Ping An Insurance Group profit surges 34% to $8.45b in H1

The insurer was able to grow its retail customer base to 179 million.

Reuters reports that Ping An Insurance Group’s profits surged 34% YoY to $8.45b (CNY58.10b) in the first six months of 2018 to represent its biggest half-year profit in at least ten years.

Also read: Ping An eyes acquisition of Prudential's Asian business

Robust customer and product growth boosted Ping An to achieve strong earnings with retail customers growing 25.2% to 179 million in H1.

Gross written premiums also rose 20% YoY to $59.3b (CNY408.19b).

The insurer also registered strong growth levels across most business segments with earnings from the life and health business rising 43.3% to $4.91b (CNY33.79b) and banking arm profits hitting $1.95b (CNY13.4b).

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