Ping An Reports Strong Q1 Results, Driven by Integrated Finance and Health and Senior Care Strategy
HONG KONG and SHANGHAI, April 23, 2024
– Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An,” the “Company” or the “Group,” HKEX: 2318; SSE: 601318) today announced its first quarter financial results for the three months ended March 31, 2024.China’s economy gradually recovered in the first three months of 2024, with capital markets picking up. However, there were still growth challenges including insufficient demand and weak economic expectations. Amidst opportunities and challenges, Ping An focused on core financial businesses and strengthened the insurance protection function to serve the real economy under its business policy of “focusing on core businesses, boosting revenue and cutting costs, optimizing structure, and enhancing quality and efficiency”.
Following the technology-driven “integrated finance + health and senior care” strategy, Ping An continuously consolidated its integrated finance advantages, remained customer needs-oriented, and pursued high-quality development.
Strong Performance in Core Businesses
The Group’s operating profit attributable to shareholders of the parent company reached RMB38,709 million. Three core businesses, namely Life & Health, property and casualty insurance, and banking, resumed growth and delivered RMB39,816 million in operating profit attributable to shareholders of the parent company, up 0.3% year on year.
Life & Health Insurance
Life & Health showed significant growth momentum. Life & Health NBV amounted to RMB12,890 million in the first three months of 2024, up 20.7% year on year on a like-for-like basis. NBV per agent climbed 56.4% year on year.
Integrated Finance Model
Ping An continued to develop its integrated finance model. Retail customers increased 1.0% from the beginning of the year to nearly 234 million and contracts per retail customer reached 2.94 as of March 31, 2024.
Health and Senior Care Ecosystem
Ping An continued to implement its health and senior care ecosystem strategy. The Company achieved nearly RMB40 billion in health insurance premium income in the first three months of 2024. Customers entitled to service benefits in the health and senior care ecosystem contributed about 70% of Ping An Life’s NBV in the first three months of 2024, up 6 pps year on year.
Innovation and Technology
Ping An continuously built leading technological capabilities, which have been widely utilized to empower its core financial businesses. The Group’s patent applications led most international financial institutions, totaling 51,700 as of March 31, 2024.
Outlook
Looking ahead, China’s economic fundamentals are improving, and the trend of economic recovery will remain unchanged. Ping An will maintain its strategic focus on core financial businesses, continue advancing its technology-driven “integrated finance + health and senior care” strategy. The Company will keep its business resilience, build its strengths, and continuously improve operations and management to promote business recovery and growth. The Company will continuously improve the quality and effectiveness of financial services for the real economy, contributing to China’s development into a financial power house.
