Weak investment income hits Ping An's third quarter profit

Written by Adam Cadle

26/10/2022

China's largest insurer by market value, Ping An Insurance Group, has reported a 31.5% fall in third-quarter profit on weak investment income.

Net profit for the three months to September fell to 16.19bn yuan (US$2.26bn) from 23.6bn yuan a year earlier.

Investment income in the first nine months of the year fell 81.6% to 10.43bn yuan, from 56.65bn yuan in the year-earlier period.

The decline was "due to COVID-19 and falling capital markets," the insurer said.

The group's gross written premiums rose 2.18% to 604.66bn yuan from the year before.

"Domestic consumption and investment will pick up slowly as sporadic COVID-19 breakouts weigh on domestic economic recovery in the short run, posing challenges to Ping An’s business growth," the company said.

"Moreover, credit risks will increase, asset quality will remain under pressure, and equity markets will become more volatile due to the complex and severe international environment."

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