Having suffered a profit-mauling a year earlier, the fortunes of
China’s second-largest life insurer, Ping An, rebounded in the
third quarter of 2009 with its net profit coming in at CNY3.37
billion ($493 million), up from a net loss of CNY7.92 billion in
the third quarter of 2008.” Sixth paragraph should read: “In the
general insurance market Ping An grew by premium income by 38.5
percent to CNY29.02 billion in the first three quarters of
2009.”
While investment market strength in the third quarter of 2009
played a role in Ping An’s recovery, the most significant
contributor was the absence of the CNY15.7 billion write-off taken
in the third quarter of 2009 against the 5 percent equity stake it
bought in 2007 in the then Belgian-Dutch bancassurer Fortis for
$3.5 billion.
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Overall the third-quarter 2009 profit turnaround left Ping An’s net
profit in the first nine month’s of year at CNY8.806 billion, up
from CNY1.804 billion in the corresponding 2008 period.
The insurer’s net assets also performed well, increasing by 20.5
percent from CNY85.7 billion at the end of 2008 to CNY103.23
billion at the end of September 2009. Ping An reports under
International Financial Reporting Standards.
From a premium income perspective Ping An made good progress in the
first nine months of 2009 with life insurance income reported at
CNY104.72 billion, an increase of 33.5 percent compared with the
first three quarters of 2008.
In the general insurance market Ping An grew premium income by
premium income by 38.5 percent to CNY29.02 billion in the first
three quarters of 2009.
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By GlobalDataAccording to Ping An its performance in the first nine months of
2009 left it with a market share in China’s life market of 16.8
percent.
This was unchanged from the first six months of 2009 but a
considerable improvement on the 12.8 percent market share it held
in the first half of 2008.
During the first nine months of 2009 Ping An also continued to
strengthen its distribution capabilities, increasing the number of
sales agents to 403,000, up from 315,000 a year earlier and 355,000
at the end of 2008.
