Ping An P&C’s net profit swells 67.7% in 2024

Ping An Insurance Company of China has disclosed that its property & casualty (P&C) segment achieved a net profit of RMB 15,021 million in 2024, marking a significant 67.7% increase compared to 2023.

The segment maintained steady growth and strong business performance throughout the year, with insurance revenue for Ping An P&C reportedly climbing 4.7% year-on-year, reaching RMB 328,146 million in 2024.

Ping An P&C’s overall combined ratio for 2024 stood at 98.3%, reflecting an improvement compared to the previous year, indicating enhanced operational efficiency and better cost control within the firm.

Groupwide, Ping An has reported an operating profit attributable to shareholders for 2024 of RMB 121,862 million, up 9.1% from 2023.

Meanwhile, Ping An’s net profit for 2024 was RMB 126,607 million, marking a huge increase of 47.8% from 2023.

The firm’s total revenue in 2024 was RMB 1,141,346 million, up 10.6% from 2023, while its insurance funds investment portfolio grew 21.4% from the beginning of 2024 to over RMB 5.73 trillion.

In related news, Ping An recently entered a flood maps licensing agreement with UK-based flood specialist JBA Risk Management to enhance its underwriting and risk management capabilities.

The partnership reflects the growing significance of flood risk in China, where both the frequency and severity of flood events have been rising.

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