China Taiping sees 77% profit growth to $5.11b in H1

Total premiums written and policy fees over the period stood at $157b.

China Taiping Insurance Holdings Company Limited reported its profit increased by 77.7% to $5.11b in the first half of the year.

Over the same period, total premiums written and policy fees amounted to $157b, representing a 14.5% year-on-year increase.

Direct premium of life insurance businesses in China grew by 3.7% over the last period. Its TPL’s (Third-Party Liability) new business value climbed 41.7% to $3.83b.

China Taiping also saw growth in overseas markets. In particular, TPL (HK)’s premium income increased 75.9% over the last period, whilst the CTPI (HK)’s direct premium income increased 3.7%.

Moreover, its premium income from TP Singapore, and TP Indonesia grew 37.7% and 18.7%, respectively.

Meanwhile, China Taiping’s investment income grew 53.6% to $32.27b in the first half as its total investment assets rose 9.6% to $1.07t

Its total assets increased to $1.29t, whilst its owners’ equity grew to $91.85t.

“In the first half of 2021, the Group continued promoting the professional transformation of investment institutions, innovating the evaluation methods of investment performance, guiding the investment institutions to adhered the concept of value investing,” the group noted.

It also improved its professional capabilities and management to support the development of the insurance business.