Jingu Finance | Ping An Insurance (02318) announced that for the 6 months ended June 30, 2024, net income attributable to shareholders was RMB 74.619 billion, a YoY increase of 6.84%, with basic earnings per share of RMB 4.21. The company will distribute a mid-term dividend of RMB 0.93 per share in cash to shareholders.
During the period, the total income was RMB 554.097 billion, a YoY increase of 1.46%.
In the first half of the year, Ping An Property Insurance's insurance service income was RMB 161.91 billion, a YoY increase of 3.9%. By strengthening business management and risk screening, the overall composite cost ratio of Ping An Property Insurance remained at a healthy level of 97.8%.
In the first half of the year, the new business value of life and health insurance reached RMB 22.32 billion, a YoY increase of 11%. Among them, the new business value of the agent channel increased by 10.8%, and the per capita new business value increased by 36%, with continuous capacity improvement. As of the end of June 2024, Ping An Life Insurance had 0.34 million sales agents for individual life insurance.
In the first half of the year, Ping An Bank achieved a net profit of RMB 25.879 billion, a YoY increase of 1.9%. As of the end of June 2024, the core Tier 1 capital adequacy ratio increased to 9.33%, and the provision coverage ratio was 264.26%.