The first quarterly report of A-share listed insurance companies was released. On April 22, Ping An Insurance (Group) Co., Ltd. of China (hereinafter referred to as “Ping An of China”) released a report for the first quarter of 2021 (hereinafter referred to as the “Quarterly Report”), showing that Ping An’s net profit attributable to its parent in the first quarter of this year was 27.223 billion yuan. , A year-on-year increase of 4.5%, of which the total revenue of technology business was 23.824 billion yuan, a year-on-year increase of 20.1%. Industry insiders believe that Ping An is now not only a comprehensive financial company, but also a technology-driven company. Now, deepening its technology strategy and exporting financial technology to the outside world has brought rapid growth in the technology business sector.
“Ping An’s technology strategy continues to deepen, and its technology business maintains rapid development.” The relevant person in charge said. It is reported that as of the end of March 2021, the company’s number of scientific and technological patent applications has increased by 1,100 from the beginning of the year, reaching a total of 32,500, ranking it among the top international financial institutions.
“Ping An of China was the first to implement digitalization in China’s insurance industry, and the investment was the largest, and the results were the best. In the past, the effect of technology investment was obvious, so the income of the technology sector has gradually increased substantially.” China Insurance and Insurance and Insurance Group of Wudaokou School of Finance, Tsinghua University Zhu Junsheng, research director of the Pension Research Center, spoke highly of Ping An’s technology sector and believed that this was a positive result of the company’s firm implementation of its digital transformation strategy over the past years.
At the same time, according to the first quarterly report, Ping An achieved operating profit of 39.120 billion yuan attributable to shareholders of the parent company, an increase of 8.9% year-on-year; annualized operating ROE (return on equity) reached 20.0%.
In terms of customer operating performance, the first quarterly report showed that as of the end of March this year, the number of Ping An’s personal customers exceeded 220 million, an increase of 1.0% from the beginning of the year; among them, the number of individual customers holding contracts with multiple subsidiaries was 84.57 million, accounting for 38.3. %. In the first quarter of 2021, the scale of group business comprehensive financial financing increased by 84.9% year-on-year.
Business value increased by 15.4% year-on-year to 18.980 billion yuan; operating profit increased steadily by 4.2% year-on-year to 25.580 billion yuan. At the same time, according to a quarterly report, Ping An’s life insurance reform project has entered the stage of comprehensive promotion and implementation. In this regard, Zhu Junsheng commented that it will take time for Ping An’s personal insurance reform strategy to pass down, and the reform effect is gradually showing.
In terms of property and casualty insurance business, in the first quarter of 2021, Ping An Property and Casualty’s comprehensive cost ratio was 95.2%, a year-on-year decrease of 1.3 percentage points; operating profit was 5.119 billion yuan, an increase of 15.2%; the “Ping An Good Car Owner” APP is the largest car in China Service APP, as of the end of March this year, the number of registered users exceeded 133 million, an increase of 5.1% from the beginning of the year.
Regarding the decline in the comprehensive cost rate of Ping An Property & Casualty Insurance, Zhu Junsheng analyzed that the company’s strong risk control management and good customer segmentation led to a decline in the comprehensive cost rate. Therefore, it still achieved better operating performance under the background of the comprehensive reform of auto insurance.
In terms of asset allocation of insurance fund investment portfolios, the first quarterly report shows that as of March 31, 2021, the scale of Ping An Insurance’s investment portfolio reached 3.78 trillion yuan, an increase of 1.1% from the beginning of the year. At the same time, the annualized net investment rate of return on the company’s insurance fund investment portfolio in the first quarter was 3.5%, and the annualized total investment rate of return was 3.1%.
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