Ping An Reports Steady Growth in Operating Profit, Robust Increases in Net Profit and Life & Health NBV in 9M 2024
HONG KONG and SHANGHAI, Oct. 21, 2024 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An", or the "Group", HKEX: 2318 / 82318; SSE: 601318) today announced its results for the nine months ended September 30, 2024.
In the first nine months of 2024, China's economy remained generally stable as it pursued high-quality development amidst short-term challenges including economic restructuring, lackluster growth momentum, and increasing external uncertainties. Ping An achieved steady growth with strong resilience in overall business performance by adhering to its core financial businesses, strengthening its "integrated finance + health and senior care" strategy under a customer-centric approach, and delivering "worry-free, time-saving, and money-saving" service experience.
The Group delivered a 15.9% annualized operating return on equity (ROE), with operating profit and net profit attributable to shareholders of the parent company rising 5.5% and 36.1% year on year to RMB113,818 million and RMB119,182 million respectively in the first nine months of 2024. Revenue increased 8.7% year on year to RMB861,817 million*. Three core businesses, namely life and health insurance (Life & Health), property and casualty insurance (Ping An P&C), and banking, maintained positive growth and delivered RMB119,651 million in operating profit attributable to shareholders of the parent company, up 5.7% year on year. Life & Health achieved high-quality development and new business value (NBV) amounted to RMB35,160 million in the first nine months of 2024, up 34.1% year on year. Customers entitled to health and senior care services contributed over 69.6% of Ping An Life's NBV in the first nine months of 2024.
Deepened "4 channels + 3 products" strategy; Life & Health NBV surged 34.1% year on year
Life & Health improved operational quality and efficiency, leading to significant result in high-quality development. Ping An Life continued to enhance its channels and improve business quality under the "4 channels + 3 products" strategy in the first nine months of 2024. By upgrading "insurance + service" solutions, the company continuously strengthened its presence in health and senior care sectors. Life & Health NBV grew 34.1% year on year to RMB35,160 million in the first nine months of 2024. NBV margin based on annualized new premium (ANP) rose by 5.7 pps year on year to 31.0%.
Ping An Life enhanced its channel capabilities under the value orientation of high-quality development. The company continued to deepen the transformation and build multichannel professional sales capabilities, significantly improving the development quality. Agent channel NBV grew 31.6% year on year in the first nine months of 2024. Ping An Life also effectively improved agent productivity, boosting NBV per agent by 54.7% year on year. The company focused on recruiting high-quality new agents through high-quality existing ones. The number of individual life insurance sales agents was about 362,000 as of September 30, 2024. The proportion of "Talent +" agents increased by 4 pps year on year in new recruits. In respect of cooperation with banks, Ping An Life increased NBV of the bancassurance channel by 68.5% year on year by enhancing outlet operations. The company continuously developed the community finance channel. The 13-month persistency ratio of orphan polices within this channel improved by 6.6 pps year on year in the first nine months of 2024, with NBV up by over 300% year on year. Innovative channels including bancassurance and community finance accounted for 18.8% of Ping An Life's NBV in the first nine months of 2024, up by 2.4 pps year on year.
Ping An Life diversified and upgraded its product portfolio under a customer-centric philosophy. Playing a role of a shock absorber and ...
