Ping An net falls 6pc to 76.4b yuan

Ping An Insurance (2318) recorded a 6.3 percent drop in net profit in the first three quarters of 2022, with its life and health insurance business slumping 26.6 percent over the same period.

Net profit fell to 76.46 billion yuan (HK$83.66 billion) from 81.64 billion yuan in the last year.

Meanwhile, its life and health business fell to 25.85 billion yuan from 35.24 billion yuan last year, due to internal and external challenges driven by sporadic Covid outbreaks and complex changing economic situations, the insurer said.

The company added that the household consumption recovery still faces many challenges.

Its operating profit rose 3.8 percent to 123.29 billion yuan in the same period.