Ping An Earnings: Chinese Insurer Beats Expectations for New Business Value

Ping An Insurance reported first-quarter total revenue and net profit rose 31% and 49% year on year, respectively, as it adopted IFRS 17. Its H shares surged 9% on April 27 following the results, boosted by optimism for the outlooks after new business value, or NBV, grew 8.8% year on year, the first positive growth in NBV since 2020. If we exclude the impact of changes in actuarial assumptions, adjusted NBV growth would have been 21% year on year, stronger still.