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在线翻译:
szdaily -> Markets
Ping An posts best half-yearly profit in decade
    2017-August-21  08:53    Shenzhen Daily

PING An Insurance Group Co. of China, the country’s second-largest insurer by market value, reported Friday its biggest half-yearly profit in at least a decade on robust growth in life insurance premiums.

The strength in Ping An’s life insurance business comes at a time when the broader industry is facing a tough government crackdown on leverage, which has led to the country’s chief insurance regulator being investigated for graft and others being reprimanded for overseas acquisitions.

However, with diverse revenue sources, Ping An has been able to consistently deliver stand-out results — its biggest annual profit in more than a decade in 2016 being a case in point. But there are concerns the firm may face headwinds this year as its banking arm struggles against a regulatory clamp down on off-balance-sheet instruments.

Ping An posted a net profit of 43.43 billion yuan (US$6.51 billion) for the first half, highest half-yearly earnings since at least 2007.

Its total premium income came in at 341.39 billion yuan, versus 256.87 billion yuan a year ago. Net profit for Ping An’s life and health business rose 36.3 percent to 23.8 billion yuan.

Ping An is the only Asian insurer named along with nine others as systemically important insurers globally by the Financial Stability Board, a regulatory task force for the G20 leading economies. The failure of any one on this list could trigger a financial crisis.

Profit from its Ping An’s banking arm came in at 12.55 billion yuan in the first half, up 2 percent— slower than the 6 percent growth seen a year ago.

Ping An Bank, like others in the industry, has been shifting to retail banking in an attempt to bolster returns as corporate loans become more risky.

(SD-Agencies)

 

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