Ping An Insurance records 4.9% FY2020 profit jump to $21.5b
New business value crashed 34.7%.
Ping An Insurance has posted a 4.9% increase in FY2020 operating profit to $21.5b (CNY139.5b) from $20.5b (CNY133b) a year ago, according to a statement.
Its retail operating profit, which comprised 88% of total profits, inched up 0.1% to 18.99b (CNY 122.8b). Corporate and other operating profit jumped 62% to $2.55b (CNY16.5b).
The embedded value of its life and health insurance unit increased 8.9% to $127b (CNY825b), but new business value crashed 34.7% to $7.65b (CNY49.58b).
Per segment, life and health grew 5.2% YoY to $14.3b (CNY92.7b) whilst property & casualty slumped 22.9% to $2.5b (CNY16.08b). Ping An’s banking business grew 2.6% to $2.59b (CNY 16.77b), its asset management unit rose 22.6% to $885.7m (CNY5.7b), and its technology business jumped 90.8% YoY to $1.03b (CNY6.7b).
Dividends per share grew 7.3% to $0.34 (CNY2.2).
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