Ping An Insurance books $5.55b Q1 net profit

Net income grew nearly half on a year-on-year basis.

Ping An Insurance recorded a 48.9% annual increment in the first quarter of the year.

This was also equivalent to RMB38.4b ($5.55b). Considering operations, profit rose to RMB41.1b ($5.94B) with an 18.8% annualized operating ROE.

“Ping An adhered to its core financial businesses and strived to serve the real economy. Ping An continued to implement its business policy of “focusing on core businesses, increasing cost-effectiveness, optimizing portfolios, and improving policies and procedures,” the insurer said in a filing.

For its New Business Value (NBV), Ping An Life’s health and insurance business went up by 8.8% in the first quarter. Likewise, NVB of its agent channel turned into the positive side and its bancassurance skyrocketed.

Its property arm, Ping An Property and Casualty (Ping An P&C) also expanded 7.1% or RMB76.3b ($11b).

For the banking business, first-quarter net profit recorded a 13.6% growth to RMB14.60b. Whilst, its non-performing loan (NPL) ratio stayed the same since the start of the year at 1.1%. The provision coverage ratio stood at 290.4% as of end of March 2023.

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The group also said its retail customer base grew 0.9% to 229 million in the first three months of the year.

“Contracts per customer grew 0.3% year to date to 2.98. As the Group’s retail cross-selling continued to deepen, nearly 40% of retail customers held multiple contracts with different subsidiaries. Among the Group’s 354 million yearly active users, the number of retail customers who were also online users approached 211 million.” Ping An added.

(RMB1.0 = $0.14)