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August 19, 2016

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Home » Business » Finance

Insurer sees 18% rise in H1 profit

By Leng Cheng | August 19, 2016, Friday | Print Edition

PING An Insurance Group Co of China, the country’s second-largest insurer, said first-half profit jumped 17.7 percent as premiums and banking revenue grew.

The insurer’s net earnings rose to 40.8 billion yuan (US$6 billion) through the six months ended June 30, the Shenzhen-based firm said in a statement filed to the Shanghai Stock Exchange.

Its listed shares in Shanghai rose 1.35 percent to 34.43 yuan yesterday.

“The key driver was largely contributed by a 6.1 percent profit gain at the banking arm and 7.8 percent higher premium revenue,” Ma Mingzhe, chairman and chief executive officer of Ping An, told a media briefing in Shanghai yesterday.

Ma also said that the company’s “adjustments on our asset allocations two years in advance helped us to resist financial turbulence this year.”

Group President Ren Huichuan said at the briefing that Ping An “is confident to reach an annual profit goal of 60 billion yuan if the macroeconomic conditions remain stable in the second half of 2016.”

Ping An boosted its first half year net profit even as a decline in the mainland’s stock market eroded Chinese insurers’ combined profits. Rivals including China Life Insurance Co, New China Life Insurance Co and China Pacific Insurance Co have all forecast declines in net income of above 40 percent for the first half year.

Life insurance, the primary business of Ping An, surged 42.7 percent as the company’s Internet finance platform helped to spur new individual customers to buy insurance policies, Ren said at the briefing.

Ping An’s Internet finance business includes Lufax, the country’s leading online lending platform valued at US$18.5 billion. Lufax’s transactions jumped five-folds to 3.2 trillion yuan from a year earlier, Ping An said. Total investment income on insurance funds fell 51.4 percent to 38 billion yuan during the period, hit by falling interest rates and the stock market downturn.

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