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China’s Ping An Insurance Reports 4.2% Drop in 2020 Profit

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China’s Ping An Insurance Reports 4.2% Drop in 2020 Profit

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BEIJING/SHANGHAI – Ping An Insurance Group Co. of China Ltd , China’s largest insurer by market value, reported a 4.2% drop in annual net profit on Wednesday but beat analysts’ forecasts.

Profit of 143.1 billion yuan ($22.16 billion) for the year ended December 31 was down from 149.4 billion, a statement filed to the Hong Kong stock exchange showed.

That topped the 133.5 billion average estimate by 24 analysts polled by Refinitiv.

($1 = 6.4568 Chinese yuan renminbi) (Reporting by Cheng Leng, Zhang Yan in Beijing and Engen Tham in Shanghai; editing by Himani Sarkar and Jason Neely)

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