Ping An Insurance Net Profit Surged on FVE Gains on Equity Investment
No-moat Ping An Insurance’s first-quarter results reported net profit growth surging 77% from the year-ago period. Though such growth exceeded our expectation, it was primarily attributable to the doubling of total investment return on a sharp increase in fair value gains from Ping An’s equity investments after its adoption of IFRS9. The strong stock market rally has translated to a CNY 34.2 billion fair value gain which represented nearly half of its total investment return in the first quarter...Ping An Insurance Group Company of China is an insurance company. Co. is engaged in the provision of financial products and services on insurance, banking and investment businesses. Co.'s business activities include investing in financial and insurance enterprises, supervising and managing various domestic and overseas businesses of subsidiaries, and investment deployment. Through its subsidiaries, Co. is also engaged in securities investment and brokerage activities; asset management; futures brokerage activities; property investment, management and leasing; operation of pharmacy; wholesale of medical equipment; and information technology services.
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