Fintech PR
Ping An Announced IFRS 17 Update and Financial Information under IFRS 17 for 2022
HONG KONG and SHANGHAI, July 19, 2023 /PRNewswire/ — Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or the “Group”, HKEx:2318; SSE:601318) has released the IFRS 17 update, and provided an explanation of the major changes and the impact under the implementation of IFRS 17. It also disclosed financial information for 2022 under IFRS 17. Ping An announced its first quarterly results under IFRS 17 on April 26, and was one of the first insurers in Mainland China to adopt IFRS 17.
Ping An said that its adoption of IFRS 17 will not change its business nature and business strategy. Its product strategy and solvency position will not be impacted, and there will not be any material change in the management of asset-liability matching. According to the data in the announcement, the impact of the transition on the total assets, total liabilities and net assets are around 1%, thus achieving a smooth transition. Profit indicators of Ping An have increased at different levels. Operating profit of the Group, life and health (L&H) insurance business and property and casualty (P&C) insurance business have increased 3%, 2% and 14%, respectively. Net profit increased 33%, 54% and 14%, respectively. Due to the changes in measurement methods under IFRS 17, the Group’s 2022 revenue based on IFRS has dropped by approximately 19%.
To facilitate investors and the general public to better understand the impact of IFRS 17 on key financial indicators, the Company will continue to disclose the following important financial indicators, including: return on equity (ROE), contractual service margin (CSM, similar to “residual margin” under IFRS 4), new business contractual service margin (NBCSM, similar to “contribution from new business” under IFRS 4), calculation of new business CSM margin (under IFRS 17, new business CSM margin = new business CSM/present value of expected premiums), embedded value (EV) and new business value (NBV).
According to the announcement, under IFRS 17, the insurance contract revenue of L&H is impacted by the exclusion of investment component as well as revenue being recognized over the coverage period. This has led to a significant decrease in revenue from long term life insurance contracts, whereas premium income as a business scale indicator will not be impacted. Under IFRS 17, there will be changes to the timing of profit and loss recognition of Ping An’s L&H business, but there will be no change to the operating components that drive business growth. The L&H business will continue to use a value-based performance appraisal system, focusing on indicators including profit, new business value, investment and operation quality. According to the announcement, the core and stable source of profit of L&H business is adjusted from release of residual margin under IFRS 4 to release of CSM under IFRS 17.
The announcement also shows that the P&C business is relatively less impacted by the transition. Generally, P&C business is still subject to the premium allocation approach (PAA) under IFRS 17 and combined operating ratio (COR) is still a key profitability metric.
On 24 December 2020, China’s Ministry of Finance announced the adoption of IFRS 17. It mainly impacts insurance revenue recognition and insurance contract liability measurement. That includes adjusting the recognition principle for insurance revenue and insurance service expenses, revising measurement models for insurance contract liabilities, revising measurement of deferred profit liability, revising the method for determining the discount rate of insurance contract liabilities, and optimizing the accounting match between assets and liabilities. According to the requirements of IFRS 17, companies listed in both domestic and overseas markets are required to adopt IFRS 17 from 2023, while other companies are required to make the transition by 2026 the latest.
To ensure a systematic, comprehensive and accurate adoption of IFRS 17 during the transition process, Ping An requires more time to observe and conduct analysis. The Group will conduct regular monitoring, solicit market feedback, optimize disclosure, and enhance data-driven capability by leveraging the Company’s whole process digital operation system. In the future, Ping An will continue to uphold its people-centered philosophy and its customer needs-orientation for high-quality sustainable growth. It will continue to upgrade its insurance product portfolio, implement corporate governance in line with international standards, maintain solvency margin, and ensure long-term stable management of investment income and assets and liabilities to create value for customers, shareholders, employees and society.
For more information, please visit www.group.pingan.com and follow us on LinkedIn – PING AN.
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DUBAI, UAE, Nov. 15, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, opens up the November arena for the Bybit Crypto Titans trading competition. Available for users in select regions, a prize pool of 55,000 USDT will be available for a limited time only.
From now to Nov. 30, eligible traders can level up their trading strategies and amplify their winning chances by inviting friends to share two prize pools in two simple steps: register for the event at the Grand Arena, and invite friends and trade.
Battlefields: Once in the Arena, users can pick their battlefields. Up to 30,000 USDT are up for grabs in the Team Battlefield ranked by total trading volume, while another 15,000 USDT is reserved for traders in the Solo Battlefield competing by PnL(%).
More perks: Additionally, top traders and leaders will receive extra perks. Participants will receive a bonus 5 USDT for every new qualified referee, and the first 50 Team Leaders whose team exceeds a threshold amount in trading volume will be entitled to a 100 USDT bonus.
“As trading volumes overall are climbing, we are seeing so many talented traders in our community with a knack for navigating fast-moving markets. This event gives some of them an incentive to share their passion with their friends, and there is room for rewards for the solo trading pros to shine as well,” said Joan Han, Sales and Marketing Director of Bybit.
Market sentiment and activities have been trending up in recent weeks globally, and the enthusiasm is shared among users in niche markets. While traders rush to capture opportunities in a heated market, the Crypto Titans competition encourages users to bring out the best trading game and hone their trading skills for healthier returns.
Find out more about Bybit’s Crypto Titans: November Showdown, terms and conditions apply.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
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Fintech PR
Healthcare leaders gather at House of Commons to discuss productivity-boosting tech with MyStaff app
LONDON, Nov. 15, 2024 /PRNewswire/ — Healthcare leaders from 16 NHS trusts gathered at the House of Commons this week to see how Mid and South Essex NHS Foundation Trust is using a groundbreaking new app that transforms staff access to information vital to their patients’ care.
The MyStaff app uses AI and automation to simplify the management of critical policies and procedures, reducing the time staff spend searching for information from almost 10 minutes to under 30 seconds. Over 12,000 of the Trust’s staff have signed up, and around 1,000 are using the app daily.
With £2bn pledged to help digitise the NHS and bring down waiting lists, such time-saving tech is high on healthcare’s agenda. Trust Chief Executive Matthew Hopkins introduced the session, which was hosted by David Burton-Sampson, MP for Southend West and Leigh, and saw technology strategists and users share their experiences of digitising vital healthcare operations.
Matthew said: “Our Trust is working to make the best use of digital technologies wherever this can help staff to provide the best possible care to our patients. MyStaff app is a versatile and easy-to-use tool that improves our governance processes and makes it easy for staff to access the vital clinical information they need when treating patients.”
The Trust developed MyStaff app with digital innovators Diligram, who have created a digital governance solution that helps ensure staff use the latest policies and guidance when delivering patient care. Document compliance rates have grown from 60% to 98%, whilst projections indicate the app could release 55,000 hours’ worth of staff capacity over 3 years, worth almost £4m in staff costs and giving staff more time on patient-facing care.
Diligram CEO Leslie Golding said: “We have worked closely with the Trust on developing groundbreaking technology that supports our healthcare heroes by simplifying access to essential information. We’re proud to be part of this brilliant example of positive digital change.”
Editor’s notes
- Contact: Rob Benson, 07815098560, [email protected]
- Further images, interviews, site visits available
About MyStaff app
The MyStaff app from digital transformation company Diligram is time-saving tech that offers a mobile-first digital corporate governance solution for healthcare providers.
Web: mystaffapp.io
About Mid and South Essex NHS Foundation Trust
MSE is one of the largest Trusts in the country, serving around 1.2million people. Our values are about delivering excellent, compassionate and respectful care.
Web: mse.nhs.uk
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BEIJING, Nov. 15, 2024 /PRNewswire/ — On November 14, 2024, ThunderSoft (Stock Code: 300496), a world leading OS and intelligent device products and technology provider, and HERE Technologies, the leading location data and technology platform, announced a strategic partnership to enhance collaboration in intelligent navigation and high-definition maps. The collaboration aims to support the efficient development of navigation systems, contributing to a more connected and intelligent mobility ecosystem.
The agreement will see both companies maximize their technical strengths and platform resources for comprehensive, multifaceted cooperation. ThunderSoft’s Aqua Drive OS will integrate HERE location data and services, including HERE SDK, HD Map and autonomous driving solutions. These AI-powered elements, create a foundation for developers worldwide to build intelligent system platforms. Additionally, the partnership will deliver tailored intelligent navigation solutions for international markets, addressing the diverse requirements of automotive manufacturers and consumers.
The companies will also collaborate to develop immersive and interactive 3D high-definition mapping solutions by combining HERE’s map data with ThunderSoft’s Kanzi Map engine, establishing a new benchmark in intelligent driving and navigation.
Deon Newman, Senior Vice President and General Manager of HERE Technologies said, “This strategic partnership with ThunderSoft represents a transformative step in delivering on the potential of AI and software-defined vehicles. By uniting our best-in-class location technology with ThunderSoft’s advanced system capabilities, we will together deliver greater insight and intelligence to every journey, empowering our clients to create richer, more personalized experiences for their customers worldwide.”
Hengshang Chang, Executive President and President of SmartVehicle Business Group of ThunderSoft, highlighted the strategic importance of the collaboration, “Our collaboration with HERE holds immense significance. By integrating HERE’s map data and location platform capabilities with ThunderSoft’s pioneering vehicle OS technology, we aim to develop more competitive, globally-oriented intelligent navigation systems for the automotive industry, enabling automakers to achieve accelerated growth.”
About HERE Technologies
HERE has been a pioneer in mapping and location technology for almost 40 years. Today, HERE’s location platform is recognized as the most complete in the industry, powering location-based products, services and custom maps for organizations and enterprises across the globe. Find out how HERE is moving the world forward at here.com.
About ThunderSoft
ThunderSoft, a well-known intelligent operating system products and technologies provider, has been continuously accumulating and innovating in the operating system field, with its business expanding gradually from smart phone to smart vehicle, AIOT and smart industries. Website: https://en.thundersoft.com
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