Ping An has announced its Q3 2022 results, saying that it saw a growth in operating profit of 3.8% during the period.
The firm said that global capital markets remained volatile in a complex, challenging international environment in the third quarter of 2022.
Domestic economic growth faced three headwinds, namely declining demand, supply chain disruption, and weakening confidence amid sporadic COVID-19 outbreaks.
Household consumption recovery still faced many challenges, which continued to have an impact on its long-term protection insurance business.
The firm said it had delivered a 19.9% annualized operating ROE, with operating profit attributable to shareholders of the parent company rising 3.8% year on year to RMB123,288m in the first nine months of 2022.
Net profit attributable to shareholders of the parent company decreased 6.3% year on year to RMB76,463m.
In addition, the board of directors held a meeting on 26 October and resolved to appoint Zhang Zhichun as the chief financial officer of the group. The appointment shall become effective upon the China Banking and Insurance Regulatory Commission’s approval.
Yao Jason Bo will cease to be the chief financial officer of the group and will continue to serve as the executive director, co-chief executive officer, and executive vice president of the group.
According to the announcement, Zhang joined Ping An in 1998 and served as head of finance, planning, and investment for Ping An P&C.
The firm also said that China’s life insurance sector faced many internal and external challenges due to domestic sporadic COVID-19 outbreaks and complex, changing economic circumstances in the first nine months of 2022.