(Yicai) March 20 -- Ping An Insurance's shares fell despite the Chinese insurer reporting a 48 percent profit increase for last year, thanks in part to robust growth at its property insurance business.

Ping An Insurance [SHA: 601318] closed 2.9 percent lower at CNY52.49 (USD7.26) a share in Shanghai today, while its Hong Kong-listed stock [HKG: 2318] sank 5 percent to end at HKD49.30 (USD6.34).

Net profit was CNY126.6 billion (USD17.5 billion) in the 12 months ended Dec. 31, according to the financial report Shanghai-based firm released late yesterday. Revenue jumped 13 percent to CNY1.03 trillion (USD142.4 billion), surpassing CNY1 trillion for the first time in two years.

Profit from life and health insurance fell 2 percent to CNY97 billion (USD13.4 billion), while that from property insurance soared 68 percent to CNY15 billion. Banking operations’ earnings fell 4 percent to CNY25.8 billion, while the loss at the firm’s asset management business narrowed 43 percent to CNY11.9 billion.

Ping An’s insurance funds investment portfolio gained 21 percent to more than CNY5.73 trillion from in the 12-month period, while it also achieved an overall investment return of 5.8 percent, up from 3.6 percent the previous year.

Ping An continues developing its healthcare and elderly care business as new growth drivers, having allied with over 36,000 hospitals, 104,000 health management institutions, and 235,000 pharmacies as of the end of last year, it pointed out.

Its online healthcare platform operator, Ping An Healthcare and Technology, also known as Ping An Good Doctor, swung into the black for the first time last year, with a net profit of CNY81 million (USD11.2 million). Its revenue climbed 3 percent to CNY4.8 billion.

Ping An also announced yesterday a CNY1.62 (20 US cents) per share year-end dividend, totaling CNY29.3 billion. Including interim dividends, the combined pay out for the fiscal year 2024 rose 5 percent from the prior year to CNY46.2 billion.

Editors: Dou Shicong, Martin Kadiev