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Ping An Insurance FY'17 net profit rises YOY

Ping An Insurance (Group) Co. of China Ltd. reported a year-over-year increase in net profit for the 2017 full year.

The insurer said consolidated profit attributable to owners for the year ended Dec. 31, 2017, jumped 42.8% year over year to 89.09 billion Chinese yuan from 62.39 billion yuan for the prior-year period. EPS rose to 4.99 yuan from 3.49 yuan.

The S&P Capital IQ consensus GAAP and normalized EPS estimates for the Hong Kong-listed shares were 4.26 yuan and 4.22 yuan, respectively, while the GAAP and normalized EPS estimates for the Shanghai-listed shares were 4.18 yuan and 4.16 yuan, respectively.

Gross written premiums surged to 605.04 billion yuan from 469.56 billion yuan. Net written premiums climbed to 587.62 billion yuan from 451.73 billion yuan. Net earned premiums increased to 572.99 billion yuan from 441.62 billion yuan.

Interest revenue from banking operations rose to 147.39 billion yuan from 131.08 billion yuan in 2016. Fees and commission revenue from noninsurance operations increased to 44.41 billion yuan from 39.86 billion yuan, the insurer said.

The group's gross claims and policyholders' benefits increased to 436.66 billion yuan from 334.50 billion yuan. Meanwhile, commission expenses on insurance operations climbed to 114.59 billion yuan from 78.75 billion yuan. As a result, the insurer's total expenses jumped to 839.83 billion yuan from 680.08 billion yuan.

The company also proposed a final dividend of 1 yuan per share, up from the prior-year final dividend of 55 fen per share. Together with an interim dividend of 50 fen per share, the total dividend for 2017 comes to 1.50 yuan per share, up from 75 fen per share in 2016.

As of March 19, US$1 was equivalent to 6.33 Chinese yuan.