Chinese insurance giant Ping An’s first-half profit rises unexpectedly even as pandemic weighs on new policy sales
- China’s largest insurer beats analysts’ estimates as it reports a 4 per cent jump in first-half profit to US$8.8 billion
- Substantial uncertainties concerning Covid-19 as well as the domestic and overseas environment remain in the second half, says chairman Peter Ma
Interim profit for January to June grew 4 per cent year on year to 60.27 billion yuan (US$8.8 billion), or 3.45 yuan per share, bucking Bloomberg’s estimates of a 9 per cent decrease in profit to 52.75 billion yuan.
The sales value of new policies, an important indicator of its core insurance business, fell by a sharp 28.5 per cent year on year to 19.57 billion yuan.
“Substantial uncertainties will remain regarding Covid-19 as well as the domestic and overseas environment in the second half of 2022,” Ping An chairman Peter Ma Mingzhe said in an earnings statement to the Hong Kong stock exchange on Tuesday. “Facing severe challenges, we still have far to go in reform and innovation.”
The Shenzhen-based insurer said it will pay an interim dividend of 0.92 yuan per share, 4.5 per cent higher than a year earlier.