Re: Ping An 2318
Posted: Thu Aug 18, 2016 8:02 am
not vested
Insurer dodges stock slump
Ping An Insurance (Group) (2318), China's second-largest insurer, yesterday said first-half profit rose 18 percent as growth in premiums and banking revenue helped offset the impact of stock- market declines that have hit rivals.
Net income climbed to 40.8 billion yuan (HK$47.7 billion) or 2.28 yuan a share, in the six months to June 30, from 34.6 billion yuan, or 1.90 yuan a share, a year earlier.
A 6 percent profit increase at the Shenzhen-based company's banking arm and higher premium revenue helped it bolster net income even as declines in the nation's stock market caused a slump in Chinese insurers' combined profits.
Ping An said its investment income fell 33 percent in the first six months from a year earlier to 55.6 billion yuan. The firm recorded 9 billion yuan in realized investment losses, reversing from 42.7 billion yuan of gains a year ago. Net investment income, mainly dividends and interest income, jumped 52 percent.
Net premiums earned rose 27 percent, the company said. New business value, which gauges the profitability of new life policies sold, expanded 43 percent.
Insurers' combined profits slumped 54.1 percent in the period from a year earlier, largely due to share-market declines and higher expenses, official data showed last month.
Returns from equities totaled 24.1 billion yuan during the period, down by 261.2 billion yuan from a year earlier.
Source: BLOOMBERG
Insurer dodges stock slump
Ping An Insurance (Group) (2318), China's second-largest insurer, yesterday said first-half profit rose 18 percent as growth in premiums and banking revenue helped offset the impact of stock- market declines that have hit rivals.
Net income climbed to 40.8 billion yuan (HK$47.7 billion) or 2.28 yuan a share, in the six months to June 30, from 34.6 billion yuan, or 1.90 yuan a share, a year earlier.
A 6 percent profit increase at the Shenzhen-based company's banking arm and higher premium revenue helped it bolster net income even as declines in the nation's stock market caused a slump in Chinese insurers' combined profits.
Ping An said its investment income fell 33 percent in the first six months from a year earlier to 55.6 billion yuan. The firm recorded 9 billion yuan in realized investment losses, reversing from 42.7 billion yuan of gains a year ago. Net investment income, mainly dividends and interest income, jumped 52 percent.
Net premiums earned rose 27 percent, the company said. New business value, which gauges the profitability of new life policies sold, expanded 43 percent.
Insurers' combined profits slumped 54.1 percent in the period from a year earlier, largely due to share-market declines and higher expenses, official data showed last month.
Returns from equities totaled 24.1 billion yuan during the period, down by 261.2 billion yuan from a year earlier.
Source: BLOOMBERG