On April 22, Ping An Insurance released its Q1 performance, with a first-quarter net income attributable to shareholders of 27.2 billion yuan, a year-on-year increase of 4.5%; operating profit of 39.1 billion yuan, a year-on-year increase of 8.9%.
The most important information in this quarterly report focuses mainly on two points: the new business value rate and its growth rate, and the default incident of China Fortune Land Development.
Today, Ping An Insurance rose by 2.03%, indicating that the market generally recognizes and meets the expectations for this financial report.
Let's analyze this quarterly report in detail.
The life insurance and health insurance business is stabilizing and developing, and the new business value rebounds as scheduled.
In Q1 2021, China Ping An's first-year premium for the first quarter increased by 23.1% year-on-year. The year-on-year growth of the new business value of life insurance and health insurance was 15.4% to 18.98 billion, turning positive for the first time after experiencing 2020. The new business value growth rates for the four quarters of 2020 were:
The year-on-year decrease in the first quarter was 24%, in the half-year it was 24.4%, in the third quarter it was -33.5%, and for the whole year it was 34.7% down compared to the previous year.
The rebound in new business value may have three main factors:
1. The low base in the same period last year, the impact of the new crown pneumonia epidemic on new business last year, the company's traditional agent offline business expansion was hindered by macroeconomic factors, and other macroeconomic impacts. In the first quarter of this year, the resumption of business expansion led to the rebound of new business value.
2. The peak sales brought by the New Year business and the switch of defined benefit products between old and new in January. Benefiting from the increased promotion efforts of the New Year business and the switch of old and new critical illness insurance products...