Ping An Insurance coverage Group Co. of China Ltd., China’s largest insurer by market worth, reported a 17.6 p.c drop in its 2022 annual web revenue on Wednesday on account of a stoop in funding positive factors.
Its revenue of 83.8 billion yuan ($12.14 billion) for the yr ended Dec. 31 was down from 101.6 billion yuan in 2021, an announcement filed to the Hong Kong inventory trade confirmed.
The end result was under analysts’ median estimate of 102.8 billion yuan, in line with Refinitiv.
The corporate’s insurance coverage enterprise and funding returns have been hit by weak spot in China’s economic system, which was squeezed by three years of COVID restrictions, and a disaster in its property sector.
Whole funding revenue fell 29.3 p.c year-on-year to 101.8 billion yuan final yr, the submitting confirmed.
“International capital markets remained risky in a posh worldwide atmosphere in 2022,” the insurer stated in its submitting. “Home financial development confronted three headwinds: specifically declining demand, provide chain disruption and weakening confidence.”
“Family consumption restoration nonetheless confronted many challenges, which continued to have an effect on Ping An’s long-term life and well being safety insurance coverage enterprise,” it stated.
The group’s gross written premiums rose 1.5 p.c to 769.6 billion yuan from the yr earlier than, whereas the variety of retail clients rose 2.1 p.c from the tip of 2021 to 226.6 million.
Its banking unit Ping An Financial institution posted 25.3 p.c development in annual web revenue, with a non-performing mortgage ratio of 1.05 p.c on the finish of final yr, rising 3 foundation factors from the tip of 2021.
($1 = 6.9020 Chinese language yuan renminbi)
(Reporting by Ziyi Tang in Beijing and Selena Li in Hong Kong; modifying by Mark Potter)
{Photograph}: The emblem for Ping An Insurance coverage Group is seen on a constructing in Beijing, China. (AP Picture/Ng Han Guan)
