China’s Ping An Insurance Announces Financial Report

Beijing/Shanghai (Reuters) – Ping An Insurance (Group) Co of China Ltd has reported a 47.8% increase in net profit for 2024, driven by strong performance in its life and health insurance business as market demand rebounded.

The company posted a net profit of 126.607 billion yuan ($17.50 billion) in 2024, up from 85.665 billion yuan a year earlier. The new business value (NBV) of the life and health insurance segment, which reflects the profitability of newly sold policies, rose by 28.8% to 28.53 billion yuan. The increase was attributed to a recovery in market demand and reforms aimed at improving the quality of insurance agents. Ping An’s new customer base grew by 9.8% year-on-year to 32.07 million in 2024.

The company’s insurance funds investment portfolio delivered a comprehensive investment yield of 5.8% in 2024, an increase of 2.2 percentage points from the previous year. This improvement came as insurers shifted more funds into stocks amid declining bond yields, which have been affected by China’s ongoing deflationary pressures.