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March 24, 2017

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Ping An Insurance posts biggest profit

PING An Insurance Group intends to transform into an integrated finance business model that aims to sell a package of products and services to individuals as it reported the biggest net profit in over a decade.

Asia’s second-largest insu­rance company by market value said its net profit rose 15 percent year on year to 62.4 billion yuan (US$9.06 billion) last year, the biggest annual profit since 2003, Ping An said in its annual statement yesterday.

Although in line with market expectations, the profit growth was slower than the 40 percent increase in 2015 amid a strong stock market.

For the first time, the group revealed retail business contributed 65.4 percent of the total net profit last year, an increase of 7.3 percentage points from a year ago.

The number of customers rose 20 percent year on year to 131 million, while profit per customer gained 7.8 percent to 311.51 yuan, according to the statement.

The disclosure of customer value marked Ping An’s transition into an integrated finance business model that aims to sell packaged banking, insurance and brokerage services to a single customer, group Chairman Peter Ma said at a briefing.

Ma said Ping An aims to become a leading personal financial service provider.


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