Ping An’s profit dips in Q1’24

Earnings per share were down 4.6% for the quarter.

Ping An Insurance’s first-quarter net earnings dipped 4.3% year-on-year (YoY) to RMB36.71b, driven by its focus on strengthening its insurance protection services to support the real economy.

Despite ongoing economic challenges such as weak demand and uncertain growth expectations, China's economy showed signs of recovery in the first quarter of 2024, bolstered by improvements in capital markets.

Meanwhile, the insurer’s basic earnings per share stood at RMB2.07, down 4.6% YoY.

The group's operating profit attributable to shareholders reached RMB38.71b, down 3.0% YoY. Its three core businesses—Life & Health, property and casualty insurance, and banking—generated RMB39.82b in operating profit attributable to shareholders, marking a slight YoY increase of 0.3%. 

Notably, Life & Health witnessed robust growth, with new business value (NBV) reaching RMB13.0b, a 20.7% YoY increase.

Ping An said it continued to enhance its integrated finance model, expanding its retail customer base to nearly 234 million by 31 March 31.

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Additionally, the company's health and senior care ecosystem played a significant role, contributing approximately 70% of Ping An Life's NBV in the first quarter of 2024.

Ping An Life's strategic focus on channels and products yielded a 56.4% YoY increase in NBV per agent. The company's product offerings, including wealth management, pension insurance, and protection insurance, met diverse customer needs. 

Furthermore, Ping An expanded its health and senior care services, serving over 10 million customers in the first quarter of 2024.

In its property and casualty insurance business, Ping An P&C recorded a 5.7% YoY increase in insurance revenue, despite challenges such as snowstorms during the Chinese New Year impacting its combined ratio (COR).