Ping An Insurance, China’s largest insurer by market value, on Tuesday posted an unexpected rise in first-half profit as it withstood pandemic-induced lockdowns and impairments losses fell.
Operating profit, which the insurer says better reflects performance by stripping out short-term investment volatility and one-off items, rose 4.3%. “Our life business did very well in the first half,” Chief Capital Markets Officer James Garner said in a phone interview, citing higher operating profit and improved productivity of new agents in digitalised branches. “We’re starting to see some of the benefits of the reform, albeit in a challenging operating environment.” New business value, which gauges the future profitability of new life insurance policies, fell 29% in the first half, widening from a 24% slump for all of 2021.
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