Ping An Insurance has reported a 22.8% decline in net profit attributable to shareholders for the year 2023, with figures falling to 85.66bn yuan from 111bn yuan in 2022. Â
The company’s overall revenue increased by 4.7%, reaching 1trn yuan. Â
The insurer attributes the revenue growth to steady development in its core businesses including life and health, property and casualty (P&C) insurance, and banking.Â
Ping An’s core businesses generated an operating profit of 140.91bn yuan, a decrease of 2.8% compared with the previous year. Â
Life and health new business value (NBV) rose by 7.8% to 31.08bn yuan, propelled by growth in the agent channel NBV, which surged by 40.3% due to an 89.5% increase in NBV per agent. Â
The bancassurance channel also showed strong performance, with NBV climbing by 77.7%.Â
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However, the operating profit for the life and health unit recorded a decline, dropping to 106.08bn yuan from 109.81bn yuan. Â
Ping An Life, Ping An Annuity and Ping An Health Insurance are the primary entities conducting the company’s life and health insurance business.Â
Ping An’s P&C insurance segment, mainly operated through Ping An P&C, reported a 6.5% year-on-year increase in insurance revenue, amounting to 313.45bn yuan. Â
Despite the revenue growth, the P&C unit’s net profit decreased to 8.95bn yuan from 10.11bn yuan in 2022.Â
Ping An Bank maintained a steady business performance with a 2.1% increase in net profit, reaching 46.45bn yuan. Â
The bank reported a non-performing loan ratio of 1.06% and a provision coverage ratio of 277.63% at the end of 2023.Â
The company has also announced a cash dividend of 2.43 yuan per share for the full year 2023, a marginal increase of 0.4% year-on-year.Â
Looking ahead to 2024, Ping An plans to concentrate on its core businesses, enhance income, reduce costs, optimise portfolios, and improve quality and efficiency, all within a people-centred and customer needs-oriented framework.Â
