Ping An sees net profits increase under IFRS 17

Written by Adam Cadle

24/07/2023

Ping An has seen the net profit of the group, life and health (L&H) insurance business and P&C insurance business increase by 33%, 54% and 14% respectively under IFRS 17.

The insurer said operating profit increased by 3%, 2% and 14% respectively.

Due to the changes in measurement methods under IFRS 17, the group’s 2022 revenue based on IFRS has dropped by around 19%.

Ping An said its adoption of IFRS 17 will not change its business nature and business strategy. Its product strategy and solvency position will not be impacted, and there will not be any material change in the management of asset-liability matching. The impact of the transition on the total assets, total liabilities and net assets is around 1%.

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