Ping An’s net profit surges 38% in 2017
Print Edition
PING An Insurance (Group) Co posted a 38.2 percent year-on-year jump in net profit to 99.97 billion yuan (US$15.79 billion) in 2017, boosted by a fast-growing customer base and strong technological research and development, its latest annual report said.
The Shenzhen-based financial group said its net profit attributable to shareholders of the parent company surged 42.8 percent year on year to 89.08 billion yuan.
Ping An said it has 166 million individual customers, up 26.4 percent from the start of the year. The number of contracts held by each customer with its various subsidiaries rose 5 percent from the start of 2017 to 2.32. The group’s profit per customer added 14.2 percent annually to 356 yuan.
The life and health insurance segment boosted its new business value by around a third year on year and reaped 35.5 percent in operating return of embedded value, a common valuation measure in the life insurance industry.
Ping An Property & Casualty posted a 21.4 percent jump in its premium income to over 200 billion yuan while its market share grew 1.3 percentage points.
Ping An Bank’s retail banking revenue and net profit surged 41.7 percent and 68.3 percent respectively, from the same period of 2016.
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