Ping An net slides 21pc as new business slumps

Finance | Staff reporter 28 Oct 2021

Ping An Insurance (2318) saw its net profit fall 21 percent in the first nine months, with the insurer's new business value of its life and health segments down by 18 percent.

Net profit dropped to 81.64 billion yuan (HK$99.36 billion) as the company made impairment provisions to its investments in China Fortune Land Development, it said in a filing.

Its operating earnings grew 9.2 percent to 118.74 billion yuan in the first three quarters while the revenue for the period amounted to 984.39 billion yuan, down 1.08 percent year on year

The new business value of its life and health business lost 17.8 percent to 35.24 billion yuan during the period as it optimized the team structure under a high-quality talent strategy and the decline in the number of agents led to the drop, it said.

Separately, ASM Pacific Technology (0522) posted a 263 percent jump in net profit to HK$2.26 billion for the nine months ended September, driven by rising demand from both conventional and electric vehicle markets, it said.

During the period, the Hong Kong-listed semiconductor producer's revenue grew 51 percent to HK$15.75 billion and its bookings over nine months also surged by 80.3 percent year-on-year to HK$20.87 billion.

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