Press release content from PR Newswire. The AP news staff was not involved in its creation.
Ping An Reports YoY Growth of 8.9% in Operating Profit Attributable to Shareholders of the Parent Company in Q1 2021
April 22, 2021 GMT
HONG KONG and SHANGHAI, April 22, 2021 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An” or the “Group” or the “Company”, HKEX: 2318; SSE: 601318) today announced its first quarter financial results for the three months ended 31 March 2021.
In the first three months of 2021, China achieved strong results in the prevention and containment of the COVID-19 epidemic. Amid steady headline domestic economic recovery, Ping An’s traditional offline business development gradually resumed. However, demand for long-term protection business remained depressed as the underlying domestic economic recovery was not as strong, with domestic discretionary demand still recovering. Ping An adopted various forward-looking measures, including strengthening risk management, advancing reforms, and promoting digitization to lay a solid foundation for future sustainable growth. In the first three months of 2021, net profit attributable to shareholders of the parent company increased by 4.5% year on year to RMB27,223 million and operating profit attributable to shareholders of the parent company grew by 8.9% year on year to RMB39,120 million. Basic operating earnings per share rose by 8.9% year on year to RMB2.21 and the annualized operating ROE was 20.0%. Ping An’s retail customers increased by 1.0% year to date to over 220 million as of March 31, 2021. There were 84.57 million retail customers holding multiple contracts with different subsidiaries, an increase to 38.3% of the total. New financing scale achieved through corporate business cross-selling expanded by 84.9% year on year in the first three months of 2021.