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    601318   CNE000001R84

PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.

(601318)
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End-of-day quote Shanghai Stock Exchange  -  05-22
43.89 CNY   -0.95%
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Ping An Insurance sees first quarterly profit rise in a year

10/27/2020 | 04:42am EDT

* Q3 net profit up year on year

* Retail customers up 7% at end-Sept vs Jan

* Warns demand still weaker than before pandemic

BEIJING/SHANGHAI, Oct 27 (Reuters) - Ping An Insurance Group Co of China Ltd on Tuesday reported a 7.74% rise in net profit, its first quarterly profit increase in a year, as the country's largest insurer by market value attracted more retail customers.

Net profit rose to 34.4 billion yuan ($5.12 billion) in the three months to September 30 from 31.9 billion yuan a year earlier, Ping An said in a stock market filing in Hong Kong on Tuesday.

It reported 214 million retail customers as of the end of September, up 7% from January.

And in the first nine months of 2020, Ping An's life and health insurance business, its main profit driver, generated 75.45 million yuan in operating profit, up 9.2% year on year.

However, its nine-month net profit fell 20.9% as COVID-19 adversely affecting its long-term protection business.

"Domestic consumption demand was still recovering, large-scale offline events were still restricted in China, and offline face-to-face meetings had not increased to pre-epidemic levels yet," Ping An said.

In the short-term demand for insurance will "still be weaker than before the epidemic", it said.

Ping An Insurance Group is the controlling shareholder of Ping An Bank, which reported a 6.1% rise in third-quarter net profit.

In September it said it had become British bank HSBC Holdings' biggest shareholder, with an 8% stake.

The company's lending arm Lufax Holding Ltd, one of China's largest online wealth management platforms, this month filed to list in the United States, aiming to raise about $3 billion, Reuters reported.

Shanghai shares of Ping An have fallen 5.1% this year versus a 2.5% drop in the blue-chip China financials index.

The group has a market value of $212.3 billion as of Tuesday.

($1 = 6.7029 Chinese yuan renminbi) (Reporting by Cheng Leng and Zhang Yan in Beijing, Engen Tham in Shanghai; editing by Jason Neely)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
HSBC HOLDINGS PLC 3.19% 517 Delayed Quote.11.67%
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD. -0.95% 43.89 End-of-day quote.-12.93%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.24% 6.67711 Delayed Quote.5.35%
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Financials
Sales 2022 755 B 114 B 114 B
Net income 2022 118 B 17 813 M 17 813 M
Net Debt 2022 - - -
P/E ratio 2022 5,94x
Yield 2022 6,04%
Capitalization 769 B 116 B 116 B
Capi. / Sales 2022 1,02x
Capi. / Sales 2023 0,93x
Nbr of Employees 355 982
Free-Float 83,8%
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Mean consensus BUY
Number of Analysts 27
Last Close Price 40,41 CNY
Average target price 62,35 CNY
Spread / Average Target 54,3%
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Managers and Directors
Bo Yao Co-CEO, CFO, Executive Director & Chief Actuary
Sin Ying Tan Co-CEO, COO, Executive Director & Executive VP
Yong Lin Xie President, Co-CEO & Executive Director
Ming Zhe Ma Chairman
Jian Yi Sun Chairman-Supervisory Board