Net income climbed to 74.6 billion yuan (S$13.6 billion) in the six months ended June 30, from 69.8 billion yuan a year earlier
Ping An Insurance (Group) said profit rose nearly 7 per cent in the first half, after a stock-market recovery helped bolster investment returns at China’s second-largest insurer by market value.
Net income climbed to 74.6 billion yuan (S$13.6 billion) in the six months ended June 30, from 69.8 billion yuan a year earlier, the Shenzhen-based company said in a filing to the Hong Kong stock exchange on Thursday (Aug 22). That reversed from a 4.3 per cent profit decline in the first quarter.
Operating profit, which the insurer says better reflects performance by stripping out short-term investment volatility and one-time items, dropped 0.6 per cent.
China’s CSI 300 Index eked out a 0.9 per cent gain in the first half after recovering from a meltdown early in the year, underpinning the performance of insurers’ equity holdings.
Ping An’s new business value benefited from improved margins of life policies as bancassurance fees tightened, and it sold more protection-type products, Bloomberg Intelligence said before the results were released. BLOOMBERG
