Growth lifts profit at Ping An 28% in H1
Source: Xinhua |
August 25, 2010, Wednesday
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Print Edition
Print Edition
PING An Insurance (Group) Co, one of China's major insurance companies, yesterday said its net profit rose 27.9 percent year on year during the first half of 2010.
Its net income was 9.87 billion yuan (US$1.46 billion) in the first six months, driven by strong growth in its insurance and banking businesses, it said in a statement delivered to the Shanghai Stock Exchange.
The company's first-half revenue was 93.8 billion yuan, up 28 percent from a year earlier, according to the statement.
Further, earnings per share stood at 1.30 yuan, up 27.5 percent year on year, it said.
The insurer attributed its profit growth to a sharp increase in its life insurance business and its investment in Shenzhen Development Bank.
Ping An's individual life insurance business expanded 52.1 percent year on year.
Additionally, profits from its banking unit increased to 1.1 billion yuan from 577 million yuan a year earlier, following its purchase of a 30 percent stake in Shenzhen Development Bank.
Its net income was 9.87 billion yuan (US$1.46 billion) in the first six months, driven by strong growth in its insurance and banking businesses, it said in a statement delivered to the Shanghai Stock Exchange.
The company's first-half revenue was 93.8 billion yuan, up 28 percent from a year earlier, according to the statement.
Further, earnings per share stood at 1.30 yuan, up 27.5 percent year on year, it said.
The insurer attributed its profit growth to a sharp increase in its life insurance business and its investment in Shenzhen Development Bank.
Ping An's individual life insurance business expanded 52.1 percent year on year.
Additionally, profits from its banking unit increased to 1.1 billion yuan from 577 million yuan a year earlier, following its purchase of a 30 percent stake in Shenzhen Development Bank.
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