Ping An records 11% growth in first-quarter net profits

Company cites strong premium growth for the increase in earnings

Ping An records 11% growth in first-quarter net profits

Insurance News

By Gabriel Olano

Ping An Insurance (Group) Co., China’s second-largest insurer by market value, has announced an 11.4% year-on-year increase in net profit for the first quarter of 2017, on the back of strong premium growth.

Net profit was at RMB23.05 billion (US$3.34 billion) for January to March 2017, compared to RMB20.7 billion (US$3 billion) for the same period last year.

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Ping An’s life insurance business had written premiums of RMB184.64 billion (US$26.8 billion) for the quarter, a 37% year-on-year ascent, reported Reuters.

Last month, the insurer reported is largest annual profit in over a decade, attributed to strong sales performance.

In 2016, Chinese insurers collected original insurance premiums totalling RMB2.9 trillion (US$420.75 billion), a 16% increase from the previous year, according to data from the China Insurance Regulatory Commission.

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