Accounting switch saps Ping An's investment yield

Chinese insurance giant Ping An's adoption of IFRS 9 accounting standards depressed investment income in 2018 and will inject more volatility into its portfolio returns going forward.

Ping An posted total investment income of 89.5 billion yuan ($13.3 billion) for 2018, down from 126.2 billion yuan the year prior. But almost all this year-on-year decrease was the result of the switch to IFRS 9. Under the previous accounting standard, IAS 39, the group's investment income would have been 126

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