Net Profit Rises Sharply At Ping An, Wealth Arm Flourishes

Tom Burroughes

29 October 2014

Asian financial group Ping An Insurance Company of China, which operates in wealth management as well as other sectors, said that in the first nine months of 2014, it logged net profit of RMB38.674 million ($6.32 million), up 31.3 per cent on a year ago.

Ping An Trust’s private wealth management business grew steadily, the group said in a statement yesterday. As at 30 September, the number of high net worth customers rose 33.6 per cent over the start of the year to over 29,000.

Assets held in trust reached RMB377.147 billion, up by 29.9 per cent over the start of the year. In particular, the percentage of collective trust was 72.5 per cent.

The assets entrusted and assets under investment management totaled RMB179.217 billion; at 30 September, the investment portfolio of insurance funds reached RMB1.37 trillion, up 11.2 per cent over the start of the year, it said.