Ping An Insurance (Group) Co. of China Ltd. reported a year-over-year increase in net profit for the 2018 full year and announced its first-ever share repurchase plan.
The company plans to spend between 5 billion Chinese yuan and 10 billion yuan on buybacks, which will be made using its own funds.
The insurer said net profit attributable to shareholders of the parent company jumped 20.6% year over year to 107.40 billion yuan from 89.08 billion yuan in 2017. EPS rose to 6.01 yuan from 4.99 yuan.
Gross written premiums rose to 719.56 billion yuan from 605.04 billion yuan, and net written premiums climbed to 700.14 billion yuan from 587.62 billion yuan. Net earned premiums increased to 677.70 billion yuan from 572.99 billion yuan.
Interest revenue from banking operations rose to 161.71 billion yuan from 147.39 billion yuan in 2017, while fees and commission revenue from noninsurance operations increased to 46.28 billion yuan from 44.41 billion yuan.
The group's gross claims and policyholders' benefits increased to 449.70 billion yuan from 436.66 billion yuan. Meanwhile, commission expenses on insurance operations climbed to 130.39 billion yuan from 114.59 billion yuan. As a result, the insurer's total expenses jumped to 919.00 billion yuan from 839.83 billion yuan.
As of March 11, US$1 was equivalent to 6.73 Chinese yuan.