Chinese insurer Ping An’s P&C unit reported a growth of 7.8% year on year in insurance revenue to RMB 155,899 million in the first half of 2023.
The company said the unit maintained good business quality with steady growth in insurance revenue. Overall underwriting combined ratio remained healthy at 98.0% due to strengthened business management and risk screening.
Life & Health new business value grew 45.0% year on year to RMB 25,960, with positive growth across major channels including agent and bancassurance, the company said.
Accordingly, Life & Health insurance business’ operating profit fell year on year to RMB 58,593 million.
“In the second half of 2023, China’s macro economy will continue to move forward despite the new challenges such as insufficient domestic demand and pressure on exports. Ping An will continue adhering to the business policy of “focusing on core businesses, increasing cost-effectiveness, optimizing portfolios, and improving policies and procedures” in the second half of 2023. Under the technology-driven “integrated finance + healthcare” strategy,” the company said.
For the company’s banking unit, net profit grew 14.9% year on year to RMB 25,387 million in the first half of 2023.
Non-performing loan ratio declined by 0.02 pps from the beginning of the year to 1.03% and provision coverage ratio rose by 1.23 pps from the beginning of the year to 291.51% as of June 30, 2023, for the banking unit.
The company’s insurance funds investment portfolio grew 6.5% from the beginning of the year to nearly RMB 4.62 trillion as of June 30, 2023.
The Company’s insurance funds investment portfolio achieved an annualised comprehensive investment yield of 4.1% in the first half of 2023, up by 0.7 pps year on year.
Also of note, Ping An’s green investment of insurance funds and green loan balance totaled RMB 140,929 million and RMB 134,926 million, respectively, as of June 30, 2023. Green insurance premium income amounted to RMB 17,735 million in the first half of 2023.
The insurance giant posted a net profit of RMB 69,841 million, down from RMB 70,725 billion a year earlier.
