Ping An Life, P&C segments saw rise in 1H 2023 performance

The group’s operating profit reached RMB82.0b.

Ping AnLife Insurance showed New Business Value (NBV) surged significantly, amounting to RMB26.0b in the six months to June, jumping 45.0% year-on-year (YoY). 

YoY increases were also seen in both the agent channel and the bancassurance channel, with NBV climbing by 43.0% and 174.7% respectively.

The company's astute business management and rigorous risk screening efforts maintained a healthy overall underwriting combined ratio at 98.0%.

Ping An Life has deepened its partnership with Ping An Bank, establishing an exclusive agency model that led to the formation of a team comprising over 2,000 professional Private Wealth Advisers. 

Its life segment also introduced the Community Grid initiative across 51 cities, witnessing a 5.7 percentage point year-on-year enhancement in the 13-month policy persistency ratio for "retained customers." Additionally, in lower-tier channels, Ping An Life proactively promoted sales in seven provinces during the first half of 2023.

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Ping An Life has expanded into the wealth management and pension insurance sectors, concentrating on wealth management, pension savings, and health protection. 

Ping An Property and Casualty’s (P&C) insurance revenue marked a 7.8% YoY increase, reaching RMB155.9b in the period. 

Insured vehicles under Ping An P&C rose by 5.4% YoY and auto insurance premium income grew by 6.1% YoY to reach RMB101.3b in the first half of 2023.

The group saw its annualised operating Return on Equity reach 18.2%, whilst its operating profit attributable to shareholders of the parent company reached RMB82.0b.