Ping An Insurance Group Co of China Ltd <601318.SS, the country's largest insurer, on Friday reported its biggest annual profit fall since 2008 as the country's property market soured, but said it expected such investment losses to ease in future.
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Ping An said net profit fell 29per cent to 101.6 billion yuan ($16 billion）in 2021, down from 143.1 billion yuan the previous year, as it recorded impairment losses totalling 43.2 billion yuan linked to investments in troubled China Fortune Land Development.
The insurance group has been shaken in recent quarters by growing concerns about its investments in the highly indebted property sector, which has been hit by a string of developer defaults, credit rating downgrades and slump in shares and bonds.
"I think we've taken very conservative estimates of the impairment so I don't expect this to materially impact us going forward," Jessica Tan, the group's co-CEO told Reuters on Friday.
Tan added the company monitors on "continuous and forward-looking basis" its real estate exposure, and "so far has not come across any significant alerts" that would prompt further write-offs in China Fortune or other real estate investments.
Ping An's property investments, as of end December, stood at 216 billion yuan, or 5.5per cent of its total insurance investment assets.
