Ping An Insurance, Asia’s second-largest insurer by market value, posted a 38% rise in annual net profit last year. Ping An's net profit grew 38 per cent last year as the country's middle class rushed to buy protection. Life insurance generated 35% of earnings and protecting homes and drivers a further 23%. The government has been trying to encourage more people to buy life insurance, but the industry is still dominated by state-owned enterprises. This trend looks set to continue as China’s growing middle class demands more protection insurance.
Ping An Insurance, Asia’s second-largest insurer by market value, posted a 38% rise in annual net profit last year. Life insurance generated 35% of earnings and protecting homes and drivers a further 23%. The government has been trying to encourage more people to buy life insurance, but the industry is still dominated by state-owned enterprises. This trend looks set to continue as China’s growing middle class demands more protection insurance.