Ping An Insurance (Group) Company of China (2318) Q3 2024 earnings summary

Executive summary

• Operating profit rose 5.5% YoY to RMB113.8 billion and net profit surged 36.1% YoY to RMB119.2 billion, with annualized operating ROE at 15.9%.

• Revenue increased 8.7% YoY to RMB861.8 billion, with core businesses (L&H, P&C, banking) expanding and contributing RMB119.7 billion in operating profit.

• Retail customers grew 3.8% YTD to 240 million, with 25.1% holding four or more contracts and a 98.0% retention rate.

• Integrated finance and health/senior care strategies advanced, driving customer growth and retention.

• Technology-driven efficiency and customer experience improvements supported business resilience.

Financial highlights

• Net profit attributable to shareholders rose 36.1% YoY to RMB119.2 billion; basic EPS up 36.2% to RMB6.73.

• Life & Health NBV grew 34.1% to RMB35.2 billion; P&C COR improved by 1.5 pps to 97.8%.

• Insurance funds investment portfolio achieved a 5.0% annualized comprehensive investment yield, up 1.3 pps YoY.

• Ping An Bank net profit stable YoY at RMB39.7 billion; core tier 1 capital adequacy ratio at 9.33%.

• Retail customers reached 240 million; NBV margin (ANP) up 5.7 pps to 31.0%.

Outlook and guidance

• Continued focus on integrated finance and health/senior care, with home-based senior care as a key growth enabler.

• Ongoing technology empowerment to drive efficiency and customer experience.

• Expects stable progress in China's economy, with health care, senior care, and financial markets entering new growth stages.