Ping An Insurance, one of the world’s largest insurers, posted Rmb62.4bn ($9bn) in net profits for 2016, an increase of about 15 per cent and in line with a consensus of analysts.
Growth in the Shenzhen-based company’s life insurance unit remained strong last year while that from other parts of the business levelled out. Ping An is a sprawling financial conglomerate with insurance, banking, trust, securities and asset management units.
The life insurance business brought in Rmb22.6bn in net profit last year, up from Rmb19bn the year before, becoming the group’s largest generator of profits. Net profits at Ping An’s banking business grew only 3 per cent to Rmb22.5bn. Profits from the trust business shrank in 2016.
In recent years, the company has focused on building out financial technology platforms such as Good Doctor, a health management service business with 130m users, and a retail wealth management business with 7.4m users.