Strong Performance in Property & Casualty Segment
Ping An Insurance Company of China has announced impressive financial results in its property & casualty (P&C) segment for the year 2024. The segment reported a net profit of RMB 15,021 million, which represents a significant 67.7% increase from the previous year. This achievement underscores the steady growth and robust business operations maintained throughout the year.
Insurance revenue for Ping An P&C experienced a 4.7% year-on-year growth, reaching RMB 328,146 million in 2024. Notably, the segment’s overall combined ratio improved to 98.3%, reflecting enhanced operational efficiency and improved cost management.
Groupwide Financial Achievements
Across the entire group, Ping An reported an operating profit attributable to shareholders of RMB 121,862 million for 2024, marking a 9.1% increase from 2023. Additionally, the company’s net profit for 2024 was RMB 126,607 million, indicating a remarkable 47.8% rise from the previous year.
Ping An’s total revenue saw a boost of 10.6%, reaching RMB 1,141,346 million in 2024. Furthermore, the insurance funds investment portfolio expanded by 21.4% since the beginning of the year, surpassing RMB 5.73 trillion.
Strategic Partnerships and Future Prospects
In related developments, Ping An has entered into a licensing agreement with UK-based flood specialist JBA Risk Management. This partnership aims to enhance Ping An’s underwriting and risk management capabilities, particularly in response to the growing significance of flood risks in China. The frequency and severity of flood events have been escalating, making this collaboration crucial for managing future challenges effectively.
