On October 21, 2024, Ping An Insurance (Group) Co., Ltd. (hereinafter referred to as “Ping An,” “the Group,” or “the Company”), which is listed on the Hong Kong Stock Exchange under the stock code 02318 and on the Shanghai Stock Exchange under 601318, announced its financial results for the nine-month period ending September 30, 2024.
During the first three quarters of 2024, the Chinese economy remained stable overall, with a strong focus on high-quality development. However, challenges such as structural adjustments, insufficient internal momentum, and increased external uncertainties persisted. Throughout this period, Ping An has remained committed to its core financial operations, prioritizing customer needs and continually enhancing its “Comprehensive Finance + Healthcare and Elderly Care” strategy, all while advancing its “Three Provinces” service project. As a result, the Group achieved steady business performance with robust resilience. In the first three quarters, Ping An reported an operating profit attributable to shareholders of the parent company amounting to 113.82 billion yuan, reflecting a year-on-year increase of 5.5%. The net profit attributable to shareholders of the parent company reached 119.18 billion yuan, up 36.1%, while total operating income was 775.38 billion yuan, a growth of 10.0%. The annualized operating return on equity (ROE) stood at 15.9%. Notably, the three core business segments—life insurance and health insurance, property insurance, and banking—maintained growth, with their combined operating profit reaching 119.65 billion yuan, an increase of 5.7%. The results illustrated significant achievements in high-quality development, with the new business value in life insurance and health insurance reaching 35.16 billion yuan, a remarkable year-on-year increase of 34.1%. Customers enjoying services from the healthcare and elderly care ecosystem represented over 69.6% of the new business value.
Ping An’s life insurance segment focused on enhancing quality and efficiency, achieving outstanding results through its “4 Channels + 3 Products” strategy. In the first three quarters of 2024, the new business value for life and health insurance soared by 34.1% to 35.16 billion yuan, with a new business value rate of 31.0%, an increase of 5.7 percentage points year-on-year. By focusing on high-value clients, the number of personal life insurance agents reached 362,000 by the end of September 2024, with a notable improvement in productivity, as the average new business value per agent increased by 54.7% year-on-year. The bank insurance channel also thrived, with new business value increasing by 68.5%.
Emphasizing a customer-centric approach, Ping An developed a rich and upgraded product system aimed at meeting essential customer needs in health protection, retirement planning, and wealth management. By leveraging its healthcare and elderly care ecosystem, the Group enhanced its “Insurance + Service” product offerings. Ping An’s health management services reached over 19.5 million customers in the first three quarters of 2024. The At-Home Elderly Care model was pioneered, encompassing healthcare, nursing, housing, and recreational activities, with significant customer satisfaction reported. The high-quality wellness community project was launched in five cities, with plans for gradual openings starting in 2025.
In property and casualty insurance, Ping An maintained steady growth, reporting insurance service revenue of 246.02 billion yuan, a year-on-year increase of 4.5%. The company achieved an operating profit of 13.99 billion yuan, up 39.7%, thanks to enhanced business management and risk assessment. The banking segment also exhibited solid performance, with net profit reaching 39.73 billion yuan, growing 0.2% year on year, and a robust asset management figure of 4.15 trillion yuan.
Looking ahead, Ping An remains optimistic about the fundamental strengths of the Chinese economy, with significant potential and resilience. As government policies take effect, economic growth is set to strengthen, particularly in healthcare, elderly care, and finance. Ping An plans to uphold a people-centered value framework while continuing its journey toward high-quality development, reinforcing its strategic focus and advancing its dual strategy of “Comprehensive Finance + Healthcare and Elderly Care,” all powered by technological innovation. The company aims to enhance its operational efficiency and performance while delivering long-term, sustainable value to clients, employees, shareholders, and society at large, contributing to the building of a financially strong nation and the holistic revival of the Chinese nation.
