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July 18, 2019

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Insurance giants listed in HK report solid income

By Tracy Li | 00:05 UTC+8 July 18, 2019 | Print Edition

Ping An, China Pacific Insurance and China Taiping Insurance Holdings posted solid gross premium income growth in the first half of 2019, according to their filings to the Hong Kong Stock Exchange.

Four subsidiaries of Ping An earned an accumulated premium income of 446 billion yuan (US$64.5 billion) from January to June, with year-on-year growth of 9.37 percent.

And around 70 percent of that came from life and health insurance, a report from the Shenzhen-based financial conglomerate showed.

Of this, Ping An Life Insurance contributed 299 billion yuan, up around 9 percent compared with a year ago.

Ping An’s annuity and health insurance arm recorded premiums of 13.8 billion yuan and 3.04 billion yuan, respectively.

Premiums of Ping An Property & Casualty reached 130.4 billion yuan in the first six months, up 9.75 percent, with 70 percent of that from automobile insurance.

Non-auto insurance as well as accident and health insurance earned 31.9 billion yuan and 6.2 billion yuan, respectively.

China Pacific Life Insurance and China Pacific Property Insurance, two subsidiaries of Shanghai’s CPIC, saw their premiums up 6.5 percent and 12.3 percent, respectively, to hit 138 billion yuan and 68.5 billion yuan.

In the first half, both life and property and casualty businesses of China Taiping Insurance posted premiums rising a respective 11.3 percent and 9.5 percent to stand at 90.5 billion yuan and 13.6 billion yuan.

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