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Thanks to the growth in all three core businesses, Ping An of China has maintained a stable performance in the first half of the year, with a steady level of cash dividends.

On Thursday, August 22, Ping An of China released its performance report for the first half of 2024.

1) Key financial data:

Revenue: The company achieved a revenue of 494.966 billion yuan in the first half of the year, a year-on-year increase of 1.3%.

Profit: In the first half of the year, the group achieved an operating profit attributable to shareholders of the parent company of 78.482 billion yuan, with a net profit attributable to the parent company of 74.619 billion yuan, a year-on-year increase of 6.8%, and an annualized operating ROE of 16.4%. The basic earnings per share were 4.21 yuan, a year-on-year increase of 6.9%.

2) Business revenue data:

Life and health insurance business: The revenue for the first half of the year was 274.608 billion yuan, with a new business value of 22.32 billion yuan, a year-on-year increase of 11%. Among them, the new business value of the agency channel increased by 10.8%, and the per capita new business value increased by 36.0% year-on-year. As of the end of June 2024, Ping An Life Insurance had 340,000 individual life insurance sales agents.

Ping An Property Insurance Services: The revenue for the first half of the year was 161.910 billion yuan, a year-on-year increase of 3.9%.

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Banking business: The net profit was 25.879 billion yuan, a year-on-year increase of 1.9%, the core tier-1 capital adequacy ratio increased to 9.33%, and the provision coverage ratio remained at 264.26%.

Looking specifically at the property insurance business segment, in the first half of this year, Ping An Property Insurance's auto insurance business achieved original insurance premium income of 104.824 billion yuan, a year-on-year increase of 3.4%; the number of insured vehicles increased by 5.9% year-on-year. As of the end of June 2024, the one-stop car owner life platform "Ping An Good Car Owner" APP registered user base exceeded 218 million, with the cumulative number of vehicles bound exceeding 142 million.In the non-motor insurance sector:

Liability insurance business saw original insurance premium income of 14.179 billion yuan, a year-on-year decrease of 0.3%; the combined cost ratio was 98%, an optimization of 1.5 percentage points year-on-year.

Health insurance business recorded original insurance premium income of 1.009 billion yuan, a year-on-year increase of 43.5%; the combined cost ratio was 95.9%.

Agricultural insurance business achieved original insurance premium income of 0.7349 billion yuan, a year-on-year increase of 32.9%; the combined cost ratio was 95.5%.

Enterprise property insurance business realized original insurance premium income of 0.6202 billion yuan, a year-on-year increase of 7.6%; the combined cost ratio was 94.7%.

Guarantee insurance original insurance premium income was -0.1814 billion yuan, with a combined cost ratio of 106.8%.

On the investment front, the financial report indicates that as of June 30, 2024, the insurance funds investment portfolio exceeded 5.20 trillion yuan, with an annualized comprehensive investment return rate of 4.2%, an increase of 0.1 percentage point year-on-year; Ping An Asset Management's entrusted asset management scale was nearly 5.52 trillion yuan.

Furthermore, as of June 30, 2024, Ping An had 236 million personal customers, with 24.9% of customers holding four or more contracts within the group, and a retention rate of 97.8%.

Regarding the mid-term dividend, the group stated that it will distribute a mid-term dividend of 0.93 yuan in cash per share to shareholders.

Ping An Chairman Ma Mingzhe said:"Faced with the challenges and opportunities in the first half of 2024, Ping An of China will adhere to its financial main business, serve the real economy, strengthen the insurance protection function, actively fulfill social responsibilities, support national strategies, and achieve high-quality and stable business growth. We will continue to deepen the comprehensive financial strategy, promote the company's continuous, healthy, and rapid development, and create greater value for shareholders and society."