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Ping An says H1 net profit falls 45%

(Xinhua)
Updated: 2009-08-15 11:47

Ping An Insurance (Group) Company of China Ltd, the country's second largest insurer by market value, said Friday that its first-half net profit fell 45 percent to 5.22 billion yuan ($768 million) under international accounting rules.

The drop in profit, down from 9.49 billion yuan a year earlier, was mainly a result of lower investment returns, higher payouts for claims and tax provisions, the company said in a statement to the Shanghai Stock Exchange.

Under Chinese accounting rules, the insurer's first-half net profit was 4.35 billion yuan, a fall of 38.8 percent from 7.1 billion yuan a year ago.

Special Coverage: Interim Results of Listed Companies Related readings:  Ping An insurance premiums rise 8%  Ping An premium income rises in Jan  Ping An Insurance completes 20b yuan capital injection

Despite the fall in profit, the insurer said its major services posted robust growth in the first half of this year.

The Shenzhen-based insurer said its premium earnings jumped nearly 20 percent to 64.77 billion yuan, from 54.19 billion yuan a year ago, under international accounting rules.

Under Chinese accounting rules, premium income rose about 34 percent to 92.69 billion yuan, up from 69.23 billion yuan a year ago.

Shares of the company lost 2.23 percent to finish at 52.62 yuan Friday as the Shanghai index fell 2.98 percent, before its first-half report was revealed. Shares of the insurer edged down 0.688 percent to HK$65 ($8.39) in Hong Kong.