Ping An Insurance, the country’s largest insurer by market value, announced Tuesday a 20.5% jump in net profit in 2018 on the back of strong performance of its life and health insurance units.
Net profits of the financial conglomerate, which also runs banking, securities, asset management and healthcare businesses, rose to 120.5 billion ($18.8 billion) yuan last year, up from 100.0 billion yuan in 2017, and 72.4 billion yuan in 2016.
Its overall insurance business, the largest profit contributor of the group, recorded a net profit of 71.0 billion yuan, up 43.5% from 2017. Its life and health insurance units generated 58.8 billion yuan in net profit, an annual increase of 62.6%, on strong growth of premium income.
Ping An is listed in Shanghai and Hong Kong.