Ping An Insurance (Group) Company of China, Ltd. Monday announced that its net profit rose 19.7 percent year-on-year in the first three quarters, to 79.4 billion yuan (about 11.4 billion U.S. dollars).
However in Q3, net profit saw a decline of 6.9 percent to end at about 21.3 billion yuan, according to a statement the insurer filed with the Hong Kong Exchanges and Clearing Limited (HKEX).
For the January to September period, the value of Ping An's new business in life and health insurance stood at 55.425 billion yuan, up 3.2 percent year on year, while the third-quarter value of such new business gained 10.9 percent in 2018 compared with that a year ago.
As for the Fintech and healthtech business, it recorded an operating profit of about 5.4 billion yuan in the first three quarters, skyrocketing 700.4 percent year on year.
In terms of its banking business, Ping An Insurance Company maintained steady growth and pursues further transformation towards retail banking.
Ping An Bank posted a net profit of around 20.46 billion yuan, up 6.8 percent year-on-year in the first three quarters. Individual deposits and outstanding loans increased by 23.4 percent and 27.4 percent respectively from the beginning of 2018.
As of the end of September, the non-performing loan ratio and the percentage of special mention loans dropped by 0.02 and 0.63 percentage points respectively from the beginning of the year.
On Friday, the share of Ping An Insurance (Group) Company of China, Ltd. dropped 5.4 percent on the Shanghai Composite Index and 2.22 percent on the HKEX.
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