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.
The company’s overall revenue increased by 4.7%, reaching 1trn yuan.
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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.
Ping An’s core businesses generated an operating profit of 140.91bn yuan, a decrease of 2.8% compared with the previous year.
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.
The bancassurance channel also showed strong performance, with NBV climbing by 77.7%.
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By GlobalDataHowever, the operating profit for the life and health unit recorded a decline, dropping to 106.08bn yuan from 109.81bn yuan.
Ping An Life, Ping An Annuity and Ping An Health Insurance are the primary entities conducting the company’s life and health insurance business.
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.
Despite the revenue growth, the P&C unit’s net profit decreased to 8.95bn yuan from 10.11bn yuan in 2022.
Ping An Bank maintained a steady business performance with a 2.1% increase in net profit, reaching 46.45bn yuan.
The bank reported a non-performing loan ratio of 1.06% and a provision coverage ratio of 277.63% at the end of 2023.
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.
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.
