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.
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