China's Ping An Insurance posts 48% rise in 2024 profit

Written by Adam Cadle

19/03/2025

China's Ping An reported a 47.8% rise in its net profit last year, driven by growth in its life and health insurance business as demand recovered.

The group posted a net profit of 126.607 billion yuan ($17.5bn) in 2024, compared with 85.665 billion yuan a year earlier, the Chinese insurance giant said in a filing released today.

The new business value of the life and health insurance business, which measures the profitability of new policies sold, grew by 28.8% to 28.53bn yuan last year.

The growth was due to a recovery in market demand and reforms to improve the quality of insurance agents, the filing said.

Ping An's insurance funds' investment portfolio achieved an investment yield of 5.8% in 2024, up 2.2 percentage points year-on-year.

A rebound in the stock market in the fourth quarter last year after China unveiled a stimulus package to boost the economy has helped boost insurers' investment gains.

"As China's interest rate pivot moves downward, the asset side is facing new opportunities and challenges," Ma Mingzhe, chairman of Ping An, said in the filing.

"China still faced challenges including lackluster domestic demand, volatile markets, and insufficient confidence in the short- and medium-term amid mounting uncertainties in the external environment."

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