＜Results＞PING AN (02318.HK) 1Q Net Profit RMB36.7B, Down 4.3% YoY

　　PING AN (02318.HK) +0.950 (+2.964%) Short selling $237.39M; Ratio 12.329% announced the first quarter results ended March 2024. The turnover declined 2% year on year to RMB275.893 billion under the IFRS 17 - Insurance Contracts. The net profit amounted to RMB36.709 billion, down 4.3%. EPS was RMB2.07.

　　Life & Health achieved new business value (NBV) of RMB12.89 billion in the first three months of 2024, up 20.7% year on year. NBV per agent increased 56.4% year on year. Ping An Property and Casualty (Ping An P&C) posted insurance revenue rise of 5.7% year on year to RMB80.627 billion in the first three months of 2024.

　　Related NewsNomura Trims PING AN (02318.HK) TP to $54.12, Estimates 1Q NBV Growth Strong but OPAT Weak

　　For banking business, Ping An Bank (000001.SZ) +0.040 (+0.381%) tracked net profit growth of 2.3% year on year to RMB14.932 billion in the first three months of 2024. Core tier 1 capital adequacy ratio rose to 9.59% and provision coverage ratio was 261.66% as of March 31, 2024.

　　Retail customers increased 1% year to date to nearly 234 million and contracts per customer reached 2.94 as of March 31, 2024.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-04-23 16:25.) (A Shares quote is delayed for at least 15 mins.)