Ping An Insurance coverage has reported a 22.8% decline in internet revenue attributable to shareholders for the yr 2023, with figures falling to 85.66bn yuan from 111bn yuan in 2022.
The corporate’s general income elevated by 4.7%, reaching 1trn yuan.
The insurer attributes the income development to regular growth in its core companies together with life and well being, property and casualty (P&C) insurance coverage, and banking.
Ping An’s core companies generated an working revenue of 140.91bn yuan, a lower of two.8% in contrast with the earlier yr.
Life and well being new enterprise worth (NBV) rose by 7.8% to 31.08bn yuan, propelled by development within the agent channel NBV, which surged by 40.3% resulting from an 89.5% improve in NBV per agent.
The bancassurance channel additionally confirmed sturdy efficiency, with NBV climbing by 77.7%.
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Nevertheless, the working revenue for the life and well being unit recorded a decline, dropping to 106.08bn yuan from 109.81bn yuan.
Ping An Life, Ping An Annuity and Ping An Well being Insurance coverage are the first entities conducting the corporate’s life and medical insurance enterprise.
Ping An’s P&C insurance coverage phase, primarily operated by way of Ping An P&C, reported a 6.5% year-on-year improve in insurance coverage income, amounting to 313.45bn yuan.
Regardless of the income development, the P&C unit’s internet revenue decreased to eight.95bn yuan from 10.11bn yuan in 2022.
Ping An Financial institution maintained a gentle enterprise efficiency with a 2.1% improve in internet revenue, reaching 46.45bn yuan.
The financial institution reported a non-performing mortgage ratio of 1.06% and a provision protection ratio of 277.63% on the finish of 2023.
The corporate has additionally introduced a money dividend of two.43 yuan per share for the total yr 2023, a marginal improve of 0.4% year-on-year.
Waiting for 2024, Ping An plans to focus on its core companies, improve revenue, cut back prices, optimise portfolios, and enhance high quality and effectivity, all inside a people-centred and buyer needs-oriented framework.