China’s largest insurer by market value, Ping An Insurance (Group) Co., Ltd. (601318.SS), reported a net profit increase of 48.9% for the first quarter as its investment income increased.
According to a filing, the company’s profit for the January-March quarter increased to 38.4 billion yuan ($5.55 billion).
“The domestic economy continued to recover during the first three months of 2023, with household consumption picking up steadily,” the company stated in its filing.
“Global capital markets remained volatile within a complex international environment,” the report stated.
The group’s gross written premiums increased 2.1% year-over-year to 133.1 billion yuan, while the number of retail consumers increased 0.9% to 228.6 million.
According to the filing, the company recorded investment income of 29.7 billion yuan in the first quarter of this year, compared to a loss of 26.1 billion yuan in the same period last year.
The insurer is HSBC’s (HSBA.L) greatest shareholder. Since November of last year, when Ping An urged the bank to spin off its lucrative Asia business in order to increase shareholder returns, the two companies have been engaged in a public dispute.
The dispute has escalated in recent weeks preceding the annual shareholder meeting of HSBC on May 5.
($1 = 6.9242 Chinese yuan renminbi)
