Ping An Profit Falls as Market Declines Hurt Investment Returns
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 23 2024
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Source: Bloomberg
- Profit Decline: The profit of a company dropped by 4.3% in the first quarter due to stock-market declines and falling bond yields affecting investment returns.
- Financial Figures: The company's profit fell to 36.7 billion yuan ($5 billion) in the first three months of the year, down from 38.4 billion yuan in the same period last year.
- Operating Profit: Operating profit, excluding one-time items and short-term investment volatility, decreased by 3%.
- Market Impact: China's stock market decline and lower bond yields have negatively impacted insurers' investment returns, affecting profitability despite increased customer interest in savings products.
- Outlook: Co-Chief Executive Officer expressed concerns about profitability after a 23% decrease in net income the previous year.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
