Blockchain Press Releases
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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Blockchain Press Releases
Bybit x Block Scholes Report: BTC Options Steady with Call-Put Parity, ETH Braces for Short-Term Volatility
DUBAI, UAE, Jan. 3, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has released its latest crypto derivatives analytics report in collaboration with Block Scholes. The report sheds light on key trends in open interest and market behavior during the significant year-end options expiration for Bitcoin (BTC) and Ethereum (ETH).
Key highlights:
Open Interest Solid Amid Year-End Options Expiration
Although open interest in BTC and ETH perpetual swaps has not returned to the early December 2024 highs, it remained stable during the critical year-end options expiration. This stability suggests that traders did not heavily rely on perpetual contracts to hedge the delta of expiring options, which contributed to the muted volatility observed during this period. Trading volumes dipped during the winter holiday season, aligning with a collapse in realized volatility, which reached its lowest levels of December.
BTC Option Curve Remains Steep During Call-Put Parity
Contrary to expectations, the expiration of December’s options did not spark a surge in volatility. Instead, realized volatility declined to the lower end of its recent range. The implied volatility term structure for BTC options remains steep, with longer-dated implied volatility hovering around 57% and 1-week at-the-money options trading approximately five points lower. Most of the expired open interest has not been reinvested, maintaining a neutral call-put balance. As a result, BTC’s options market shows limited leverage compared to its position at the beginning of December 2024, reflecting a cautious sentiment.
Huge ETH Option Expiring Doesn’t Cause Volatility
Despite the substantial expiration of ETH options in late December 2024, market dynamics remained stable. A spike in realized volatility during December failed to extend into the new year, with ETH’s spot price currently showing lower volatility compared to short-tenor implied volatility. Over the past week, the implied volatility term structure for ETH options has shifted, steepening briefly before flattening again, diverging from BTC’s consistently steep profile. This pattern suggests that ETH’s options market is bracing for potential short-term volatility in spot price movements.
Interestingly, despite the expiration, call options for ETH have gained momentum at the start of 2025, dominating the market and indicating an optimistic outlook among traders.
Access the Full Report:
Gain deeper insights and explore the potential impacts on your crypto trading strategies by downloading the full Bybit x Block Scholes Crypto Derivatives Analytics Report.
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About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
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Blockchain Press Releases
KuCoin Launches KuCoin Pay, a Merchant Solution Leading the Future of Crypto Payments
VICTORIA, Seychelles, Jan. 2, 2025 /PRNewswire/ — In a significant leap forward for digital commerce, KuCoin has unveiled KuCoin Pay, a pioneering merchant solution designed to catalyze business growth by integrating crypto payments into the retail sector. This innovative system bridges the gap between traditional retail and crypto, offering contactless and borderless transactions. Leveraging KuCoin’s robust infrastructure—trusted globally and serving over 37 million+ users – KuCoin Pay is poised to open new opportunities for merchants and users to thrive in the evolving digital economy.
KuCoin Pay is committed to reducing transaction fees and facilitating immediate settlement of crypto payments, simplifying the process for businesses to manage transactions efficiently. The platform supports an extensive range of cryptocurrencies and blockchain networks, significantly broadening the global reach of payments.
The process for merchants is straightforward: integrate KuCoin Pay into their payment systems, allowing customers to complete purchases through KuCoin by scanning a QR code or via the KuCoin app. This integration ensures a frictionless checkout experience, fostering greater consumer confidence and satisfaction.
Additionally, KuCoin Pay is integrated within the KuCoin app, enabling businesses to tap into KuCoin’s extensive user base while simplifying the buying process for everyday items for users. Daily requests such as gift cards and mobile top-ups can be done seamlessly, further promoting widespread crypto adoption.
KuCoin Pay represents a major milestone in driving the mainstream adoption of crypto and marks a pivotal step in KuCoin’s ongoing commitment to enriching the blockchain ecosystem. For more information on KuCoin Pay and how it can transform your business, please visit the KuCoin Pay website.
About KuCoin
Founded in 2017, KuCoin is one of the pioneering and most globally recognized technology platforms supporting digital economies, built on a robust foundation of cutting-edge blockchain infrastructure, liquidity solutions, and an exceptional user experience. With a connected user base exceeding 37 million worldwide, KuCoin offers comprehensive digital asset solutions across wallets, trading, wealth management, payments, research, ventures, and AI-powered bots. KuCoin has garnered accolades such as “Best Crypto Apps & Exchanges” by Forbes and has been recognized among the “Top 50 Global Unicorns” by Hurun in 2024. These recognitions reflect its commitment to user-centric principles and core values, which include integrity, accountability, collaboration, and a relentless pursuit of excellence.
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Blockchain Press Releases
KuCoin Advances the “Menstrual Equity Project”, Benefiting 4,000 Women in the Bahamas
NASSAU, Bahamas, Jan. 2, 2025 /PRNewswire/ — On December 31, 2024, the “Menstrual Equity Project” , jointly initiated by KuCoin, Global CSR Foundation, and the American Medical Women’s Association (AMWA), has made new progress. The second batch of aid supplies has been successfully shipped to the Bahamas, providing urgently needed sanitary products for 4,000 local women and effectively improving their quality of life.
The “Menstrual Equity Project” aims to offer sustainable menstrual hygiene solutions to marginalized women and girls, aligning with the United Nations’ Sustainable Development Goals (SDGs). As the oldest multi-specialty medical organization promoting women’s advancement in the medical field and improving women’s health, AMWA’s mission is in perfect alignment with KuCoin’s commitment to social responsibility.
With the support of the Office of the First Lady of Commonwealth of Bahamas H. E. Ann Marie Davis, this round of donated materials focuses on disposable menstrual pads. This decision reflects the local challenges of water scarcity and high washing costs, while also providing essential emergency supplies for women during natural disasters such as hurricanes and typhoons.
Since KuCoin made a firm commitment to social welfare initiatives during the “KuCoin Green Future Gala” at the 28th United Nations Climate Change Conference (COP28) in 2023, the company has actively fulfilled its corporate social responsibilities. The “Menstrual Equity Project” has become a key initiative under this commitment.
In March 2024, the project’s first phase was implemented, distributing 1,000 menstrual kits—each containing 10 sanitary pads and 2 menstrual cups—to Suriname, St. Jude Children’s Research Hospital, and domestic violence shelters in New York and California.
The smooth delivery of the second batch of supplies to the Bahamas will benefit 4,000 women.
Jing Zhao Cesarone，President of Global CSR Foundation, commented:”KuCoin has set a remarkable example in addressing period poverty in underserved regions, demonstrating its enthusiasm and dedication to social responsibility.”
Nancy Cheung, KuCoin’s Chief Sustainability Officer (CSO), emphasized:”As a global leader in the digital economy, KuCoin is committed to advancing the UN’s Sustainable Development Goals (SDGs). Looking ahead, we will continue to focus on key areas such as climate change, health, and education, driving more philanthropic initiatives to fruition. We also plan to expand the scope of the ‘Menstrual Equity Project,’ collaborating with more international organizations to improve women’s living conditions and contribute to global sustainable development.”
About KuCoin
Founded in 2017, KuCoin is one of the pioneering and most globally recognized technology platforms supporting digital economies, built on a robust foundation of cutting-edge blockchain infrastructure, liquidity solutions, and an exceptional user experience. With a connected user base exceeding 37 million worldwide, KuCoin offers comprehensive digital asset solutions across wallets, trading, wealth management, payments, research, ventures, and AI-powered bots. KuCoin has garnered accolades such as “Best Crypto Apps & Exchanges” by Forbes and has been recognized among the “Top 50 Global Unicorns” by Hurun in 2024. These recognitions reflect its commitment to user-centric principles and core values, which include integrity, accountability, collaboration, and a relentless pursuit of excellence.
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