Ping An's 1Q Hit by Tighter Regulatory Rules and Implementation of IFRS 9
With 11.5% year-on-year net profit growth, no-moat Ping An Insurance’s first-quarter results were hit by two negatives: lower investment income and a decline in new business value. These were largely attributable to external impacts, including its first implementation of IFRS 9. The latter was also affected by the regulator’s rule to prohibit providing cash survival benefits within the first five years and the use of universal or unit-linked products as a supplement. Without the impact of IFRS 9...
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