The life insurance operation of Ping An, the
second largest life insurer in China by premium income, registered
a net profit of RMB 7bn ($1.1bn) in H1 2012 – a 4% rise compared to
the same period in 2011.
In the first half of 2012, with changes in the
macroeconomic environment and new policies governing the
bancassurance business sector, Ping An said the life insurance
market faced greater challenges with industry growth slowing across
the board.
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Ping An’s life insurance business recorded
written premiums of RMB114.84bn in H1 2012, a 1.99% rise compared
to the H1 2011.
Written premiums from the individual life
insurance business amounted to RMB102.4bn, representing a
year-on-year (YoY) increase of 7.9%.
Bancassurance premiums
Meanwhile, written premiums from bancassurance
totalled RMB 7.6bn, a YoY fall of 43.7%.
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By GlobalDataIn a statement, Ping An said it believes that
the structural adjustment of the life insurance business will
gradually show its effects in the second half of this year and will
help to achieve “healthy, valuable and sustainable growth
momentum”.
In its H1 2012 results presentation, Ping An
Life stressed its commitment to establishing its e-sales platform
and improving its customer service standards and competitiveness
through e-commerce.
It added that in H1 2012 Ping An Life expanded
its e-operation platform for mobile devices such as tablets and
smart phones.
