Ping An Sees Robust Growth in Customer Acquisition Continue
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...
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