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August 23, 2018

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Ping An Insurance posts excellent H1

By Tracy Li | 00:01 UTC+8 August 23, 2018 | Print Edition

Ping An Insurance (Group) Company of China Ltd said yesterday that it has achieved profit and customer growth in the first half of 2018.

The insurer鈥檚 net profit in the first six months ending June 30 rose one-third to 64.7 billion yuan (US$9.45 billion), compared with a year ago, as it benefitted from its strategy of focusing on financial assets and health care, according to its latest interim report.

Its number of retail customers jumped by a quarter year on year to 179 million during the reporting period. Under an integrated financial business model of 鈥渙ne customer, multiple products and one-stop services,鈥 each customer held 2.39 contracts on average with the group, up by 4.8 percent annually.

From January to June, the group鈥檚 life and health insurance business earned net profit of 34.3 billion yuan, up 44.2 percent compared with the year prior, while the property and casualty subsidiary lifted its premium income by 14.9 percent annually on the back of improved service.

Ping An said that its financial technology and health technology business sector contributed to 7 percent of the group鈥檚 operating profit, up by 6.4 percentage points year on year.

As of the end of June, Ping An鈥檚 technology patent applications doubled from the start of this year to over 6,000, covering artificial technology-based cognition, blockchain and cloud computing. The company has applied the technologies to customer development, channel management and risk control.

The company claimed that in the coming decade, it will create new growth drivers by applying innovative technologies to traditional financial businesses as well as the five ecosystems, namely, financial services, health care, auto services, real estate services and smart city services.

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