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Ping An sees 23% drop in net profit

Posted On: Mar. 22, 2024 9:59 AM CST

Financial results

Chinese insurer Ping An Insurance (Group) Co. of China Ltd.'s net profit plunged 23% year-on-year to 85.6 billion Chinese yuan ($12 billion) in 2023, marking its lowest earnings in five years, South China Morning Post reported. The decline comes as strong sales of new policies were offset by setbacks in the insurer’s asset management and technology investment businesses. Ping An’s gross premium income from the property and casualty insurance business increased by 1.4% year-on-year to CNY302 billion yuan.