Q: What is PING AN(02318) Earnings Summary?
**Bullish Points:**
1. Net profit attributable to shareholders increased by 47.8% year-on-year to RMB 126.607 billion.
2. Operating profit attributable to shareholders increased by 9.1% year-on-year to RMB 121.862 billion.
3. Revenue increased by 10.6% year-on-year to RMB 1,141.346 billion.
4. Total assets increased by 11.9% year-on-year to RMB 12,957.827 billion.
5. Comprehensive solvency adequacy ratio was 204.1%, and core solvency adequacy ratio was 165.2%, both significantly higher than regulatory requirements.
6. Proposed final dividend for 2024 is RMB 1.62 per share, with a total annual dividend of RMB 2.55 per share, up 5% year-on-year.
7. Life and health insurance business new business value increased by 28.8% year-on-year to RMB 285.34 billion.
8. Property insurance business net profit increased by 67.7% year-on-year to RMB 15.021 billion.
9. Investment income significantly increased to RMB 161,074 million from RMB 33,324 million in 2023.
10. Basic earnings per share (EPS) rose to RMB 7.16 in 2024 from RMB 4.84 in 2023.
11. Return on equity (ROE) improved due to higher net income and efficient capital utilization.
12. The company maintained a strong liquidity position, with cash and bank deposits increasing to RMB 1,018,027 million in 2024 from RMB 804,077 million in 2023.
**Bearish Points:**
1. Total liabilities increased by 12.5% year-on-year to RMB 11,653.115 billion.
2. Banking business net profit decreased by 4.2% year-on-year to RMB 44.508 billion.
3. Asset management business net loss reduced by 42.6% year-on-year to RMB 11.899 billion, indicating it is still in loss.
4. Financial empowerment business operating profit decreased to RMB 349 million.
5. Life and health insurance business operating ROE was 25.7%, down 4.5 percentage points year-on-year.
6. Operating costs totaled RMB 970,851 million, up from RMB 911,746 million in 2023.
7. Credit impairment losses amounted to RMB 85,582 million.
8. Non-performing loans (NPLs) remained under control, but there was a slight increase in restructured loans to RMB 40,638 million in 2024 from RMB 32,030 million in 2023.
**Summary:**
The financial report of PING AN (02318) for 2024 shows a strong performance with significant increases in net profit, revenue, and investment income. The company has maintained a robust capital position and improved its solvency ratios. The proposed dividend increase reflects its commitment to shareholder returns. However, there are areas of concern, including the increase in total liabilities, a decrease in banking business net profit, and ongoing losses in the asset management business. Additionally, the increase in operating costs and credit impairment losses are points to monitor. Overall, the company's financial health appears strong, but attention should be given to the highlighted challenges.
For more information, you can read the original text of PING AN's financial report.
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