Ping An reveals 6.5% P&C revenue growth in 2023

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Chinese insurer Ping An has released its financial results for the end of 2023, revealing a steady 6.5% year on year growth in property and casualty (P&C) insurance revenue, amounting to RMB 313.458 billion.

The company reported an overall combined ratio in P&C, excluding guarantee insurance, of 98.4%, an improvement from 99.3% in the first nine months of 2023. Additionally, it achieved a 97.7% combined ratio in auto insurance by the end of 2023.

Outside of P&C, the company experienced a notable 36.2% increase in Life & Health new business value, totalling RMB 31,080 million in 2023.

Ping An’s banking businesses also displayed steady growth, as evidenced by a 2.1% year-on-year increase in net profit to RMB 46,455 million in the year. With a non-performing loan ratio of 1.06% and a provision coverage ratio of 277.63% by the end of the year, the banking unit demonstrated adequate risk provisions.

The insurer saw favourable results in its insurance funds investment portfolio, which grew by 9% to over RMB 4.72 trillion from the start to the end of 2023.

Additionally, the company achieved a comprehensive investment yield of 3.6% in 2023, reflecting a 0.9 percentage point rise from the previous year. Over the past decade, the portfolio maintained an average net investment yield of 5.2% and an average comprehensive investment yield of 5.4%, exceeding the EV long-run investment return assumption.

Ping An also recorded RMB 37,296 million in green insurance premium income in 2023.

The company’s net profit attributable to shareholders of the parent company reached RMB 117,989 million by the end of 2023.

Commenting on its performance, Ping An stated, “Amidst external market pressures, internal operational challenges, and the persistent impact of a three-year pandemic, Ping An focused on core financial businesses and strengthened the insurance protection function to serve the real economy under its business policy of “focusing on core businesses, boosting incomes and cutting costs, optimising portfolios, and improving quality and efficiency.”

“Following the technology-driven “integrated finance + healthcare and elderly care” strategy, Ping An continuously consolidated its integrated finance advantages, remained customer needs-oriented, and pursued high-quality development,” Ping An added.

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