Ping An Insurance Group saw its net profit for 2018 climb 20.6% to 107.4 billion yuan (US$16 billion), led by 11% growth in revenue to 1.08 trillion yuan.

According to a Hong Kong stock exchange filing, Ping An recorded 35.1% year-on-year growth in its life and health insurance business operating profit to 71.3 billion yuan. The value of new business increased 7.3% to 72.3 billion yuan, mainly driven by strong performance in the second half.

With strong operating profit growth, Ping An increased the yearly dividend per share for 2018 by 14.7% year-on-year to 1.72 yuan.

Ma Mingzhe, Ping An’s chairman and chief executive officer, said the company will continue to increase investment in technology, pursue “finance + ecosystem,” and enhance data-driven operations and smart risk management capabilities.