality development, the China-headquartered insurer indicated.

Ping An Life saw a 94.4% rise in productivity, while innovative channels contributed to 15.8% of NBV. The company also improved its insurance products by leveraging its healthcare ecosystem.

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Ping An's integrated finance strategy boosted retail customer development, resulting in 1.5% customer growth and contracts per customer at 2.99. 

Ping An P&C maintained stable growth, and Ping An Bank's net profit increased by 8.1%. The company's asset management business faced challenges due to market volatility.

Ping An's healthcare ecosystem played a significant role, with almost 64% of retail customers using healthcare services. 

The company expanded its corporate and retail customer base and integrated premium healthcare resources, such as PKU Healthcare Group.

The insurer also said that AI played a significant role in customer service and risk management which boosted its core financial businesses.

($1.00 = RMB7.32)