Ping An bags $12b net profit in H1 2024

An interim dividend of $0.13 per share in cash was declared.

Ping An Insurance’s first half (H1 2024) net profit climbs 6.3% year-on-year (YoY) to $12.4b (RMB88.7b), whilst profit attributable to shareholders of the parent company rose 6.8% YoY to $10.44b (RMB74.6b).  

Similarly, total assets grew to nearly $1.71t (RMB12.2t). Additionally, an interim dividend of $0.13 (RMB0.93) per share in cash was declared, maintaining stable cash dividends.  

Its life and health business’ new business value (NBV) rose 11.0% YoY to $3.12b (RMB22.3b), driven by a 10.8% YoY increase in the agent channel's NBV and a 36.0% YoY rise in NBV per agent.  

Ping An Life's individual life insurance agent count reached approximately 340,000 by June. The 13-month persistency ratio improved by 2.8 percentage points year-on-year.  

Its property and casualty (P&C) segment revenue grew by 3.9% YoY to $22.67b (RMB161.9b), maintaining a combined ratio of 97.8%.  

Auto insurance premium income increased by 3.4% to $14.67b (RMB104.8b), with insured vehicles rising 5.9%.  

Looking ahead to the second half of 2024, Ping An aims to capitalise on China's economic recovery by deepening its "integrated finance + health and senior care" strategy, focusing on core businesses, enhancing efficiency, and creating sustainable value for stakeholders.

($1.00 = RMB7.14)