Ping An Insurance (Group) Company of China Ltd has released its financial results for the first half of 2024 (H1 2024), reporting a 6.8% year-on-year rise in net profit attributable to shareholders, totalling RMB 74.62 billion.
The group’s operating profit attributable to shareholders reached RMB 78.48 billion, while the annualised operating return on equity (ROE) stood at 16.4%.
As of June 30, Ping An’s total assets approached RMB 12.23 trillion. The company also declared an interim dividend of RMB 0.93 per share, maintaining its commitment to shareholder returns.
Ping An’s key business segments – life & health insurance, property and casualty (P&C) insurance (Ping An P&C), and banking – reported stable growth during the period, collectively delivering RMB 79.57 billion in operating profit, a 1.7% increase compared to the previous year.
The segment’s new business value (NBV) rose by 11% year-on-year to RMB 22.32 billion. Agent productivity improved significantly, with the NBV per agent increasing by 36% year-on-year.
Additionally, the 13-month persistency ratio increased by 2.8 percentage points.
Ping An P&C recorded a 3.9% year-on-year growth in insurance revenue, reaching RMB 161.91 billion.
The company’s combined ratio was maintained at 97.8%, supported by strengthened risk management and operational efficiency.
Ping An Bank saw its net profit rise by 1.9% year-on-year to RMB 25.88 billion.
The bank’s core tier 1 capital adequacy ratio increased to 9.33%, while its provision coverage ratio stood at 264.26% as of June 30.
The group, which secured the 29th spot in Forbes’ 2024 Global 2000 ranking, continued to develop its “integrated finance + health and senior care” strategy, expanding its customer base by 1.9% to reach 236 million retail customers as of June 30, 2024. Of these, 24.9% held four or more contracts with the group, indicating a retention rate of 97.8%.
Ping An also advanced its health and senior care ecosystem by forming partnerships with top hospitals and pharmacies across China. Customers using these services accounted for over 68% of Ping An Life’s NBV during the reporting period.
Despite challenging market conditions, Ping An’s insurance funds investment portfolio achieved an annualised comprehensive investment yield of 4.2% in the first half of 2024. The portfolio’s value increased by 10.2% from the beginning of the year, surpassing RMB 5.2 trillion.
In June, Ping An’s CIO, Benjamin Deng, revealed the company’s investment strategy – a balanced “double barbell” approach to asset allocation.
For the remainder of 2024, Ping An plans to focus on its core financial services while further integrating health and senior care initiatives.
The group will also continue leveraging technology to enhance operational efficiency and customer experience, aiming for sustained growth in the second half of the year.
