Ping An and China Life expected to report improved profits for 2017
But analysts are awaiting further news on Ping An’s proposed spin offs of Lufax and Good Doctor
China’s top two insurance companies are expected to report significantly higher profit when they announce full-year results this week.
Ping An Insurance (Group), the country’s second largest insurer in terms of premium, is expected to report a 22 per cent profit increase for 2017 on Tuesday, even as it pushes ahead with fintech and spin-off plans of its Ping An Healthcare and Technology or Good Doctor, and online wealth management platform Lufax, according to brokers.
China Life Insurance, the nation’s largest insurer, is expected to post a 68 per cent jump in profit for 2017, according to analysts’ estimates.
China’s plan to combine its banking and insurance regulators – China Banking Regulatory Commission and China Insurance Regulatory Commission – will strengthen regulatory oversight and benefit Ping An and China Life, according to a Credit Suisse report.
Ping An Insurance is expected to report a net profit of 76.25 billion yuan (US$12 billion) for 2017, from 62.4 billion yuan a year earlier, according to a consensus of analysts’ estimates polled by Bloomberg.
