China’s Ping An ins. reports Q1 Profit Drop of 42.7%
Friday, 04 24 2020, Category: Insurance and Reinsurance, Country: China
Ping An Insurance (Group) Co of China Ltd, on Thursday reported a 42.7% drop in first-quarter profit, its biggest fall in quarterly profits in more than eight years, as the coronavirus outbreak disrupted its businesses.
Ping An, the country’s largest insurer by market value, said net profit fell to 26.063 billion yuan ($3.68 billion) in the January-March quarter from 45.52 billion a year earlier.
This marks the biggest drop in its quarterly earnings since the third quarter in 2011 when it reported a 44% year-on-year fall in net profit, Reuters calculations showed.
The company said in statement on Thursday that the epidemic would hinder its offline business development, drag down investment income and increase credit risks in the short term.
China’s economy contracted for the first time on record in the first quarter as the virus shut down factories and shopping malls and put millions out of work.
Source: Insurance Journal