Annual net profit at Ping An Insurance Group rose 38% to RMB54.2 billion (US$8.311 billion), South China Morning Post reported, citing the firm’s annual earnings report. The new business value of life insurance sold by the company rose 40.4% to RMB30.84 billion, with new customers up 30 million for an overall individual customer base of 109 million. Premiums on Ping An’s life insurance business totaled almost RMB300 billion, while premium income for its property and casualty business reached RMB160 billion, for a total investment yield of 7.8%. Although returns were in line with investor expectations, net profit growth fell short of the previous year’s 39.5%.
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