Asia Insurance News: Profit Drops as Pandemic Deals Blow to Business

Ping An Insurance (Group) Co., China’s biggest insurer by market esteem, said profit fell 24% cautioned that episodes of Covid in the world’s second-biggest economy pose a danger to near-term growth.

Overall income dropped to 20.7 billion yuan ($3.1 billion) in the three months ended March 31, from 27.2 billion yuan a year earlier, the Shenzhen-based organization said.

China’s monetary slowdown has dented consumer confidence, weighing on the business enterprise of the nation’s insurers just as lockdowns and rising cases of the virus hinder sales meetings. That increases challenges for Ping An as it seeks to boost the productivity of its life insurance agents and move on from a troubled property investment which destroyed 24.3 billion yuan in profit this past year.


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