top of page

Ping An reports biggest annual profit fall in 14 years

Ping An has reported its biggest annual profit fall since 2008. China’s largest insurer by market value posted a 29% decline in annual net profit to CNY101.6bn (USD16bn) in 2021 from CNY143.1bn, as premium income from life insurance fell 4.1% year-on-year to CNY490.3bn. Property and casualty insurance premium income also dropped 5.5% to CNY270bn. The firm said severe economic situations across the world and resurgences of Covid-19 have increased uncertainty in resident income expectations in 2021, which tempered consumer spending on long-term protection products. Another factor was a fall in the number of Ping An sales agents, which resulted in the decline of the value of its new business in life and health insurance by 23.6% to CNY37.9bn.

bottom of page