Jinwu Financial News | Ping An of China (02318) announced unaudited results for the three months ended March 31, 2024. Net profit attributable to shareholders of the parent company was 36.709 billion yuan (RMB, same below), a year-on-year decrease of 4.3%, with basic earnings of 2.07 yuan per share. Operating profit attributable to shareholders of the parent company was 38.709 billion yuan, a year-on-year decrease of 3%.
During the period, total revenue was 275.893 billion yuan, a year-on-year decrease of 2.03%.
In the first quarter of 2024, the new business value of the life insurance and health insurance business reached 12.890 billion yuan, an increase of 20.7% year-on-year under comparable standards, and a year-on-year increase of 56.4% of the new business value per agent channel; the new business value ratio was 22.8%, an increase of 6.5 percentage points year-on-year under comparable standards. The property insurance business has been growing steadily, and the quality of business has maintained a healthy level.
In the first quarter of 2024, Ping An Insurance's service revenue was 80.627 billion yuan, an increase of 5.7% over the previous year. The overall comprehensive cost rate of Ping An Insurance after excluding guarantee insurance was 98.4%. The year-on-year increase was mainly affected by the blizzard disaster in the early Spring Festival and travel recovery. Banking operations are steady, and asset quality remains stable. In the first quarter of 2024, Ping An Bank achieved net profit of 14.932 billion yuan, an increase of 2.3% over the previous year.
As of March 31, 2024, the core Tier 1 capital adequacy ratio increased to 9.59%, and the provision coverage ratio was 261.66%. Comprehensive finance continues to deepen.
By the end of March 2024, Ping An had nearly 234 million individual customers, an increase of 1.0% over the beginning of the year, and the average number of customer contracts reached 2.94. The medical and pension strategy continues to be implemented, and differentiated advantages empower the main financial industry.
As of March 31, 2024, Ping An has achieved 100% cooperative coverage between the top 100 hospitals and the top three hospitals in China through integrated suppliers, with a team of about 50,000 internal and external doctors, and 231,000 cooperative pharmacies, an increase of nearly 1,000 since the beginning of the year. Safe Home Care Services have covered 54 cities across the country, and a total of nearly 600 services have been launched.
In the first quarter of 2024, customers enjoying the service benefits of the medical and pension ecosystem covered about 70% of Ping An Life Insurance's new business value, an increase of 6 percentage points over the previous year. Actively fulfill social responsibilities and serve green development and rural revitalization.
In the first quarter of 2024, Ping An Green Insurance's original insurance premium income was 10.682 billion yuan, and the “Mimura Project” provided 2,677 billion yuan to support rural industries. In 2024, Ping An received Morningstar Sustainalytics ESG rating of “low risk” with a score of 17.0, ranking first in the insurance industry in mainland China.