Mar. 16, 2012 (China Knowledge) - Ping An Insurance (Group) Co<601318
>, China's second-largest insurer by premium income, said yesterday that its net profit rose 12.5% year on year to RMB 19.48 billion last year, driven by increases in revenues from banking and insurance businesses.
Basic earnings per share were RMB 2.5 last year, up 8.7% year on year. The group proposed a final dividend of RMB 0.25 per share, bringing its total dividend for 2011 to RMB 0.4 per share.
The group's life insurance unit, Ping An Life Insurance Co Ltd, generated net profit of RMB 9.97 billion last year, 18.5% more than in the previous year. Ping An Life, with premium income of RMB 187.26 billion in 2011, saw its share in the life insurance market rise 1.3 percentage points to 16.4% in the year, ranking second nationwide.
Ping An Property & Casualty Insurance Co booked a net profit of RMB 4.98 billion, up 28.8% year on year. The property insurance unit realized RMB 83.71 billion in premium income last year, 33.9% more than in the previous year, and maintained its position as the country's second-largest property insurer with its market share increasing by 2.0 percentage points to 17.4% in 2011.
As for banking business, the group saw net profit from the segment soar 176.8% year on year to RMB 7.98 billion, of which RMB 5.62 billion was from Shenzhen Development Bank<000001
> and RMB 2.36 billion from Ping An Bank.
Ping An Insurance's operating revenue jumped 31.4% year on year to RMB 248.92 billion last year.
At the end of last year, the group's total assets had increased 95.1% from a year earlier to nearly RMB 2.29 trillion.
Bigger rival China Life Insurance Co Ltd<601628
> said earlier that it expects its net profit to fall between 40% and 50% year on year in 2011.