Ping An Insurance profit down on poor investment returns
Chinese insurer Ping An has recorded a 2.5% drop in first-half net profit of RMB9.7 billion ($1.6 billion) as premium growth was offset by a 63% slide in investment income.
Gross written premium increased 29% to RMB69.2 billion ($11.6 billion) but investment income slumped from RMB25.7 billion ($4.3 billion) to just RMB9.3 billion ($1.6 billion) against the corresponding period last year.
Ping An is the second-largest life insurer in China and increased gross written premium, policy fees and premium deposits in that portfolio by 29% to RMB54.6 billion ($9.2 billion).
The company also recorded 26% growth in gross written property and casualty premiums of RMB14.7 billion ($2.5 billion), but the combined ratio of 106.1% reflected the frequency of natural disasters during the period.
Gross written premium increased 29% to RMB69.2 billion ($11.6 billion) but investment income slumped from RMB25.7 billion ($4.3 billion) to just RMB9.3 billion ($1.6 billion) against the corresponding period last year.
Ping An is the second-largest life insurer in China and increased gross written premium, policy fees and premium deposits in that portfolio by 29% to RMB54.6 billion ($9.2 billion).
The company also recorded 26% growth in gross written property and casualty premiums of RMB14.7 billion ($2.5 billion), but the combined ratio of 106.1% reflected the frequency of natural disasters during the period.