Ping An Insurance Company of China announced its 2020 interim results for the six month period ended June 30, 2020.
The integrated financial services company said it maintained steady business performance in the period by continuing the transformation of the company toward online operations and the enhancement of risk management.
Operating profit in the first half of 2020 increased by 1.2 percent year on year to RMB74,310 million. The annualized operating ROE was 21.6 percent. Net profit declined by 28.2 percent year on year to RMB75,968 million.
The property/casualty insurance business grew. In the first half of 2020, Ping An Property & Casualty’s premium income grew by 10.5 percent year on year, despite the COVID-19 epidemic. The overall combined ratio rose by 1.5 points year on year to 98.1 driven by a short-term increase in guarantee insurance claims paid, resulting from COVID-19. Operating profit declined by 17.6 percent year on year to RMB8,274 million. The company delivered an annualized operating ROE of 17.2 percent. As of June 30, 2020, the “Ping An Auto Owner” app had more than 109 million registered users.
The health care business continued to grow. During the peak of the COVID-19 epidemic, Ping An Good Doctor’s online platform was accessed 1.11 billion times. In the first half of 2020, Ping An Good Doctor’s revenue from online health care services grew strongly by 106.8% year on year. Ping An Smart Healthcare provided services to over 17,000 medical institutions in 90 cities across China and helped approximately 413,000 doctor. Ping An HealthKonnect covered more than 200 cities across China, serving more than 800 million people and building 544 diagnostics centers nationwide.
Operating profit after tax of the life and health insurance business rose by 6.4 percent year on year and sales agent activities recovered.
The group’s investment portfolio of insurance funds rose by 7.3 percent to RMB3.44 trillion.
Source: Ping An
*This story ran previously in our sister publication Insurance Journal.