Ping An 2024 profit surges, dividends boosted

Ping An Insurance (Group) reported strong 2024 annual results, showcasing a robust recovery in profitability. Net profit surged by 47.8% to RMB126.6 billion, with operating profit attributable to shareholders up 9.1% to RMB121.9 billion. The company has proposed a final cash dividend of RMB1.62 per share, increasing the full-year dividend to RMB2.55 per share, a 5% year-on-year increase. New business value (NBV) for the life and health insurance segment increased by 28.8%. The Group's OPAT of three core business lines (L&H, P&C and bank) grew 2.3% YoY. The company highlighted advancements in its integrated finance model, noting a 4.7% increase in retail customers to 242 million. Ping An's comprehensive investment yield rose by 2.2 percentage points to 5.8%. The insurer's solvency ratios remain well above regulatory requirements.