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Ping An Insurance posts USD8.8bn net profit in H1

Ping An Insurance Group Co of China reported a 3.9% rise in H1 net profit, the first increase over this period in three years. China’s largest insurer by market value posted a net profit of RMB60.3bn (USD8.8bn), from RMB58bn a year earlier, after two successive years of H1 net profit dips as the insurer battled a RMB54bn exposure to indebted developer China Fortune. The group’s gross written premiums fell 2.5% to RMB283.6bn from the year before, while the number of retail customers rose 3.2% from the end of last year to 122 million. Despite the profit rise, Ping An remains cautious, saying that substantial uncertainties will remain.

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