Ping An Profit Beats Estimates in Recovery From Pandemic
Net income decline smaller than expected on investment gains
Operating profit growth slows to 4.9% as revenue dragged down
Ping An Insurance (Group) Co. reported profit that beat analyst estimates as China’s largest insurer by market value recovers from the effects of the pandemic and stock market rallies boost investment returns.
Net income for 2020 fell 4% to 143 billion yuan ($22 billion), the company said in a statement Wednesday. That beat the 132 billion yuan average estimate of 23 analysts surveyed by Bloomberg.