Ping An reports solid 2023 performance

Ping An reports solid 2023 performance | Insurance Business Asia

Insurance News

Ping An reports solid 2023 performance

Performance of group’s trio of businesses remained consistent

Insurance News

By
Roxanne Libatique

Ping An Insurance (Group) Company of China Ltd has revealed its financial performance for the year concluding on December 31, 2023 (FY23).

Operating in a challenging environment marked by sluggish economic expansion and ongoing pandemic effects, the company maintained a strategic focus on its key financial sectors.

Through initiatives aimed at reinforcing its primary business operations, enhancing revenue, managing expenses effectively, and refining its portfolio, Ping An demonstrated operational resilience.

Ping An’s financial performance in 2023

Ping An’s financial results for 2023 underscored the company’s robust standing, with the operating profit attributable to the parent company’s shareholders reported at RMB 117,989 million. Additionally, the net profit for shareholders totalled RMB 85,665 million, with basic operating earnings per share reaching RMB 6.66.

The performance of Ping An’s trio of cornerstone businesses – life and health, property and casualty insurance, and banking – remained consistent, contributing RMB 140,913 million in operating profits to the parent company’s shareholders. The declaration of a yearly cash dividend of RMB 2.43 per share, marking a modest increase from the prior year, continued the trend of annual dividend growth, now extending over 12 years.

The resurgence in the life and health insurance segment is noteworthy, with a like-for-like new business value (NBV) growth of 36.2%, significantly propelled by a 40.3% increase in the agent channel NBV.

Key aspects of Ping An’s performance in 2023 included the sustained development of its core businesses, a steady rise in cash dividends, and remarkable growth in the life and health insurance sector.

Additionally, the company’s P&C insurance arm maintained high-quality business operations with steady revenue increases, while Ping An’s investment arm achieved commendable results despite a complex market landscape.

Moving forward, Ping An aims to fortify its core business segments, improve risk management practices, and expand financial services offerings.