A worker at the closed seafood market in Wuhan, Hubei province, China, linked to the outbreak of the new coronavirus. Picture: REUTERS/DARLEY SHEN
This marks the biggest drop in its quarterly earnings since the third quarter in 2011 when it reported a 44% year-on-year fall in net profit, Reuters calculations showed. Ping An’s insurance sales have been hit by the impact of the coronavirus, which was first detected in the Chinese city of Wuhan at the end of 2019. As China has been restricting people from travelling since January to contain the spread of the virus, insurance sales agents have not been able to visit customers to discuss policies and get them signed.
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