Ping An net income climbs 3.9% in H1 2022

The group reported a 20.4% ROE for the first half of 2022

Ping An reported a year-on-year (YoY) increase of 3.9% in net profit attributable to shareholders to $8.79b.

The group achieved an annualized operating return of equity (ROE) of 20.4% for the first half of 2022, with operating profit attributable to shareholders of the parent company rising 4.3% YoY to $12.45b. 

Ping An revealed that new business value (NBV) per agent increased by 26.9% YoY, and the 13-month persistency ratio of insurance policies improved by 4.1 percentage points YoY in the first half of 2022, driven by the group’s quality-oriented transformation of the agent force. The operating profit of the life and health insurance business rose 17.4% year on year to $8.61b in the first half of 2022. This is a direct result of the group’s reform in its agent force.

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The group also reported that its property and casualty business saw its premium income increase by 10.1% YoY to $21.42b. In its life and health business, operating profit after tax rose by 17.4% YoY in H1 2022.

Looking ahead, Ma Mingzhe, Chairman of Ping An, said that substantial uncertainties will remain regarding COVID-19 as well as in the domestic and overseas environment in the second half of 2022. 

“Facing severe challenges, Ping An still has far to go in reform and innovation. Ping An is comprehensively reshaping and promoting the new value-oriented culture, taking "value maximization as the only criterion for performance appraisal". "Expertise makes life simple" will always be Ping An's cultural philosophy and brand commitment,” the chairman added.