Ping An announces results for the first quarter of 2008
Ping An Insurance (Group) Company of China, Ltd.
announces results for the first quarter of 2008
Reporting a 25.2% of growth in net profit to RMB4,957 million
Shanghai, Hong Kong, 29 April 2008 – Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or “the Group”, HKEX: 2318; SSE: 601318) today announced its unaudited results for the first quarter of the year ended 31 March 2008.
Ping An has maintained its growth momentum in the first quarter of 2008 underpinned by healthy results. Under International Financial Reporting Standards, Ping An posted net profit of RMB7,221 million for the reporting period, representing an increase of 22.9% over the corresponding period in 2007, with EPS reaching RMB0.97.
Under PRC Accounting Standards, the Group’s net profit recorded RMB4,957 million, an increase of 25.2% over the corresponding period in 2007. EPS was RMB0.66, an y-o-y increase of 11.9%. Total premium income increased by 35.1% reaching RMB35,802 million. Fully diluted returns on net assets was 5.2%.
Ping An is the first dual-listed financial institution on the Hong Kong and Shanghai stock markets that voluntarily publishes quarterly results under international accounting standards in Hong Kong.
Ping An continued to achieve accelerated growth in the insurance business. Its life insurance business achieved sustainable growth driven by effective implementation of the “Two-Tier Market Development” strategy aimed at achieving new record high performance. The property and casualty insurance business increased market share substantially growing 42.4% y-o-y with gross written premiums reaching RMB7,581 million.
In addition, the Group’s banking business, both corporate and retail, maintained healthy and steady growth, complemented by newly launched products namely: “You Ji Dai” and “Yin Dong Li - Corporate Cash Management”. The number of credit card in circulation with issuance population limiting to Shenzhen and Shanghai amounted to 420,000 in less than 12 months.
Ping An also formalized its acquisition of Fortis Investments, signifying a solid step forward in establishing a global investment platform. Meanwhile, total assets under management of the third party asset management business continued to increase, and non-capital market investment projects progressed as planned. Ping An Securities successfully launched its first asset pool management plan. The Trust business continued to increment in scale and quality.
Results Highlights
Key financial data under International Financial Reporting Standards (unaudited):
(in RMB million) As at March 31, As at December 31,
2008 2007
Total Assets 677,149 691,298
Total Liabilities 573,563 577,447
Total Equity 103,586 113,851
For the three months ended March 31,
(in RMB million) 2008 2007
Total income 35,585 33,478
Net profit 7,221 5,875
Basic earnings per share (in RMB) 0.97 0.87
Selected Major Accounting Items Under PRC Accounting Standards (unaudited):
As at Mar 31, 2008 As at Dec 31, 2007 Y-o-Y Change (%)
Total assets (RMB million) 633,436 651,104 (2.7)
Shareholder’s equity(1) (RMB million) 94,098 107,234 (12.2)
Net assets per share(1) (RMB) 12.81 14.60 (12.2)
Reporting period Year to date Y-o-Y Change(%)
Net profit(1) (RMB million) 4,860 4,860 26.2
Basic EPS (RMB) 0.66 0.66 11.9
Basic EPS based on net profit after deducting non-recurring items (RMB) 0.66 0.66 13.8
Diluted EPS (RMB) 0.66 0.66 11.9
Return on net assets（fully diluted）(1) (%) 5.2 5.2 Increase by 0.8
percentage points
Return on net assets after deducting non-recurring items（fully diluted）(1) (%) 5.2 5.2 Increase by 0.8
percentage points
(1) Based on the amount attributable to shareholders of the parent company.
announces results for the first quarter of 2008
Reporting a 25.2% of growth in net profit to RMB4,957 million
Shanghai, Hong Kong, 29 April 2008 – Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or “the Group”, HKEX: 2318; SSE: 601318) today announced its unaudited results for the first quarter of the year ended 31 March 2008.
Ping An has maintained its growth momentum in the first quarter of 2008 underpinned by healthy results. Under International Financial Reporting Standards, Ping An posted net profit of RMB7,221 million for the reporting period, representing an increase of 22.9% over the corresponding period in 2007, with EPS reaching RMB0.97.
Under PRC Accounting Standards, the Group’s net profit recorded RMB4,957 million, an increase of 25.2% over the corresponding period in 2007. EPS was RMB0.66, an y-o-y increase of 11.9%. Total premium income increased by 35.1% reaching RMB35,802 million. Fully diluted returns on net assets was 5.2%.
Ping An is the first dual-listed financial institution on the Hong Kong and Shanghai stock markets that voluntarily publishes quarterly results under international accounting standards in Hong Kong.
Ping An continued to achieve accelerated growth in the insurance business. Its life insurance business achieved sustainable growth driven by effective implementation of the “Two-Tier Market Development” strategy aimed at achieving new record high performance. The property and casualty insurance business increased market share substantially growing 42.4% y-o-y with gross written premiums reaching RMB7,581 million.
In addition, the Group’s banking business, both corporate and retail, maintained healthy and steady growth, complemented by newly launched products namely: “You Ji Dai” and “Yin Dong Li - Corporate Cash Management”. The number of credit card in circulation with issuance population limiting to Shenzhen and Shanghai amounted to 420,000 in less than 12 months.
Ping An also formalized its acquisition of Fortis Investments, signifying a solid step forward in establishing a global investment platform. Meanwhile, total assets under management of the third party asset management business continued to increase, and non-capital market investment projects progressed as planned. Ping An Securities successfully launched its first asset pool management plan. The Trust business continued to increment in scale and quality.
Results Highlights
Key financial data under International Financial Reporting Standards (unaudited):
(in RMB million) As at March 31, As at December 31,
2008 2007
Total Assets 677,149 691,298
Total Liabilities 573,563 577,447
Total Equity 103,586 113,851
For the three months ended March 31,
(in RMB million) 2008 2007
Total income 35,585 33,478
Net profit 7,221 5,875
Basic earnings per share (in RMB) 0.97 0.87
Selected Major Accounting Items Under PRC Accounting Standards (unaudited):
As at Mar 31, 2008 As at Dec 31, 2007 Y-o-Y Change (%)
Total assets (RMB million) 633,436 651,104 (2.7)
Shareholder’s equity(1) (RMB million) 94,098 107,234 (12.2)
Net assets per share(1) (RMB) 12.81 14.60 (12.2)
Reporting period Year to date Y-o-Y Change(%)
Net profit(1) (RMB million) 4,860 4,860 26.2
Basic EPS (RMB) 0.66 0.66 11.9
Basic EPS based on net profit after deducting non-recurring items (RMB) 0.66 0.66 13.8
Diluted EPS (RMB) 0.66 0.66 11.9
Return on net assets（fully diluted）(1) (%) 5.2 5.2 Increase by 0.8
percentage points
Return on net assets after deducting non-recurring items（fully diluted）(1) (%) 5.2 5.2 Increase by 0.8
percentage points
(1) Based on the amount attributable to shareholders of the parent company.
