Ping An Insurance Group [4]'s net profit for the first nine months of 2023 has declined by 5.6% to 87.6 billion CNY (12 billion USD).
The Chinese insurer's operating result also dropped by 9.8% over the same period. A first 5% downturn had already been recorded in the first half of 2023.
This downward trend in profits is consistent with the country's real estate crisis, which is stalling China's economic recovery. In addition to these difficult conditions, low interest rates are impacting insurers' return on investment.
In the first three quarters of 2023, Ping An's turnover amounted to 497.538 billion CNY (68.16 billion USD), representing a 12.8% growth over the same period of the previous year. The Chinese giant's incurred losses climbed by 5% to 327.8 billion CNY (44.91 billion USD).