The Hang Seng Index opened with a 1.1% increase to 17,018.98 as of 9.51am local time, while the Hang Seng Tech Index gained 1.8%. Ping An Insurance experienced a 1.5% surge to HK$33.50 due to exceeding estimates in new-business values during the first quarter. Hong Kong Exchanges and Clearings rose 1.2% to HK$233.40 ahead of its earnings report later on Wednesday.
Ping An Insurance (Group) Company of China, Ltd. (Ping An) reported strong financial results for the first quarter of 2024. The company’s operating profit attributable to shareholders of the parent company reached RMB38,709 million, driven by growth in its three core businesses: Life & Health, property and casualty insurance, and banking. Ping An’s continued advancement of its technology-driven ‘integrated finance + health and senior care’ strategy and its focus on core financial businesses contributed to its success. The company’s health and senior care ecosystem played a significant role in its growth, with customers entitled to service benefits contributing approximately 70% of Ping An Life’s NBV in the first three months of 2024. Ping An’s commitment to innovation and technological advancements also supported its growth, with the company filing a total of 51,700 patents as of March 31, 2024.
