Ping An Insurance income falls to 68.6b yuan, new business value dropsPing An Insurance (2318) said first-half net profit fell by 29.7 percent to 68.68 billion yuan (HK$77.35 billion) from a year ago, due to difficulties in offline operations, rising credit risk, volatile equity markets, and falling interest rates. The new business value of life and health insurance declined by 24.4 percent to 31.03 billion yuan, as the coronavirus pandemicin the mainland disrupted offline operations. Operating profit after tax of the life and health insurance business increased by 6.4 percent to 51.54 billion yuan. Ping An Bank revenue grew by 15.5 percent to 78.33 billion yuan. Operating profit for technology business grew by 23.5 percent to 4.05 billion yuan.

Source: The Standard August 27, 2020 09:56 UTC