Ping An Life Insurance Company of China Ltd released its 2022 Q3 financial report, showing a 6.3% year-on-year (YOY) decrease in net profits to RMB 76.46 billion (USD 10.59 billion). The decline was attributed to the short-term impact of pandemic disruptions and a volatile capital market. However, the company’s operational profits increased 3.8% YOY to RMB 123.288 billion (USD 17 billion), with the life insurance and health insurance business recording a 17.4% YOY growth in operational profit to RMB 86.48 billion (USD 11.98 billion).
Healthcare Strategy and Services
Ping An is advancing its medical and healthcare biosphere strategy, aiming to increase its investment in China’s healthcare segment and address service gaps in the public system. The company offers one-stop services covering health, chronic disease management, illness, and elderly care. As of the end of September, over 64% of its nearly 228 million individual clients have subscribed to these services. The initiative covers all top 100 hospitals and Class 3A hospitals in China. Additionally, Ping An has more than 50,000 in-house medical staff and contracted physicians, along with 211,000 cooperative pharmacies.
Future Outlook
Despite the challenges posed by the pandemic and market volatility, Ping An continues to expand its healthcare services, leveraging its extensive network and resources to enhance the quality and accessibility of healthcare in China.-Fineline Info & Tech
