Ping An Insurance Reports Strong Financial Results for 2024
Ping An Insurance announced a significant increase in its 2024 net profit, reflecting robust performance across its primary financial and health divisions. The company’s success was further boosted by improvements in its life and health insurance business.
Net profit for the fiscal year 2024 rose by 47.8% year-over-year (YoY), reaching $17.72 billion (RMB126.6 billion). Operating profit attributable to shareholders increased by 9.1% to $17.07 billion (RMB121.9 billion). Revenue also saw a substantial increase, climbing 10.6% YoY to $159.6 trillion (RMB1.14 trillion).
The company’s board declared a final dividend of $0.23 (RMB1.62) per share, bringing the total annual dividend to $0.36 (RMB2.55) per share, a 5% increase compared to the previous year.
Life & Health Insurance Performance
Life & Health new business value (NBV) experienced considerable growth, increasing 28.8% YoY to $3.99 billion (RMB28.5 billion). This growth was driven by enhanced agent performance and improved sales capabilities.
The agent channel’s NBV grew by 26.5% YoY, with NBV per agent up 43.3% YoY. Bancassurance also showed strong results, with its NBV surging 62.7% YoY, reflecting the company’s focus on value-driven operations.
Property & Casualty Insurance
Ping An Property & Casualty (P&C) maintained stable revenue growth, with insurance revenue up 4.7% YoY to $45.93 billion (RMB328.1 billion). Net profit for this segment jumped 67.7% YoY, reaching $2.1 billion (RMB15.0 billion). 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.
Technology and Efficiency
The company continued to leverage technology to boost efficiency, notably with the Digital Risk System 3.0, which issued 10.55 billion disaster alerts to 67.34 million customers.
Note: Currency conversion used: $1.00 = RMB7.23
