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In 2016, Ping An Life realized RMB24,444 million in net profit.As at December 31, 2016, Ping An Life’s residual margin was RMB454,677 million, which was up by 37.4% from the beginning of the year due to the strong growth of new business.
Business Summary: The principal activities of the Group comprise the provision of a wide range of financial products and services with a focus on the three core businesses namely, insurance, banking and investment.
Performance for the year: As stated in the 2016 audited financial statements of the Group prepared under CAS, the net profit attributable to shareholders of the parent company was RMB62,394 million and net profit of the parent company was RMB28,678 million.
The reform of commercial auto insurance premium rates and the China Risk Oriented Solvency System (C-ROSS), motivated property and casualty insurers to improve risk pricing, product structure and asset allocation, which facilitated the industry’s development.
In 2016, Ping An Property & Casualty recorded premium income of RMB177,908 million, up 8.7% over the previous year.
Besides fast business growth, Ping An Health proactively builds its presence for the future.
First, Ping An Health strengthens its capability and platform, has established the first “1 N” full-line product system in the industry, upholds a customer-centric approach, and has built “digital, smart, whole-process” operating processes.
Loans and advances grew by 21.4% from the beginning of the year to RMB1,475,801 million.
Ping An Bank maintained steady income and improved operating efficiency.
Automobile insurance is still the mainstay of property and casualty insurance.
Implementation of the new “Ten National Rules” and the “One Belt, One Road” initiative continued to unleash government policy benefits and created a favorable environment for property and casualty insurance.
Ping An Annuity Ping An Annuity was set up in 2004 and is the first specialized annuity company in China.