News Life and Health14 Mar 2019

China:Ping An posts double digit profit growth for 6th consecutive year

14 Mar 2019

Net profits rose by 20.6% to CNY107.4bn ($16bn) in 2018 boosted by strong growth in its core life and health insurance business. Sales rose by 11% to CNY1.08trn.

Net profit from the life and health insurance business soared by 62% to CNY57.9bn from a year earlier.

Ping An will pay a dividend of CNY1.72 per share in full year dividends this year which is up 14.7% from last year and also a special dividend of CNY0.2 per share to commemorate its 30th anniversary.

Ping An which provides about 538m people with services such as insurance, banking, financial services and even health care seeks to empower ecosystems with technologies, reports China Knowledge.

The company has developed innovative new business models through technological innovation in the FinTech and healthcare sectors.

While operating profits from its life and health insurance businesses still form the core of its business, operating profits from its FinTech and healthcare businesses have been increasing, contributing to 6% of the company’s overall operating profits last year.

Ping An has also said it would return up to CNY10bn to shareholders through its first share buyback.


 

 

 

 

 

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