Ping An Insurance (Group) Co., Ltd. announced its unaudited financial results for the six months ended June 30, 2024 on August 22, 2024. The company's operating profit was CNY 78.482 billion, a decrease of 0.6% compared to the same period last year. The annualized return on operating capital (ROI) was 16.4%. Among them, the operating profit of life and health insurance business reached CNY 54.657 billion, a year-on-year increase of 0.7%; the operating profit of property and casualty insurance business was CNY 9.909 billion, a year-on-year increase of 7.2%; The operating profit of the banking business was CNY 14.999 billion, a year-on-year increase of 1.9%; the operating profit of the asset management business was CNY 1.296 billion, a year-on-year decrease of 8.2%; the operating profit of...Show More

Ping An Insurance (Group) Co., Ltd. announced its unaudited financial results for the six months ended June 30, 2024 on August 22, 2024. The company's operating profit was CNY 78.482 billion, a decrease of 0.6% compared to the same period last year. The annualized return on operating capital (ROI) was 16.4%. Among them, the operating profit of life and health insurance business reached CNY 54.657 billion, a year-on-year increase of 0.7%; the operating profit of property and casualty insurance business was CNY 9.909 billion, a year-on-year increase of 7.2%; The operating profit of the banking business was CNY 14.999 billion, a year-on-year increase of 1.9%; the operating profit of the asset management business was CNY 1.296 billion, a year-on-year decrease of 8.2%; the operating profit of the technology business was CNY 0.291 billion, a year-on-year decrease of 83.2%. The board of directors approved a dividend of CNY 0.93 per share for the first half of 2024. The group's comprehensive solvency ratio was 208.8%, far exceeding regulatory requirements, and the core solvency ratio was 164.9%. The real-time available funds balance of the group's parent company was CNY 45.835 billion, maintaining a reasonable level. The usage of AI customer service was approximately 0.87 billion times, covering 80% of Ping An's total customer service. Intelligent underwriting and claims continued to improve, with the fastest claims processed in just 10 seconds. The group's individual customer base reached 0.236 billion, an increase of 1.9% compared to the beginning of the year, and the average number of contracts per customer was 2.93. The average operating profit per customer in the first half of 2024 was CNY 260.37. The medical and retirement ecosystem covers insurance, medical services, investment, and technology. As of June 30, 2024, the ecosystem had approximately 0.05 million doctors, over 0.036 million affiliated hospitals, and 230,000 affiliated pharmacies. The risk discount rate of life and health insurance business was 9.5%, and the future annual investment return rate of non-consolidated life insurance funds was 4.5%. The assumed average tax rate is 25%, and 20% of investment income is tax-free each year. Sensitivity analysis was conducted to assess the impact of a 50 basis points increase or decrease in investment return and risk discount rate, a 10% increase in mortality rate, disease rate, and accident rate, a 10% increase in policy lapse rate, a 10% increase in maintenance costs, a 5% increase in policyholder dividend ratio, and a 10% decrease in fair value of stock assets.