Ping An posts improved 98.3% P&C combined ratio for 2024

By Ryan Hewlett

March 24 - (The Insurer) - China’s Ping An has reported a P&C combined ratio of 98.3 percent for the first nine months of 2024, attributing the year-on-year improvement to subdued natural disaster losses and the impact of better risk management.

• P&C combined ratio improves to 98.3%

• P&C revenue up 4.7 percent year on year to 328.1 billion yuan ($45.3 billion)

• P&C premium income up 6.5% to 321.8 billion yuan

• P&C operating profit up 67.7% to 15.02 billion yuan

The combined ratio improved by 2.3 points from the 100.6% reported in 2023, with the decrease attributable to enhanced business management and risk screening.

Ping An P&C saw insurance revenue increase by 4.7 percent year on year to 328.1 billion yuan ($45.3 billion), driven primarily by growth in its personal lines and auto books.

Total P&C premium income rose 6.5% in 2024 to 321.8 billion yuan. Growth was driven by the non-auto book which saw premium income increase 11.65% in 2024, while the larger auto book saw premium income increase 4.4%.

Operating profit in P&C rose 67.7% to 15.02 billion yuan in 2024, up from 8.95 billion yuan a year earlier.

The company’s insurance funds investment portfolio grew 21.4% from the beginning of 2024 to over 5.73 trillion yuan as of December 31, 2024.

The fund, which has a philosophy of value investing through cycles, achieved an annualised comprehensive investment yield of 5.8 percent, up by 2.2 points year on year.

At group level, Ping An saw operating profit attributable to shareholders increase 9.1% year on year to 121.8 billion yuan and net profit attributable to shareholders grow 47.8% year on year to 126.6 billion yuan.

Ping An’s three core businesses, life and health, P&C insurance and banking, maintained positive growth and helped drive group revenue growth of 10.6% year on year.