Ping An Insurance reports 47.8% rise in 2024 net profit

Life & Health new business value (NBV) increased 28.8% YoY.

Ping An Insurance fiscal year 2024 net profit surged 47.8% year-on-year (YoY) to $17.72b (RMB126.6b), driven by strong performance across its core financial and health businesses.

Operating profit attributable to shareholders rose 9.1% YoY to $17.07b (RMB121.9b), whilst revenue increased by 10.6% YoY to $159.6t (RMB1.14t).

The company declared a final dividend of $0.23 (RMB1.62) per share, bringing the full-year dividend to $0.36 (RMB2.55) per share, up 5% YoY from the previous year.

Life & Health new business value (NBV) increased 28.8% YoY to $3.99b (RMB28.5b), driven by improved persistency ratios and enhanced multi-channel sales capabilities.

The agent channel’s NBV rose 26.5% YoY, with NBV per agent up 43.3% YoY.

Bancassurance also delivered strong growth, with NBV surging 62.7% YoY as the company focused on value-driven operations.

Ping An Property & Casualty (P&C) maintained stable revenue growth, with insurance revenue up 4.7% YoY to $45.93b (RMB328.1b).

Net profit jumped 67.7% YoY to $2.1b (RMB15.0b). The company’s combined operating ratio (COR) improved by 2.3 percentage points to 98.3%, with auto insurance maintaining a COR of 98.1.

The company continued to enhance efficiency through technology, notably with the Digital Risk System 3.0 issuing 10.55 billion disaster alerts to 67.34 million customers.

($1.00 = RMB7.23)