Friday, November 17, 2017

Ping An registers best half-year profit in a decade

In terms of results of operations, the first half of the year so far emerged as the best for Ping An Insurance Group of China in over 10 years.

The country’s second-largest insurer by market value logged its highest first-half profit in over a decade due to the strong growth in life insurance premiums.

Ping An registered a net profit of Rmb43.43 billion (US$6.5 billion) for the first six months this year, the highest six-month earnings since at least 2007 and more than the Rmb40.78 billion it reported a year ago.

This robust performance comes at a time when the broader industry is facing a tough government crackdown on leverage, that has led to the country’s chief insurance regulator being investigated for graft and others being reprimanded for risky overseas acquisitions.

Ping An’s total premium income stood at Rmb341.39 billion compared to Rmb256.87 billion a year ago.

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Zainudin Ishak, Malaysian Re

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