Ping An posts 3.9% P&C insurance revenue growth in H1’24

Ping An has released its financial results for the first half of 2024, revealing a solid 3.9% year on year growth in property & casualty (P&C) insurance revenue, amounting to RMB 161,910 million.

At the same time, the organisation also posted an overall combined ratio of 97.8% in the period. Auto insurance premium income climbed 3.4% year on year to reach RMB 104,824 million, while vehicles insured increased 5.9% during H1’24.

Moving towards Life & Health, new business volume (NBV) amounted to RMB 22,320 million in the period, an increase of 11% from the prior year.

As well as this, Ping An’s banking business displayed steady growth, as evidenced by its net profit increasing by 1.9% year on year to reach RMB 25,879 million.

During H1’24, Ping An’s insurance funds investment portfolio witnessed an annualised comprehensive investment yield of 4.2%, up 0.1 percentage points from the previous year.

Even more so, the group’s insurance funds investment portfolio grew 10.2% from the beginning of the year to more than RMB 5.20 trillion as of June 30, 2024. 

All in all, Ping An delivered a 16.4% annualised operating return on equity (ROE) in H1’24, with operating profit reaching RMB 78,482 million.

The company’s net profit also climbed 6.8% year on year to RMB 74,619 million for the period. 

Retail customer development also continued to yield strong results for Ping An, with retail customers increasing by 1.9% from the beginning of the year to 236 million as of June 30, 2024. 

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