Ping An's net profits soars 36.1% YoY to RMB119.18b

Its segments collectively contributed RMB119.65b in operating profit.

Ping An Insurance's net profit attributable to shareholders surged by 36.1% year-on-year to RMB119.18b (approximately $16.74b) in the first nine months of 2024. 

The company reported an 8.7% increase in revenue, reaching RMB861b ($120.9b).

The group’s life and health insurance, property and casualty insurance, and banking segments collectively contributed RMB119.65b ($16.8b) in operating profit attributable to shareholders, reflecting a 5.7% year-on-year increase.

Ping An’s life and health insurance segment saw significant growth, with new business value rising 34.1% year-on-year to RMB35.16b ($4.93b), driven by upgrades to its solutions. The property and casualty segment remained stable, recording a 39.7% year-on-year rise in operating profit to RMB13.9b ($13.95b).

(US$1= RMB7.12; as of 22 October 2024, 5:01 PM)