Ping An sees nearly 18% drop in net profit

Chinese insurer Ping An Insurance (Group) Co. of China Ltd.'s net profit plunged 17.6% year-on-year to 83.8 billion Chinese yuan ($12.14 billion) in 2022 due to falling investment gains, Reuters reported citing Refinitiv. The insurer’s investment returns were hurt by economic market volatility, which follows three years of COVID-19 restrictions, and a crisis in its property sector. Its gross written premiums increased by 1.5% year-on-year to CNY769.6 billion.