Core Viewpoint - Ping An Insurance reported steady growth in the first nine months of 2024, achieving strong resilience in business performance despite challenges in China's economy, focusing on integrated finance and health and senior care strategies to enhance customer experience [1][14]. Financial Performance - The company achieved a 15.9% annualized operating return on equity (ROE) with operating profit and net profit attributable to shareholders rising 5.5% to RMB113,818 million and 36.1% to RMB119,182 million respectively [2]. - Revenue increased by 8.7% year on year to RMB861,817 million, with operating profit attributable to shareholders growing by 5.7% to RMB119,651 million [2]. Business Segments - Life & Health insurance segment saw new business value (NBV) rise by 34.1% year on year to RMB35,160 million, with health and senior care services contributing over 69.6% of Ping An Life's NBV [2][3]. - Property and casualty insurance (Ping An P&C) reported a 4.5% increase in insurance revenue to RMB246,022 million and a 39.7% rise in operating profit to RMB13,987 million [6]. - Ping An Bank's net profit grew by 0.2% year on year to RMB39,729 million, with retail assets under management increasing by 2.9% to RMB4,148,566 million [7]. Strategic Initiatives - The "4 channels + 3 products" strategy led to a 31.6% growth in agent channel NBV and a 54.7% increase in NBV per agent [4]. - The company enhanced its product portfolio focusing on health protection, pension reserves, and wealth management, serving over 19.50 million customers with health management services [5][12]. Technology and Innovation - Ping An's AI service representatives handled approximately 1.34 billion customer service interactions, accounting for 80% of total service volume, with smart underwriting processing 93% of policies within seconds [9]. - The insurance funds investment portfolio grew by 12.7% to over RMB5.32 trillion, achieving an annualized comprehensive investment yield of 5.0% [8]. Customer Engagement - Retail customers increased by 3.8% to 240 million, with a retention rate of 98.0% and an average of 2.92 contracts per retail customer [10]. - Nearly 63% of retail customers utilized services from the health and senior care ecosystem, holding significantly more contracts and assets under management compared to non-users [11]. Social Responsibility - Ping An's green insurance premium income reached RMB37,341 million, and funds for rural industrial vitalization totaled RMB31,406 million [13].
Ping An Reports Steady Growth in Operating Profit, Robust Increases in Net Profit and Life & Health NBV in 9M 2024